I have had two interesting experiences with new media lately.

  • Several months ago, I posted a comment on Facebook stating that I had gotten my law license back.  (Don’t jump to conclusions!  I just changed my status from “active but not practicing” to “active and practicing” because I wanted to be able to do legal work again.)  In response to a friend’s comment, I explained that I did not have to retake the West Virginia bar exam to get my law license back and I didn’t know if I could pass it now.  The next thing I knew I was seeing an advertisement for a bar review course on Facebook.  Why?  The reference to the bar exam?  My profile, which indicates that I have a JD degree?  Both?
  • As I mentioned yesterday, I just made the conversion from NetNewsWire to Google Reader for RSS feeds.  On the right side of my RSS feed home page is a light blue box containing RSS feeds in which Google “thinks” I may be interested.  At the top of the list?  Dermatology Times, which promotes itself as the leading news magazine for dermatologists.  I promise you I have no unusual rashes or break-outs, so why would Google “think” I might be interested?  Well I have written two posts lately in which I used dermatological wordplay – “Heartbreak of Psoriasis” – about the dermatologist anchor tenant in Huntington’s Kinetic Park – and “Chemical Peel, Anyone?” – about the South Charleston Tech Center, which used to be the nation’s most significant chemicals research facility – that appeared in my Google Reader display.  Furthermore, in the process of drafting an upcoming post about the WVU Research Park, I went looking for another dermatological term for punmanship purposes.  As a result, apparently, Google “thinks” I may want an RSS feed to Dermatology Times.

This type of marketing troubles me.  Will Big Brother ultimately be able to figure out my every want and desire and lead me straight to it, which would not be a good thing, I assure you?  Or should I take comfort that Facebook’s marketing arm works so poorly it “thinks” I’m studying for the bar exam and Google’s marketing arm works so poorly it “thinks” I’m a dermatologist?

Tagged with:  

Over the last few months, I have had an opportunity to discover social (and anti-social) media – or more accurately, it has discovered me.  I increasingly am convinced that it truly is changing the world.  Some observations about the various media that have discovered me:

  • Blogs.  Not too many years ago, I remember someone informing me that a former co-worker (HippieKiller) had a blog and my asking what exactly a blog was.  Today, I write this blog and read seven blogs regularly via RSS feed.  I had thought technology was going to make writing a dying art.  The rise of blogging suggests otherwise.  I like it that most bloggers, or at least the ones I read, do not disguise their opinions like traditional media often do.  If they think something is BS, they call it BS.  The world is a better place because of that.  Plus you can incorporate video, pictures and audio – not that you would know that from reading my blog.
  • Facebook. I’m convinced Facebook, the main social networking site, has changed relationships and social networking forever.  No longer will people lose contact with high school and college classmates or business and social acquaintances.  Facebook allows us to stay just well enough informed about people we’d never pick up the phone to call.  Additionally, Facebook is a wonderful tool for non-profit organizations.  I love to read about the activities of the non-profits with which I am or have been involved, and I’m sure it makes me more likely to donate when I’m reminded regularly of the great work these groups do.  Having said all that, I’ll never understand the attraction of Mafia Wars, Farmville, or quizzes; people with too much time on their hands, I guess.
  • LinkedIn. I’d never heard of LinkedIn, the main business networking site, before a friend invited me to join a few months ago.  They have a tool that allows you to figure out how many of your address book contacts are LinkedIn members.  I was blown away to discover that 194 were.  Of course, I’ve never done anything other than sign up, which probably defeats the purpose.
  • MeetUp. Unless you’re interested in joining Kanawha Valley Hookers (a now-defunct group for crocheting, I quickly and sadly discovered) or becoming a charter member of the John Birch Society, don’t waste your time – yet.
  • RSS Feeds. How did I ever live without them?  Now I can choose which news I want to check out regularly and it’s all brought to me in one place.  I was just forced to make the move from NetNewsWire to GoogleReader.  I think both are fabulous tools.
  • StumbleUpon. For those who love serendipity and voyages of discovery, there’s no place better than StumbleUpon, which learns what you like and helps you discover more of it, or one of its competitors.  I think it’s the perfect accompaniment to an RSS Feed when you have some free time to look for interesting things.
  • iTunes. Now that I know the difference between an iPod, an iPhone, and iTunes, I’ve discovered I’m happiest with iTunes.  I never watch regular television anymore.  I buy a season of a TV show that I’ve heard is good through i-Tunes and watch episode after episode over nights and weeks.  Good television is so much better when you watch episodes back to back – and without commercial interruption.  The only problem: there’s no one with whom to discuss your latest episode of Battlestar Galactica or Mad Men – they either watched it six months ago or haven’t seen it.
  • Twitter. Ever trying to keep up with the latest, I established a Twitter account.  I have not tweeted once.  The only good use I can come up with for it: alerting someone to a good article or blog post, but who really wants to deal with tinyurl.com?  (But isn’t it cool that someone thought of tinyurl to meet a need.)  They say brevity is the soul of wit; I say it’s the soul of twits and twitterers.
  • YouTube and Flickr.  Not places I visit regularly.
  • Websites.  They’re coming to seem a bit old-fashioned (unless you call them portals and charge a lot for them).  I do not understand why so many people spend so much money on them and then fail to keep them updated.  (Note to self: Finish website.)
Tagged with:  

I wonder if I and others have been watching too many episodes of Battlestar Galactica and sci-fi channel re-runs of 2001: A Space Odyssey?

The New York Times reported last week that our machines are becoming smarter than we, and scientists are debating whether there should be limits on research that might lead to loss of human control over computer-based systems.  A threat?  Not for a while, I would hope.

The New York Times also reported last week that traders like Goldman Sachs – the bad guys in case you don’t know about the internet bubble, housing bubble and oil bubble – are beginning to make a lot of money by subtly manipulating share prices with high-speed, high-frequency trading.  The issue came to light when a former Goldman Sachs computer programmer left with secret computer codes, which a federal prosecutor now claims could be used to “manipulate markets in unfair ways.”  Hhhmmm?!?  If the programmer could use them to manipulate markets in unfair ways, how was Goldman Sachs using them?  A threat?  Yes, and now.

Tagged with:  

The internet bubble

The basic scam in the Internet Age is pretty easy even for the financially illiterate to grasp. Companies that weren’t much more than potfueled ideas scrawled on napkins by uptoolate bongsmokers were taken public via [Initial Public Offerings (IPOs)], hyped in the media and sold to the public for mega-millions. It was as if banks like Goldman were wrapping ribbons around watermelons, tossing them out 50-story windows and opening the phones for bids. In this game you were a winner only if you took your money out before the melon hit the pavement.

- Matt Taibbi

How was this bubble created?  Remember the four elements from yesterday’s post:

  • An Intangible Market.  The internet, which really is just a bunch of interconnected electronic circuits whose use might somehow produce money for the user, was the ultimate intangible market.
  • A Broken Rule.  Prior to the internet bubble, there was a long-standing rule concerning which companies were appropriate for IPOs.  The company had to have been in existence for five years and produced a profit for three consecutive years.  Near the end of the internet bubble, tech IPOs were being initiated for companies that had never made a profit and would not make a profit into the foreseeable future.
  • An Insider.  The investment bank offered executives sweetheart deals for IPO shares resulting in money being diverted from the company’s bank account to the CEO’s and CFO’s bank accounts.  In return the investment bank was promised additional business.
  • A Hedge.  As the facilitator of an IPO, an investment bank earned a commission on the amount of money it raised.  The big risk for the investment bank was that it wouldn’t be able to dupe people into investing enough in a shaky IPO.
Tagged with:  

Eric Eyre continued his investigative reporting of Comar, Inc. for the Charleston Gazette over the weekend.  Mr. Eyre’s latest discovery: the West Virginia School of Osteopathic Medicine awarded Comar a $212,000 no-bid contract to send unsolicited emails to prospective students, a service that some companies supposedly offer for as little as $250 per month.  The school then paid Comar an additional $19,864 to improve its online reputation.  Why?  Apparently to try to bury a story about a $90,000 sexual harassment lawsuit settlement, which kept popping up in Google searches of the school’s name.  (Yes, I found the article through a Google search – and thus did not help WVSOM’s efforts to bury it.  Sorry, President Rafes.)

This reminds me of another technology procurement story a few weeks ago.  In that story, Phil Kabler revealed that the West Virginia Office of Technology was trying to issue a sole-source contract to 20/10 Consulting to provide consulting services for the state’s massive new Enterprise Resource Planning (ERP) system.  I had seen the sole-source documents earlier and thought it funny that anyone would assert with a straight face that only one vendor could possibly provide the requested services.

It wasn’t until Kabler’s column that I realized that 20/10 Consulting was a wholly-owned subsidiary of Steptoe and Johnson, a large local law firm, which made the claim all that much more absurd.  The Office of Technology’s sole-source effort ultimately was rejected, and it appears to have placed the human resources portion of the consulting services contract out for bid this week.

I do not know what it is about technology, but I have repeatedly watched state agencies and higher education institutions be taken to the cleaners by vendors selling the latest and greatest technological wonder.  Indeed the State spent at least $20 million in the late 1990s and early 2000s on ATM communications technology, which left the state with little to show for the effort besides a multi-million dollar billing mess that took years to clean up.  I’ve been told West Virginia University has spent more than that trying to make its Oracle financial system work.

I also can’t begin to estimate how many millions of dollars higher education and state government have spent on “glorified websites” (a term coined by Senator Helmick, as I recall).  If you call your website a “portal,” I’ve discovered, the going rate for website development triples, so everyone now has “portals.”

Imagine my amazement last month when I was able to create my own portal/glorified website without paying anyone the $2,500 I had budgeted for it.  I’ll be glad to build a comparable “portal” for someone else for a cool $7,500 ($2,500 x 3 for calling it a portal).

If the State successfully implements an effective ERP system with the $60 million in pocket change that the Legislature so kindly provided, I will be very surprised.

Page 4 of 512345
CONTACT

© 2010 DCT Advisors LLC
Post Office Box 224
3288 Winfield Road
Winfield, West Virginia 25213
Phone: 304.541.0332
Fax: 866.783.0511
Email: dct@dctadvisors.com

text

LEGAL DISCLAIMER

THIS IS NOT A LEGAL ADVERTISEMENT. DCT Advisors performs exclusively non-legal work. The materials on this website have been prepared for informational purposes and are not legal advice, nor do they create a lawyer-client relationship.