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The Ponzi Career

drorpoleg.com

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Re: The Ponzi Career

#211

Post by john_moscow »

jopsen wrote: post #173

Have people forgotten the classic way of investing in humans? Social programs. In Denmark part of my taxes goes to pay public pensions, and when I get old taxes will fund some pension for me. The public pension isn't huge, so yes, almost everybody has a private pension scheme too. My private pension is exposed to global stock performance over ~30 years. My public pensions is exposed to value of humans in Denmark in ~…

This only works if you have a reasonable population growth rate. And this isn't happening anymore. So we are boosting population numbers through immigrants that will never afford the kind of housing and retirement the previous generation had. And we are boosting the stocks through printing more money, that also drives real estate prices insane.

That's a recipe for a social conflict. Once the majority can't afford a house and a pension comparable to yours, they won't just stand aside and let you enjoy it. They will label you an oppressor and will come and take it. And the laws won't help you if the majority finds them unfair.

Re: The Ponzi Career

#212

Post by tomglynch »

andxor wrote: post #209
jopsen wrote: post #173

Have people forgotten the classic way of investing in humans? Social programs. In Denmark part of my taxes goes to pay public pensions, and when I get old taxes will fund some pension for me. The public pension isn't huge, so yes, almost everybody has a private pension scheme too. My private pension is exposed to global stock performance over ~30 years. My public pensions is exposed to value of humans in Denmark in ~…

So Denmark would forcibly take more than half of my income to invest in stuff I don't have a say on, while no one is held accountable by competition and economic incentives. I'll pass.

Do you think taxes are necessary for a cohesive society?

Re: The Ponzi Career

#213

Post by andxor »

tomglynch wrote: post #212
andxor wrote: post #209

Earlier quoted context omitted.

So Denmark would forcibly take more than half of my income to invest in stuff I don't have a say on, while no one is held accountable by competition and economic incentives. I'll pass.

Do you think taxes are necessary for a cohesive society?

Yes, of course, but not > 50%.

Re: The Ponzi Career

#214

Post by Grimm1 »

heartbeats wrote: post #198
freeone3000 wrote: post #175

Earlier quoted context omitted.

Can you eat honor? Can you sell it? What is the worth of a man besides his ability to profit? Seeing endless people of honor scrape out meagre existences while those who exploit others endlessly become billionaires is more enlightening to the worth of honor than our useless platitudes.

Can you eat profit? What is the worth of a man besides his honor? What profiteth a man if he gaineth the whole world, but loseth his soul?

Apparently Bill Gates has the ability to buy his back given his current PR and general perception at around 130BN so seems like it might not be a bad play. ;)

Re: The Ponzi Career

#216

Post by joelbluminator »

tjs8rj wrote: post #66
mattzito wrote: post #14

There’s literally nothing in this article that you couldn’t replace “token” or “coin” with “contract” or “membership” and have it work exactly the same. The idea of selling contracts against future income is interesting but putting the blockchain here is yet another solution in search of a problem.

I’m usually in total agreement about blockchain just being stuffed anywhere, but observationally, there must be a good reason why blockchain shows up in these situations so often. There’s definitely the hype factor, but blockchain does have value in that it’s reasonably trusted by average people (perhaps unlike signing a contract everytime you wanted to purchase a piece of a creator - coins gamify it), and it’s easy…

Dont you need some legal contract in any case? Whats gonna hold Alex legally liable to give part of his income then? The coins themselves are not worth anything...

Re: The Ponzi Career

#217

Post by AlexCoventry »

mattzito wrote: post #14

There’s literally nothing in this article that you couldn’t replace “token” or “coin” with “contract” or “membership” and have it work exactly the same. The idea of selling contracts against future income is interesting but putting the blockchain here is yet another solution in search of a problem.

Maybe ask Masmej why he chose to use an ethereum token instead of a traditional contract. I think it probably made things much easier for him.

Re: The Ponzi Career

#218

Post by danans »

bradleyjg wrote: post #57
danans wrote: post #54

Earlier quoted context omitted.

> a personal loan like a credit card is unsecured. That's just another way of saying 0 collateral. > In the proposed equity arrangement I owe a percentage of my income. If I don’t make anything, I don’t owe anything I agree the calculation is different, but I doubt there is a lender that isn't going to demand the return of their principal at the least. Depending on the enforceability of such a contract (questionable…

It seems like you don’t understand the difference between debt and equity.

I do understand the difference, but in modern societies, you can't purchase (or sell) equity in a human being - that's called indentured servitude - and despite our society having many exploitative employment arrangements, we don't allow total or partial sale of oneself.

If you want to take an "investment" of this sort, it would have to taken by an LLC or similar entity, which is by definition isolated from personal liability and vice versa.

Re: The Ponzi Career

#219

Post by joelbluminator »

mattzito wrote: post #14

There’s literally nothing in this article that you couldn’t replace “token” or “coin” with “contract” or “membership” and have it work exactly the same. The idea of selling contracts against future income is interesting but putting the blockchain here is yet another solution in search of a problem.

I agree. Its not unlike an options agreement...u can do that without tech.

Re: The Ponzi Career

#220

Post by peytn »

gruez wrote: post #6
peytn wrote: post #5

How do you tackle issues with manipulation? Can’t I get together with my friends and wash trade each other’s tokens?

At the end of a day it's still a token, so all the usual scams (eg. pump & dump) still apply.

Dang, I was hoping somebody would’ve come up with something by now before the SEC or whoever does.
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