2022 saw a great deal of buzz, hype and broadcasting about various technological developments that apparently swooned the internet over their innovative marvels. However, now that 2022 is on its way out and we are finally seeing the back of it, we are also receiving a glimpse of the true nature of some of these supposed technological wonders. There is a distinct rushing sound of hot air depleting from products, ideas and people that have been exaggerated beyond recognition and their true nature revealed as being quite less dramatically effective then what we were all originally led to believe.
Entrepreneurs, investors and tech innovators often intentionally foster this hype. In fact, it has become a dependable and accepted characteristic of the technology sector. Marketing in order to draw interest, funding, and regulatory attention. However, 2022’s hype is starting to reveal that this strategy is a double edge sword. It sets the stage for low standards, leads to major disappointment, revals arrogance and complacency, stifles interest, diverts attention away from what matters most and harms users and clients
More importantly it creates apathy within the public towards genuinely mind blowing, generation changing technology. This was demonstrated when Elon Musk said during his speech at the World Artificial Intelligence Conference in China “Most people don’t know about AI and those that do also don’t know what it is.” Talk to your everyday Joe, who is not involved in tech to some capacity, about ChatGPT and you will be dismayed by his shrug and his fast caveat to what's on the menu for lunch.
There were a staggering number of these imposters dressed up to look like groundbreaking tech advances. It seemed like we were compelled to be the audience to the pantomime of the technical industry forecasting, like wizards, what the future will be for us all — the future of banks, the future of transportation, the future of education, and the future of housing.
1. Google Stadia
Google Stadia is a cloud gaming platform that enables players to play video games on mobile smartphones. In November 2019, Google, with great fanfare by media marching bands released their product. The minions of news outlets all convened to communicate and explain to the masses Google’s wonderment of a product: By purchasing a subscription or individual games, users of Stadia can access a library of games online. The platform works with a variety of gadgets, including Chromecast-enabled devices, smart TVs, PCs, laptops, and smartphones.
Fast forward to September 2022 Google announced that it was shutting down its Stadia cloud game service. No matter how excellent the streaming technology might have been, Stadia's inability to gain a larger following meant that continuing to operate it at a loss was just unsustainable. The masses had spoken and the prophets of tech were forced to concede.
Google announced that everyone who purchased games from the platform's official store, as well as those who had purchased Stadia hardware, will receive a refund. While Stadia as a service won't be around from January 18th 2023 the business promised that a lot of the technology behind it would be applied to other aspects of its tech empire, such as its augmented reality projects. The prince that should have been king will now be backing up other products that might ascend to the throne. Who knows, we will have to wait and see.
2. Autonomous Vehicles
Newspaper headlines in recent months have reported on the introduction of "driverless taxis" in the US, a project of Uber and a company named Motional. Uber CEO Dara Khosrowshahi said in a video interview that “UberEats customers will be able to order food and have it delivered by a driverless vehicle [1]. The vehicles will be strategically deployed and users will receive a notification when one is available on their route.”
The fact that this is a small-scale project intended to train autonomous driving systems still requires a human driver to constantly keep an eye on the road, as well as the larger context that Uber actually gave up on its ambitions for autonomous vehicles a long time ago, makes no difference to the hype surrounding the launch of Robotaxi. It literally doesn’t do what they say it should do.
But this has been the hype around driverless vehicles for the past fifteen years. Players in the field imply that the technology already exists, is operational, and is being used when in fact it doesn’t; all that has been achieved is a minor change here and there.
Creating an autonomous vehicle is a technologically complex task as sending a spacecraft to the moon. "I would say that it is a bigger challenge than launching a rocket into orbit around the Earth", the CEO of Waymo told the Financial Times a year ago.
This does not imply that there has been no advancement or that there is a desire to dash aspirations, the reality is that even with a yearly assurance that an autonomous vehicle is just around the coroner, it's not here, it's not deployed, and the service doesn't even exist.
Even though this industry is exciting, it has not yet been able to resolve a number of significant and complex issues without which it cannot advance. These issues include those related to image classification, continuous and incremental algorithm learning, basic safety concerns, control quality, and assigning liability in the operation of the machines.
3.The Metaverse
The entire public, including myself, was invited to explore and experience this cutting-edge technology at an event last month sponsored by L'Oreal beauty corporation. After spending many minutes exploring with a random avatar I had selected, I gave up. Not an experience, not novel, not Metaverse, but a display of bad visuals and monotony akin to the early 2000s game Second Life.
Facebook and Mark Zuckerberg became the most recognizable with the realization of this vision. At the end of 2021, the social networking giant announced that it would divert all its attention to building this virtual reality, invest tens of billions of dollars in realizing the vision and change its name to "Meta". The excitement led to an odd upsurge in the purchase of Metaverse "real estate" (pixels), and announcements of partnerships with other gaming platforms. Because of the intense buzz, many business owners and venture capitalists began promoting the notion that the Meta verse is already here and even went as far as to herald the arrival of the technological Messiah and claim that it is so advanced and widespread that ”we already live in the Metaverse".
The "tower of cards" toppled over during the past year. It was found that people from all around the world are completely unattracted to virtual worlds and the beginnings of Metaverse events. To deal with the drastic change in its loss-making activities, Facebook itself fired 11,000 employees globally. Zuckerberg summed up people's lives by saying, "I was wrong."
There is no reason to rule out the idea that augmented reality will be used more frequently in the future, possibly to enhance a hybrid work style or keep in touch with distant family. However, there is no justifiable reason to listen to billionaires who have no knowledge of the lives of the average person as they judge which way of life we prefer.
4.Crypto NFT, P2E
Have you heard about the brand-new products from Web3's inventor that will protect us from the greed of internet tycoons? You might not be aware that novel cryptocurrencies (NFTs) would return control to developers. That the blockchain will give weaker groups in the global south more power? Do you feel prepared for the upcoming social revolution? No? Good - Enjoy Your Poverty. Such was the tech marketing strategy used to inflate the value of these new commodity inventions.
A short formula for the hype is given below: Take some initiative, set up some servers, classify sorts of tokens, locate a community, prevent FOMO, launch your own coin or NFT series, alter the course of the art world, create games that are intended to make money, and "whoop," we'll all become wealthy.
Have you heard about the new products from the creator of Web3 that will save us from another sect of the past generation internet Gods? “Did you know that unique cryptocurrencies (NFTs) will give the power back to creators?”
“That blockchain will empower disadvantaged populations in the global south? “
“Are you ready for the next social revolution?”
“No? Too bad - Have Fun Staying Poor !!” said the Tech propaganda minions trying to intimidate us into believing.
The passion for cryptocurrency, NFT, and P2E (Play-To-Earn) games this year sparked a tremendous fire. As many predicted, this severe fire left behind significant destruction. Numerous large corporations collapsed, with billions of dollars in damages attributed to the false prophets. After failing to produce profits for anyone other than a few large projects, NFT trading rates crashed. Many other trading platforms have made it feasible for customers not to pay royalties to NFT inventors on subsequent purchases, including the largest trading platform of them, OpenSea, which was at the center of an insider trading incident. Axie Infinity, the largest P2E company, was later shown to be a pyramid scheme that preyed on those it purported to assist with their financial problems.
Who knows what the future holds for the cryptocurrency market? We must concentrate on the lessons as of right now. For instance, ignore those who assert that "banks are not your friends" and that "the bold own the future." If they tell you to "go study" instead of discussing something, be cautious. Don't fall for the myth that the cryptocurrency market is decentralized; instead, it is governed by a cartel of powerful individuals. If someone claims to have discovered a new, risk-free way to distribute wealth, check for the telltale signs of a pyramid scheme; they will be there.
Alternatively you could wait for the SEC to regulate the whole industry. Judging by the Bank of International Settlements recent direct order to all global banks, both sovereign and private, to have at least 2% of their total cryptocurrency reserves in available cash in order to protect consumers from risk exposure from the likes of Sam Fried and the collapse of FTX, regulation is well on its way.
6. Will Business Loans Get More Expensive In 2024?
It is challenging to make a firm prediction on how company loan rates will change in 2023. The status of the economy as a whole, the supply and demand for business loans, and the central bank's monetary policy are just a few examples of the many variables that can affect borrowing costs.
The prime rate, which banks charge their most creditworthy clients, is often the basis for interest rates on business loans. The Federal Reserve sets the federal funds rate, which has an impact on the prime rate (the central bank of the United States).
The Federal Reserve has steadily raised rates since March 2022 in an effort to contain inflation. As of November 2022, the Fed had lifted interest rates by 75 basis points over the course of four meetings and six times altogether for the year. These rate increases will probably continue through 2023.
During its meeting in September, the Federal Open Market Committee (FOMC) unveiled a forecast that indicated the federal funds rate would peak around 4.6% the following year. Other market watchers, though, hold different viewpoints. By February 2023, there is roughly a 50% likelihood, according to the CME Group FedWatch tool, that rates will be between 4.75% and 5%.
Keep your eyes peeled for future rate hikes. It is important to consider the overall state of the economy when predicting business loan rates. If the economy is strong and growing, demand for loans may be higher, which could lead to higher interest rates. Conversely, if the economy is struggling, demand for loans may be lower, which could lead to lower interest rates.
However, with the recent decision of Validimr Putin refusing to sell oil to any country supporting the $60 oil price cap, China’s very high covid infections and deaths due to their cessation of lockdowns and this affecting supply chains again, it might be a good idea to do what all sovereign and central banks are now rushing to do, which is buy gold.
