Bad blood by John Carreyrou ( Image source: Amazon)
I have developed a diagnostic device in my master degree research. What I did is a portable machine for prothrombin test. We had spent a year to figure out a way to detect signal from tiny amount of blood, and couldn’t be able to move the whole test into a tiny machine. It’s so complicated. That’s why when I heard the news of Theranos, I don’t believe it. It’s not I don’t believe it will come true, I just don’t think we can achieve what Elizabeth claimed at the moment.
Fake it until you make it?
Apparently, Elizabeth told a lovely story, telling people a beautiful dream many of us have been hoping for a long time, and because where she comes from, many rich people were willing to invest, and she could use those names to raise another fund. Her idea is simple. Diluting a drop of blood to a larger volume so it can be performed on many lab tests. This is the problem of her “technology”. I believe anyone with tiny medical laboratory knowledge would know that diluting sample isn’t acceptable for medical tests except specific circumstances. She kept it from all people, claiming it’s their secret methodology so no one really knew how it worked. She just didn’t want people to find out it’s impossible until she found a way to do it. She probably wouldn’t know she will never make it.
This whole joke isn’t Elizabeth. It’s the silicon valley. People just throw a lot of money on a garbage as long as you tell a great story and know some big shots. Even some one knew it was a lie, they couldn’t tell because they were forced to sign disclosure deals which is the only but effective weapon a huge company could use because we don’t have that much money and time to deal with them.
I heard a podcast sharing tips of investment. The host said that people shouldn’t afraid of bubbles. Many people afraid of bubbles so they never put their money in the market and they will never profit. Bubbles are great for gaining fortune. It doesn’t matter the bubbles are caused by dreams or just growing too fast. We just need to leave the market before the bubbles crashed. Theranos was a dream bubble that we all hope it will come true. That is why investors willing to chase it with tones of money. Even it ends as a tragedy, I believe some people still gain profits.
When you walk in for a Theranos lab test, we treat you as we’d like to be treated. As a guest, not a number.https://t.co/H4CmlLTWCr
— Theranos (@theranos) December 9, 2015
This deception had happened. That just how economy works. Theranos story is hideous not because it was a scam, but it harmed people whom they claimed to protect. The good news of Theranos is that we can find the one to take responsibility. Most deception are too complicate to know who is the one to blame. Like the financial crisis in 2008. Yes, the Wall-Streeter should take full responsibility but government needs them to create the illusion of economy growth. They won’t be punished. That makes the 2008 crisis more scandalous. Who cares? Deceptions will happen over and over again as long as capitalism rules.
No comments:
Post a Comment