How putting $10M into UBeam illustrates what is wrong with tech investing (2014)
This and add disruptive million dollar javascript websites that could've been built with jQuery and some HTML5, stupid shit like an app that sends two characters, and entire businesses built on the back of existing social network that almost always ends up getting the rug pulled under them.Money is flowing to people who don't need it and shouldn't have it (Because they don't know what they are doing) based on some weird self-fullfilling prophecies of naive investors (I know what I'm doing I rolled a dice a few times and got lucky) combined with idiots (I'll just burn all this cash and look for new ones or I'll get the most unrealistic valuation possible so I get kicked out of my own company).Quietly, many corners of HN, people are building and making money by bootstrapping. There is no money to burn here, only due dilligence. There is no bail out or connections, only yourself and your employees. There is no chance to make costly mistakes so you focus on making money today.But everywhere you look it seems like we've reinvented the value of money. Money that will be made in the distant unknown future seems to be more valuable than money made today.We are in for some major market correction that's going to evaporate a lot of dreams, jobs, and capital. All so they have a chance at another Uber.