The positive aspect is that there is plenty if venture capital for innovators; the negative one is that those innovations are stifled by various extraction techniques that allow VCs and other investors to get a return on investment.

Crypto is a good example of how the equilibria is hard to maintain, and if the last cycle saw many interesting new products come to life, they all got crushed by ruthless profit-taking from early investors and team members.

> the smartest thing China ever did was to limit speculation in the markets. So many human capital in America is wasted pumping up valuations instead of actually building stuff

there was this Chinese company named Baofeng that built a stupid media player by "re-using" open source FFmpeg code, it managed to get itself publicly listed, then had its valuation went up like 50x for doing nothing other being accused for stealing FFmpeg code.

there were lots of discussions at that time how that happened and why the same level of speculation didn't happen on other public tech companies listed on Chinese market, the consensus was pretty sad - tech companies suitable for speculation are listed in the US by default, those listed on Chinese markets are 2nd tier or 3rd tier to start with, they don't offer any meaningful room for speculation.