Is the tech bubble bursting right now?

Tech companies have seen huge declines in value over the past six months... What does this mean for programmers and entrepreneurs? Let's look at bad news affecting tech workers and how it relates to coding jobs, venture capital, crypto, and startups.

#tech #finance #TheCodeReport

🔗 References

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🔖 Topics Covered

- Tech Stocks crash of 2022
- Will there be layoffs in tech?
- Cryptocurrency declines 2022
- Web3 is dead?
- NFTs sales decline
- How does stock market crash affect developers?
- Tech industry outlook for 2022

[clouis]

Jeff really giving us a proper reality check td

[Isma]

I got my oil degree just before the 2016 oil market crash. Now I am about to finish my webdev bootcamp. Yeah, I will start a farm so the climate change will finish me off.

[WalkinChristum]

60% down atm across all of my portofolio, which might sound bad, but yea seeing what happens to my neighbouring country atm puts things into perspective that red in my portfolio its not so bad.

[use.Name-]

This was my favorite coding channel, now it's ALSO my favorite news channel 👍
Keep up the good work man.

[RyanTipps]

"Continue to learn to code and try to create value for other people"
Great conclusion to the video, thanks Jeff

[kyle-silver]

Sometimes I don’t like working for MegaCorp Inc., but on days like this I’m reminded why I’m always wary of working for unicorn companies

[SIMULATAN]

That's great to hear as a student that will get into work life in a few years!

[satish]

I am a simple Javascript developer, and that makes me as resilient as cockroach.

Love your videos. keep up the good work!!

[ToddDunning]

Having been through Bloody April 2000 and every bubble since, Fireship is exactly right. Fluffy BS tech must die but profitable companies don't. Look closely at your own company's burn vs. revenue. Senior execs will never ever give bad news, but this is because they don't want it to get worse for everyone; it's not out of dishonesty.

[GermanTopGameTV]

When everything is crashing and burning around you, and you can keep your cool and see through the panic, you can make huge leaps forward. Apply a calm and collected analysis of the current situation, learn from the mistakes that lead to this situation and come out of it a stronger person.

[JoaoJGabriel]

The real takeaway is that it'll become harder and harder to "just wing it", and keep bullshit jobs (and companies) alive, in the tech industry. For someone who's interested in doing real engineering and solving real problems, that should be exciting news.

[blueguy]

In the end, it will be good for the industry and the economy as a whole. Any sort of low quality business can survive in a near zero interest rate environment. Low margin businesses have their place, but some of the startup concepts to debut over the last ten years (ridesharing apps, yo, etc.) were not financially viable or were simply market makers pretending to be gamechangers because they came in the form of an app. Tech is great but some developers and investors have completely lost sight of what actually creates value in an economy. The value of real labor is undermined when random apps and ecommerce sites are getting more funding than companies that produce tangible goods and it is time to curb the malinvestment.

[kwstasvasiliadis]

"Now, I realize that this video sounds very pessimistic, but just remember that things can always get a lot worse" 🤣 It's ok, we have Fireship to provide some quality content through these times

[roaringfork]

Big tech has only ever existed in an extremely lose money environment (Insert 'lowest interest rates in 5000 years meme). It will be anyone's guess as to who survives and who fails. Tech companies that have actual revenue from real companies or customers are way better off.
Fireship didn't even cover the effects of the FED selling its $9 trillion in assets.
All this being said, tech workers will be fine; during the March 2020 retraction, tech unemployment actually decreased despite high profile layoffs.

[davidqiu]

6 months ago I had two offers: 1 from a meme startup and 1 from Amazon. I was like any other dev: enticed by the idea with making a mountain of cash from the startup if it every IPO'd. But my best friend (who isn't in tech, but is older than me and lived through '08) talked me out of it.

This week, I'm very happy I took Amazon instead.

[apexphp]

I'll never forget during the 2008 economic crisis, I asked one of the clients I was working for whether or not he was worried. He chuckled and said, "no, recessions are great for business because people are more needy".

A couple months later a site called the unemployment advisor was raking in about $60k/week. I remember trying to get the system streamlined to process that many daily credit card transactions, was a pain in the ass.

[nrg]

Normally trendy tech coders online don't understand politics/economics but you sir got it right and explained it well 👏👏

[AbhinavKulshreshtha]

I have never understood the importance of valuation. Especially when it comes to ecommerce companies. I see CEO's are focused on increasing the valuation of company by tricks, so that they can sell it, instead of focusing on profitability and sustainable business.

[siyabdev]

The happiest moment when Fireship notification pops up

[MichaelHazell]

I love how you tell it like it is. Rich got richer, that transitory inflation was not transitory at all, and A LOT of tech companies are wildly overvalued.