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How to Run a Ponzi Scheme for Tech People

callmenish.com

221–230 of 265 posts

Re: How to Run a Ponzi Scheme for Tech People

#221
post #215
post #124

Earlier quoted context omitted.

Yeah, my running joke while living in Thailand was that it was a circular pyramid scheme, the yoga teachers are buying life coaching, the life coaches are all learning to become drop shippers, and the drop shippers are all getting training to become yoga teachers. They just buy and sell services from each other in a circle trying to grow their own thing until they give up and go home.

I'm just a layperson, but it seems like you've described an economy. Especially when you realize that >buy and sell services from each other in a circle isn't true at all. I don't know anything dropshipping - the name certain implies something scammy, but our economy is full of things like that. It's a weird aspect of society - which lies are we all going to agree to accept - and since each person answers those quest…

I get what both of the comments are saying here, but this is really nothing like how a real economy works.

None of these people are solving any of the core needs of any of these other people (food, clothes, transportation, housing, any physical goods at all) and very little new money is entering this system at all, maybe some on the drop shipping side but that can also be a net loss in some cases. So yes this represents an economy but the denizens of that economy would be impoverished and miserable, constantly waiting for some outsider to come solve their problems. This is seen in the fact that most people do this as long as their pre existing savings can sustain it because they are doing it at a loss and then they give up when they have eaten through their existing wealth.

So yeah, i don't think it's much of a profound insight to point out the similarities to other economies just because of the existence of people engaging in trade with each other. The quality of the trade is the issue, not its existence.

Re: How to Run a Ponzi Scheme for Tech People

#222
post #90

Earlier quoted context omitted.

From that link: > In 2010, its stock price was $20 and by 2017 had risen to $380 a share, yet Tesla reported a loss of $4.3 billion. How is this possible? The only way to explain this bizarre scenario is to recognize that the market is not efficient I will pass on buying/reading that book based on this excerpt alone. I am far away from a tesla fan (I actively encourage my friends/family to not buy teslas, or invest i…

How would you explain it then? I don't believe Tesla would be valued so highly or fluctuate so violently if the market was actually efficient.

> How would you explain it then?

I am not expert enough to know, but just off hand declaring that something is "the only way" with literally no justification or reasoning puts a really bad taste in my mouhth

Re: How to Run a Ponzi Scheme for Tech People

#223

Earlier quoted context omitted.

> Maybe their timing was off by a mere 6 months for example. First job I had (1995) was "Classified Ads on the Internet" - back then it was expensive to host a website and hugely expensive to add CGI (I think Demon wanted maybe £300 a month for that?) and the money ran out after a year. If they'd been able to keep it funded for, say, another 2-3 years, until home internet was more accessible, I think they'd have been…

Webvan vs. Instacart. So many dead startups that are brought back because they were just too soon.

> So many dead startups that are brought back because they were just too soon.

I recently had a recruiter from color.com reach out to me...

Re: How to Run a Ponzi Scheme for Tech People

#224
post #168
post #123

Earlier quoted context omitted.

> the stability is still there for the people who's skills are in demand Saying this after 2008 is just empirically false. You do realize that people lost their entire 401(k)s, right? My dad worked at IBM for over a decade and was laid off. More recently, my buddy (late 20s) was laid off by IBM after working there for the past 7 years; I know people in their 40s and 50s (at big companies and startups alike) that were…

Have you thought about cutting down your expenses, living frugally to build up your investments? I find it hard to imagine someone making an engineer’s salary can not afford a house, even in LA.

Then you're just woefully disconnected from real estate markets in big cities. The cheapest, crappiest, smallest house in a neighborhood like Santa Monica (which is nice, but not Bel Air or Malibu nice) is $1 million dollars. Maybe I shouldn't complain, because I have friends in San Francisco that have it even worse. The "making six figures and living with 4 roommates" is basically a meme at this point if you live and work in SF.

The solution here is to move to Austin (which a ton of people have been doing recently) or just travel the world because, thankfully, I can do my job remotely (but many people cannot). This was actually my plan, but the pandemic kind of killed that -- maybe next year.

Re: How to Run a Ponzi Scheme for Tech People

#225
post #192
post #123

Earlier quoted context omitted.

> the stability is still there for the people who's skills are in demand Saying this after 2008 is just empirically false. You do realize that people lost their entire 401(k)s, right? My dad worked at IBM for over a decade and was laid off. More recently, my buddy (late 20s) was laid off by IBM after working there for the past 7 years; I know people in their 40s and 50s (at big companies and startups alike) that were…

Unless it was 100% invested in Enron or Lehman Brothers, nobody using a competent financial firm "lost their entire 401K". The markets only took 4 years to completely recover to the 2008 top levels.

[deleted]

Re: How to Run a Ponzi Scheme for Tech People

#226
post #221
post #215

Earlier quoted context omitted.

I'm just a layperson, but it seems like you've described an economy. Especially when you realize that >buy and sell services from each other in a circle isn't true at all. I don't know anything dropshipping - the name certain implies something scammy, but our economy is full of things like that. It's a weird aspect of society - which lies are we all going to agree to accept - and since each person answers those quest…

I get what both of the comments are saying here, but this is really nothing like how a real economy works. None of these people are solving any of the core needs of any of these other people (food, clothes, transportation, housing, any physical goods at all) and very little new money is entering this system at all, maybe some on the drop shipping side but that can also be a net loss in some cases. So yes this represe…

> this represents an economy but the denizens of that economy would be impoverished and miserable, constantly waiting for some outsider to come solve their problems

The outsider in this case is the government bailing out industries like when these digital nomads(businesses) failed, they'd go back to their parents (government). When their parents(gov) run out of money, they'd put it on the credit card (print more money by the Fed) and the cycle continues...

It's funny how this sounds exactly like how our economy works LOL

Re: How to Run a Ponzi Scheme for Tech People

#227
post #142

Earlier quoted context omitted.

Come on. WSB is people goofing with real or fake money for fun and lulz. It's not for desperate people trying to survive.

I dropped ~$1000 of my last savings into options earlier this year because "DIS is going to print." Actually, it's because I was unemployed and staring down the barrel of a rent payment that that money would not be able to cover. I figure I lose the money and not make rent, just as if I'd done nothing, or it makes the money back and then some, and I'm able to cover another month. If I'd sold about a week into holding…

I think the second half of your comment is sarcastic but also... entirely correct?

Re: How to Run a Ponzi Scheme for Tech People

#228
post #37

Earlier quoted context omitted.

"People have been endlessly screwed over" Heyzeus you have it easier than any generation literally in the history of civilisation. Those just a little bit older than you were fighting in Vietnam, getting beaten up because they were gay, told to live in ghettos and denied jobs by banks and government because they were Black, forbidden from drinking from 'White' fountains. Nothing anyone has faced 'since 2008' is exist…

"Literally nothing existentially difficult" flies in the face of the unprecedented increase in suicide among people coming of age which started precisely around 2008.

During actually tough times such as world wars, suicides rates go down [0]. Suicide rates are up because people lack purpose and meaning, not because their lives have suddenly gotten tougher.

[0]: https://www.researchgate.net/publication/296539307_Suicide_r...

Re: How to Run a Ponzi Scheme for Tech People

#229
post #224
post #168

Earlier quoted context omitted.

Have you thought about cutting down your expenses, living frugally to build up your investments? I find it hard to imagine someone making an engineer’s salary can not afford a house, even in LA.

Then you're just woefully disconnected from real estate markets in big cities. The cheapest , crappiest, smallest house in a neighborhood like Santa Monica (which is nice, but not Bel Air or Malibu nice) is $1 million dollars. Maybe I shouldn't complain, because I have friends in San Francisco that have it even worse. The "making six figures and living with 4 roommates" is basically a meme at this point if you live a…

Santa Monica is not a good choice for affordable living in a good neighborhood with a good school district in Los Angeles. Look a bit further afield in cities like Torrance, or even North OC cities like Fullerton or Garden Grove. If you insist on living in an expensive coastal city like Santa Monica, expect to pay for that privilege.

Re: How to Run a Ponzi Scheme for Tech People

#230
post #105

Earlier quoted context omitted.

Sure, but all of those things are considerably better now than at every point in history, the fact you'd write this even ... Do you realize that up until about 2 generations ago that nobody had fulfilling work? That work was just labour? 3 Generations ago you worked on the farm, or in the factory, or keeping the shop for meagre wages. In 1960 only about 8% went to university. In 1900 it was probably only 1%. Literall…

If you live in a city with a large homeless population, I think it would be interesting for you to go and talk with them. I live in San Diego, and I've talked to hundreds of homeless people while doing volunteer work and photography. You would not believe how many people, though they may be mentally ill, are smart, honest, good people, who just got fucked by the system. They're out here scrounging for food and gettin…

"I think it would be interesting for you to go and talk with them."

Do you see gangs of homeless children wandering your neighbourhood? Because that's 'what it used to be like'.

I am not denying that real problems exist.

I am not denying that individuals face real, life pain, of the timeless kind.

I'm saying that materially, on the whole, everything is better. Way better.

In the Victorian era there would be homeless children wandering the streets.

50 years ago there were still orphanages.

We really don't have that anymore: nearly all babies/very young children are adopted.

'Homelessness' is not a lack of wealth or resources - it's a) a social disorder and b) civic dysfunction.

FYI I live across the street from a Women's shelter and there are homeless in my neighbourhood. It's complicated.

'Everything is Better'. For the first time in history we can really say that we have excess material surplus of every kind.

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