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Wave's failure and that of Google+ might have been the turning point for Google, never really to return to its former glory.
Wave was a cool tech demo, and I was excited to see it. The teaser video was solid marketing. Me and my lab mates couldn’t figure out what use case it solved though.

Google+ was pure garbage being shoved down our throats. That was a huuuge signal that Google had changed.

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Consider if they had focused on it instead of Android. Maybe we would still have Windows phones. Such are the tides of time. I think their present, malignant glory eclipses it financially but never will romantically.