3 ms·
Manias go back a long way. The history of the UK's railway mania in the 1840s is worth researching, because it's uncannily similar, with a stock bubble, frauds
by TheOtherHobbes 3mo ago
Manias go back a long way.
The history of the UK's railway mania in the 1840s is worth researching, because it's uncannily similar, with a stock bubble, fraudsters and chancers, huge hype, cutthroat competition, boardroom intrigue and drama, miles and miles of unnecessary infrastructure in the wrong places, and eventually a technology that became useful, but could have been developed more intelligently.
- parpfish 3mo agoAnd manias are so foundational to the relatively young field of AI that they made the term “AI winter”. We should brace for the third (I think) AI winter soon
- dgellow 3mo agoWhen the current mania ends that will be more like a tech/software winter than just AI. I expect the public to have a complete distrust for tech companies and politics to push for strict regulations
- bluefirebrand 3mo agoI would like to see that happen. We've really let tech companies get out of control
- dgellow 3mo agoI recommend the book/audiobook „ Boom and Bust A Global History of Financial Bubbles“, it does a great job covering various bubbles, with historical context, and going through the details of regulatory and economic factors https://www.cambridge.org/core/books/boom-and-bust/D09C2E3BEA798F6EDC9D3880FC0300ED https://www.cambridge.org/core/books/boom-and-bust/D09C2E3BE...
- luke5441 3mo agoAnd railways are now mostly state-funded infrastructure. Seems plausible to me that the same will happen with LLMs.
- dofm 3mo agoThe paradox of the cutbacks after the railway industry corrected is that more or less every track they got rid of would now be useful. The Beeching cut damage done to East Sussex, for example, is devastating and unfixable.
- hollerith 3mo agoSounds like the government (which owned the entire system during Beeching) should have kept at least a right-of-way (if they have that concept in the UK) instead of selling everything.
- phil21 3mo agoManias are required for humans to develop a new technology. It’s just part of the human condition. Tilting at windmills over the stupidity of it is just something I’m trying to get over and not care about at a personal level. Nothing I can do about it either way!