[mjburgess]

It doesnt seem we're far away from any mention of "cypto" being a reason to flag (/ report spam).

As the economic recession accelerates, one of its few joys will be the charlatans paying on super-easy-mode being exposed for the useless players they are.

I feel that the major cultish hype-cycle of the last decade is rolling back, and my stress levels are dropping.

[jrsj]

Many tech companies are both unprofitable and contribute near 0 value to society. Not unique to crypto. Be careful what you wish for, or the only people left paying software engineers might be non technical companies who pay $80k a year.

[mjburgess]

Programmers provide high economic multipliers on business activity and are typically in a good position to extract a proportionate reward for doing so.

If we kill off that group of people earning 300k+ in unproductive businesses, all the better. I'd prefer that money be invested in more productive tech, and i'd suppose would generally raise salaries -- since atm, ex hypoth., it is just being burnt

[jrsj]

I'd definitely prefer this outcome but I have a feeling we're going to go right back to where we were before as soon as interest rates come back down. Big tech starts aggressively overstaffing again while VCs pour money into mostly useless garbage. I've been doing this for awhile now, mostly in the startup space, and I'm not even sure if VCs care if there's even a viable business there. It often feels like a legal way of running what effectively amounts to a ponzi.

[mjburgess]

sure, SPAC IPO = dump part of pump & dump

However, just as ponzi in fiance was culturally and legally pushed out --- i'd imagine it will now in tech.

I suspect regulation and cultural scepticism will arise which secures the next two or three decades against this, 'as a rule'

[knighthack]

How do you define "unproductive businesses"?

[SergeAx]

$80k a year is totally reasonable comp for something one can learn in 1-2 years and pretty much master in another 5.

[jrsj]

Given home prices are what they are now, I don't really think it's reasonable for mid or Sr level engineers making less money than what's required to afford a mortgage

[SergeAx]

What about people who cannot code, can they afford mortgage at all?

[jrsj]

Probably less than half in the United States now sadly