Total lack of due diligence and critical thinking, along with the very tech VC mindset where naysayers are poo-pooed for being out of touch luddites. Combined with the very weird incestuousness in tech investment circles where they all have the exact same brain worm.
Remember for the past 10 years where every bit of skepticism about these companies was vigorously attacked as either being a) grossly out of touch idiocy or worse, b) malevolent forces representing a conspiracy of anti-tech incumbents?
You had VCs that were willing to believe literally anything, and naturally an entire cohort of entrepreneurs happy to tell said VCs anything.
The fact that these same VCs haven't been run out of town on a rail suggests the bubble will regrow once things settle down some, and that's disappointing. I for one believe the efficient allocation of capital towards speculative technology is crucial to the advancement of the human race, but the people who've been doing it for the past decade have proven themselves to be credulous rubes who are utterly and congenitally incapable of it.
Remember for the past 10 years where every bit of skepticism about these companies was vigorously attacked as either being a) grossly out of touch idiocy or worse, b) malevolent forces representing a conspiracy of anti-tech incumbents?
You had VCs that were willing to believe literally anything, and naturally an entire cohort of entrepreneurs happy to tell said VCs anything.
The fact that these same VCs haven't been run out of town on a rail suggests the bubble will regrow once things settle down some, and that's disappointing. I for one believe the efficient allocation of capital towards speculative technology is crucial to the advancement of the human race, but the people who've been doing it for the past decade have proven themselves to be credulous rubes who are utterly and congenitally incapable of it.