this post was submitted on 13 Aug 2023
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Same thing happened with crypto and block chain. The whole "move fast and break things" in reality means, "we made up words for something that isn't special to create value out of nothing and cash out before it returns to nothing
Crypto is still incredibly healthy. Bitcoin has been stable at $30k.
Is it still a big scam? Maybe. But what happened with FTX was just good ol corruption.
Anyone with exposure to Crypto either already collapsed, or wound down their position, so there wasn't a huge effect on markets. AI will be similar. Some VC will fail, but it's not the same as the dotcom bubble. It won't cause a recession
OpenAI may fail if Microsoft doesn't keep throwing money at it, but they already got what they want out of it. They'll probably just end up acquiring the foundation and make money from the ways they're implementing it in their products.
It's still useful but the issue always was it's expensive for what it does so that's why it was used underground since that has value of it's own. There is arguments that it's actually more efficient than current systems so there is an obvious takeaway of being, why don't we have money that doesn't cost a lot of maintain. The answer is the scary part.