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Asia-Pacific is home to a rise in new self-made billionaires

bloomberg.com

101–110 of 123 posts

Re: Asia-Pacific is home to a rise in new self-made billionaires

#101

Earlier quoted context omitted.

Even the legit examples are bullshit, I hate the term self-made (b|m)illionaire because almost all of them came from some kind of privilege that enabled it, and lucky circumstances that precipitate their rise. Take these Atlassian blokes who like to tell the story of starting a company on $20k of credit card debt and a dream to make a living wage without working for someone else. That story doesn't mention they came…

This sort of attitude is really nonsensical. It's the sort of extremism that seems to say: you're only self-made if you grew up in a cave, made your own clothes from animals that you yourself hunted, taught yourself language and built your business while working 80 hours a week as a [worst-job-here]. In other words: a dangerous level of holier-than-thou self-righteousness. The reality is that wealth and "privilege" a…

>>you're only self-made is you grew up in a cave, made your own clothes from animals that you yourself hunted, and built your business while working 80 hours a week as a [worst-job-here].

Even then someone would say that it was still done from a position of privilege because you had a place to sleep, animals to hunt, and how dare you say you are self made - you at least had a job unlike many people in this fine country!

To me, "self-made" means being able to take the opportunities within the environment that you live in and make the best out of them. Yes, that usually means that you get some opportunities that other people don't get - but equally, there are opportunities that you don't get either. You can be a "self-made" white son of a billionaire. Or a "self-made" immigrant of colour. Alternatively, we can stop using the term "self-made" entirely and pretend that it doesn't exist. That's also a solution.

Re: Asia-Pacific is home to a rise in new self-made billionaires

#102
post #20

Earlier quoted context omitted.

They're not the same. For example, it's the U.S. that has the world's largest prison population and the world's most expensive healthcare, etc. China has different issues.

You're right that they have different issues, different problems, different strengths. But what irks me is the "what-aboutism." If Texas executes handicap people, that's awful. But it makes China harvesting organs OK? The U.S. has a horrible track record in Latin America and (frankly) around the world, so China gets some "slack" in how many human rights activists or lawyers it jails each year? I understand I'm respon…

Yes, it does. Just be careful of the international community party :)

Re: Asia-Pacific is home to a rise in new self-made billionaires

#103
post #83

Earlier quoted context omitted.

They aren't international brands. Alibaba gets some traction outside of China for those who want to buy cheap Chinese goods, while Tencent has bought some foreign game companies, but otherwise no one outside of China really knows who they are.

This is about my familiarity with them to be honest. Brands I am aware of but haven't given a dollar to. Yet, I end up using Apple, Alphabet, Amazon, Microsoft services/products every day in one way or another. I don't agree with everything each of them does but I support them because I respect them.

Maybe Tencent and Alibaba dont need to focus more outside of China. China in itself is a huge market. Also the reason we dont hear about these services is that HN is largely representative of the English speaking part of the world - a big part indeed but not the whole.

Re: Asia-Pacific is home to a rise in new self-made billionaires

#104
post #83

Earlier quoted context omitted.

This is about my familiarity with them to be honest. Brands I am aware of but haven't given a dollar to. Yet, I end up using Apple, Alphabet, Amazon, Microsoft services/products every day in one way or another. I don't agree with everything each of them does but I support them because I respect them.

Maybe Tencent and Alibaba dont need to focus more outside of China. China in itself is a huge market. Also the reason we dont hear about these services is that HN is largely representative of the English speaking part of the world - a big part indeed but not the whole.

In addition, I wouldn't be surprised if HN is blocked in China.

Re: Asia-Pacific is home to a rise in new self-made billionaires

#105

This is of course an exaggeration by Bloomberg. Six of the ten richest people on earth are US tech billionaires. Out of the 63 technology billionaires in the top 500 global richest that Bloomberg tracks in their billionaires list, 32 are in the US. China has 13. Here's the breakdown of technology billionaires in the Bloomberg top 500 rich list by country (the list cuts off at $3.7b): US 32, China 13, Germany 5, Canad…

Can someone list the numbers adjusted for inflation? Because these days it seems billions are so common for companies whereas just ten years ago a ten billion dollar company was “super big”. Where did all this wealth come from? Who lost in the zero sum game ?

Wealth is not a zero sum game, but more importantly, valuations are not actual money -- they're just what the company would cost if you bought the whole thing at the same price as the last investment. If a company has a down round, billions may be wiped off the valuation, but actual losses suffered by previous investors are a small fraction of that.

Re: Asia-Pacific is home to a rise in new self-made billionaires

#106

This is of course an exaggeration by Bloomberg. Six of the ten richest people on earth are US tech billionaires. Out of the 63 technology billionaires in the top 500 global richest that Bloomberg tracks in their billionaires list, 32 are in the US. China has 13. Here's the breakdown of technology billionaires in the Bloomberg top 500 rich list by country (the list cuts off at $3.7b): US 32, China 13, Germany 5, Canad…

My problem with this analysis is that it ignores the fact that the China economic phenom was due to rise of manufacturing. Something that happened in the US 50 years ago or so. Computing is essentially the tertiary sector and develops after the secondary sector. So China has only begun approaching that end of the curve. The companies listed here were founded because at that time US was focussed on computing and kowledge had already been acquired. It would be interesting to see what happens as China's tech sector approaches maturity.

Re: Asia-Pacific is home to a rise in new self-made billionaires

#107

I often wonder how much of this is because of China's government sponsored espionage and theft. It's a pretty clear pattern of APT hacks and then somehow a Chinese startup is making "huge strides" in advanced metamaterials manufacturing. Then they are subsidized with cheap (basically free) government loans which undercuts the market. If the Chinese government steals trade secrets for its business and rigs the market…

Do you truly believe they are the only country on Earth committing corporate espionage?

Everyone is doing it, but in Western democracies you have to hide the fact because voters on all sides frown upon such cheating. Especially stealing from your closest allies who send their troops to die in your pointless wars.

The reality is China doesn't care about getting caught. Just like India shrugs off rescinding billion dollar pharmaceutical patents and starts exporting the generics around the world for huge profits despite never contributing a cent to R&D.

Re: Asia-Pacific is home to a rise in new self-made billionaires

#108

Earlier quoted context omitted.

This is not what a scam is. An Antminer isn't a license to print money. It's a device for hashing blocks. This is like calling Sony a scam because they sell video cameras to aspiring YouTube stars who never make money out of their aspirations. It matters, because there are plenty of scams out there, where people exchange money in good faith and receive a substandard good, or nothing at all, in return. If Bitmain does…

And what legitimate business or personal need does hashing blocks satisfy? A camera is useful even if you don't use it to produce a Youtube video. The average person buying a camera isn't seeking to make money off of it by photographic profession or vlogging. However, the vast majority of people purchasing ASIC miners think they're going to make money from them. Another example: GPUs, some people bought em for mining…

They provide network security in exchange for money.

Re: Asia-Pacific is home to a rise in new self-made billionaires

#109
post #90

Earlier quoted context omitted.

But without it, you get no household registration as a married couple, which means no birth certificate, which means no household registration and lifelong non-personhood for the child

Where in the world are you getting your ideas? You can't (legally) prevent a child from being registered for a birth certificate even if you want to, as you would expect from the fact that birth certificates are meant to benefit the government, not you. It is literally the first element of Texas HSC §192 ("Birth Records"): > Sec. 192.001. REGISTRATION REQUIRED. The birth of each child born in this state shall be regi…

Yes, Chinar

Re: Asia-Pacific is home to a rise in new self-made billionaires

#110

Sure but China inflated its currency, that's a redistribution to asset holders. The acomplishments are admirable all the same, but the accelerated climb is probably boosted by inflation. I predict a correction in next year's list.

It's not really a redistribution to asset holders. These people get about the same in the long run. It's more like the removal of a subsidy on government paper. This promotes private asset creation. https://medium.com/@b.essiambre/the-world-deserves-a-pay-rai... There is no reason for a correction if they continue running a sufficiently inflationary monetary policy.

That's a great article! I read about 3/4 and I'll come back for the rest. Your arguement is the ying to my yang.

Where I depart is: wages adjust much more slowly than assets. Wages are negotiated over long spans of time vs. liquid assets. Wage holders think they're negotiating for real value X but it's eroded. Just look at baby boomers. Their wage flows are ~ fixed. Sure many get the benefit of asset appreciation but the ones that don't (get word) are crushed.

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