Why Meta lost 70%

Carnbot

@Sabicas said:
I have a Quest 2 headset and use it, on average, 8-10 hours a week. I only play one game, Eleven Table Tennis. It’s a sport that translates perfectly to VR and that simulation is very impressive with a player base of 1.5 - 2 million, worldwide.

I haven’t had any interest in the metaverse. Haven’t stepped foot in it.

Yeah Eleven Table Tennis is pretty fun, I'd use it more if I had more space as I end up hitting something, wish they had more venues though. I also haven't tried the Metaverse once.

My favourites at the moment are both Half Life Alyx - Levitation mod, and Half Life 2 VR Mod.
Even a game 20 years old, modded to be in VR, is much better than almost all new VR games, which says a lot.
Resident Evil 4 VR for Quest 2 is also really good.
They should be converting all the old classic games into VR first because they are usually much better than most of the new made for VR ones.

SNystrom

@wim said:
That's a tough video to summarize. It covers several reasons converging to erode investor confidence. Some type of metaverse will eventually become pervasive, but that could take much longer than hoped.

Think flying cars — promoted since back in the ‘50s. I’m still waiting! 🤨

Carnbot

I also think the real metaverse is more likely to be via the web browser as this is already possible, no need to go through Meta's own service.

michael_m

@yowza said:

@NeuM said:

…The economy under this administration is running on dying batteries and a protracted, deep recession is expected next year.

Per usual you don’t have a clue.

Exactly the opposite is expected. A shallow recession that may not last as long as most recessions is what I’m hearing. My source is economists at one of the big 4 US banks, so I think there’s a pretty good chance that this is the likely outcome. Not to mention the fact that it’s the general outlook across a number of sources.

It’s a bit of a non sequitur anyway - really has nothing to do with problems specific to Meta.

NeuM

…> @SNystrom said:

@wim said:
That's a tough video to summarize. It covers several reasons converging to erode investor confidence. Some type of metaverse will eventually become pervasive, but that could take much longer than hoped.

Think flying cars — promoted since back in the ‘50s. I’m still waiting! 🤨

I have great hopes for Jetoptera. Keep an eye on them.

MrStochastic

@ervin said:

@Grandbear said:
Ted Gioia, the jazz critic and scholar, has an interesting take on the topic, which he himself summarizes as

Instead of serving users, the dominant company decides it’s better to control them.

https://tedgioia.substack.com/p/how-web-platforms-collapse-the-facebook

I agree with pretty much everything this article says. Makes for a more compelling argument than "thanks Biden" in my eyes, too.

These guys ruined Instagram, where you now need to dig between ads to find an actual photo from an actual friend. They ruined Facebook where you are not even allowed to dig for an actual post from an actual friend anymore. I left all of it myself a few years ago, keeping just the messenger bit active for communication with family and friends.

All the while they also benefited from the lack of government regulations (as opposed to too much of it). They ruined ad markets for smaller companies all over the world, while removing a huge amount of tax revenue from governments in the process. They also did nothing about Cambridge Analytica and other criminals using the data collected through Facebook loopholes for nefarious political purposes.

This downfall could not be happening to a more deserving company and person.

thanks, @Grandbear for posting that. Also agree with @ervin 's remarks.

I wouldn't be surprised if a lot of decision making in these companies comes from some kind of AI, not human strategists.

michael_m

@Stochastically said:

@ervin said:

@Grandbear said:
Ted Gioia, the jazz critic and scholar, has an interesting take on the topic, which he himself summarizes as

Instead of serving users, the dominant company decides it’s better to control them.

https://tedgioia.substack.com/p/how-web-platforms-collapse-the-facebook

I agree with pretty much everything this article says. Makes for a more compelling argument than "thanks Biden" in my eyes, too.

These guys ruined Instagram, where you now need to dig between ads to find an actual photo from an actual friend. They ruined Facebook where you are not even allowed to dig for an actual post from an actual friend anymore. I left all of it myself a few years ago, keeping just the messenger bit active for communication with family and friends.

All the while they also benefited from the lack of government regulations (as opposed to too much of it). They ruined ad markets for smaller companies all over the world, while removing a huge amount of tax revenue from governments in the process. They also did nothing about Cambridge Analytica and other criminals using the data collected through Facebook loopholes for nefarious political purposes.

This downfall could not be happening to a more deserving company and person.

thanks, @Grandbear for posting that. Also agree with @ervin 's remarks.

I wouldn't be surprised if a lot of decision making in these companies comes from some kind of AI, not human strategists.

This situation reminds me of the bursting of the dot com bubble in the early 2000s. Massive overreaching by companies in the late 90s who couldn’t sustain their strategies indefinitely, but failed to realize it.

ervin

@Stochastically said:

@ervin said:

@Grandbear said:
Ted Gioia, the jazz critic and scholar, has an interesting take on the topic, which he himself summarizes as

Instead of serving users, the dominant company decides it’s better to control them.

https://tedgioia.substack.com/p/how-web-platforms-collapse-the-facebook

I agree with pretty much everything this article says. Makes for a more compelling argument than "thanks Biden" in my eyes, too.

These guys ruined Instagram, where you now need to dig between ads to find an actual photo from an actual friend. They ruined Facebook where you are not even allowed to dig for an actual post from an actual friend anymore. I left all of it myself a few years ago, keeping just the messenger bit active for communication with family and friends.

All the while they also benefited from the lack of government regulations (as opposed to too much of it). They ruined ad markets for smaller companies all over the world, while removing a huge amount of tax revenue from governments in the process. They also did nothing about Cambridge Analytica and other criminals using the data collected through Facebook loopholes for nefarious political purposes.

This downfall could not be happening to a more deserving company and person.

thanks, @Grandbear for posting that. Also agree with @ervin 's remarks.

I wouldn't be surprised if a lot of decision making in these companies comes from some kind of AI, not human strategists.

Perhaps so. But my bet would be on human hubris.

wim

@Tarekith said:

@wim said:
Sure the markets are in the toilet. But meta is down far more than any other stock - worse than Tesla and almost twice as bad as the market as a while. At least according to the video. I haven’t checked those numbers.

Crypto - Hold my beer. 🍺

Glad I got out of crypto when it made sense to do so. I always looked at my (very) tiny investments in crypto not in a religious sense but just like any other commodity. The entry and exit points were obvious if you watched it like that. I took about the same % profit as I had with my other investments up until that point. Too bad I didn't liquidate the rest of my portfolio back then as well. 😂

NeuM

@wim said:

@Tarekith said:

@wim said:
Sure the markets are in the toilet. But meta is down far more than any other stock - worse than Tesla and almost twice as bad as the market as a while. At least according to the video. I haven’t checked those numbers.

Crypto - Hold my beer. 🍺

Glad I got out of crypto when it made sense to do so. I always looked at my (very) tiny investments in crypto not in a religious sense but just like any other commodity. The entry and exit points were obvious if you watched it like that. I took about the same % profit as I had with my other investments up until that point. Too bad I didn't liquidate the rest of my portfolio back then as well. 😂

The secret to any investment is getting in really early and then getting out before it crashes... or hold long-term until you eventually make more money than you put into it. 😂

MFBT

@ervin said:

@Grandbear said:
Ted Gioia, the jazz critic and scholar, has an interesting take on the topic, which he himself summarizes as

Instead of serving users, the dominant company decides it’s better to control them.

https://tedgioia.substack.com/p/how-web-platforms-collapse-the-facebook

I agree with pretty much everything this article says. Makes for a more compelling argument than "thanks Biden" in my eyes, too.

These guys ruined Instagram, where you now need to dig between ads to find an actual photo from an actual friend. They ruined Facebook where you are not even allowed to dig for an actual post from an actual friend anymore. I left all of it myself a few years ago, keeping just the messenger bit active for communication with family and friends.

All the while they also benefited from the lack of government regulations (as opposed to too much of it). They ruined ad markets for smaller companies all over the world, while removing a huge amount of tax revenue from governments in the process. They also did nothing about Cambridge Analytica and other criminals using the data collected through Facebook loopholes for nefarious political purposes.

This downfall could not be happening to a more deserving company and person.

Insightful take.

[Deleted User]

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