What Happens Next Will Amaze You - by Maciej Cegłowski - 1 views
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But there's something very fishy about California capitalism. Investing has become the genteel occupation of our gentry, like having a country estate used to be in England. It's a class marker and a socially acceptable way for rich techies to pass their time. Gentlemen investors decide what ideas are worth pursuing, and the people pitching to them tailor their proposals accordingly. The companies that come out of this are no longer pursuing profit, or even revenue. Instead, the measure of their success is valuation—how much money they've convinced people to tell them they're worth. There's an element of fantasy to the whole enterprise that even the tech elite is starting to find unsettling.
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We had people like this back in Poland, except instead of venture capitalists we called them central planners. They too were in charge of allocating vast amounts of money that didn't belong to them. They too honestly believed they were changing the world, and offered the same kinds of excuses about why our day-to-day life bore no relation to the shiny, beautiful world that was supposed to lie just around the corner.
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So what kinds of ideas do California central planners think are going to change the world? Well, right now, they want to build space rockets and make themselves immortal. I wish I was kidding.
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One of the best reads have had in a long time. Excellent commentary on life, society, the Internet, emerging technologies, privacy and Silicon Valley. A must read if ever there was one. Maciej Cegłowski has also posted a collection of his talks here: http://idlewords.com/talks/