I think it's more likely to cause a lost Decade of people not going into CS or tech due to lack of entry-level jobs. Maybe next time there's a boom and the pendulum of the power dynamic between management and labor swings more towards the workers, tech workers will unionize or organize better. I think overall it will benefit the industry because these boom and bust cycles for employment are just not healthy.

There is no guarantee that there will be a boom again. Some jobs disappear. Maybe we'll really only need a handful of elite engineers who continue advancing the foundational tools we use (kernels, databases, hyperscale low level cloud products, drivers, etc.) and the rest of "programmers" and "software engineers" will be replaced by "prompt engineers". With a new generation mostly unable to read and reason about source code.

But how will the current crop of “elite engineers” be replaced, when they inevitably age out?

There will always be some nerds left with brains so big they only scratch their itch if they are advancing performance critical v8 code in pure assembler. But the bar will rise for that to be something you get money for…

Unionized workers are also losing their jobs in this economy.

Unions are, by nature, anti-progressive. They would rather use 15 year old technology, then replace workers and allow efficiency.

This will never work in the tech industry.

So many astroturf comments here.. the moderation here is out of control terrible :/

Why is this on HN.

read the comments. The HN community is ecstatic. It's good to see there are a few who understand basic economics but politically, the folks here at hn are not much different than over at reddit lol

Interesting story but why is this on HN?

interesting story, but why is this on HN.

Least they could do is tell us about the tech stack for the website.

technically it's about a website

Redmine was pretty great.

It sounds unusual for a seed-stage company (I assume that’s what you mean) to seek funding from private equity. Did the company already have significant revenue and profitability? Why did the founder go for private equity rather than VC.. was the founder basically looking to sell/exit at that point?

Yeah exactly - it was essentially at the revenue of series B or C at that point. This is in 2021 during the height of ZIRP, so I assume part of it was frothiness but the aftermath was terrible.

The Age of Inhumanity... AI mimicry of human patterns devalues our very humanity. Without wise leadership, which we clearly lack, this upcoming Age will be profoundly unstable.