“ There’s another name for what happens when people start to make money out of speculation and hype: it’s called a bubble. Like the dotcom bubble, the commercial real estate bubble, the subprime mortgage bubble, the credit bubble and the derivative trading bubble before it, the DIY epublishing bubble is inflating around us. Each of those other bubbles also saw, in their earliest stages, a great deal of fuss made over a “new” phenomenon, which was then over-hyped and over-leveraged. But speculation, as we’ve learned at our peril, is a very dangerous foundation for any business. And when the epub bubble bursts, as all previous bubbles have done, the fall-out for publishing and writing may be even harder to repair than it is proving to be in the fields of mortgages, derivatives and personal debt. Because this bubble is based on cultural, not purely economic, grounds.
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