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I've heard this argument before and it doesn't make sense to me. If the name was that important, do you think Visual BASIC would be the hot thing? I mean, remeber what BASIC stands for...
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But the BASIC name change was so early ('91 IIRC). That was a different era. I think as time passed and more non-technical people got to thinking that they could and should make platform decisions, and IT standards became more important, names and associations got even more important. WordStar had a nice little run a decade ago. Four years ago there's no way it could have made a dent.
Also, to be honest, only fox folks look on VB with envy. Many VB'ers feel that they do not get much respect. And, many C++ programmers and writers give them a good reason to feel that way. So, you might have a point -- check back with me in a few years. Many VB writers and editorialists are saying things like "VB.NET will give us the respect we finally deserve!" We'll see. Maybe, in fact, it would have made more sense to rename it (B-Sharp? Oh, wait, that's C).
The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts. - Bertrand Russell