This is fine and dandy in a 10 year bull market, but I don't think this is the solution for most folks. When the market turns south, money will fly to safety, and then slowly expand over the following years. It's not going to be safe to invest in stranger's careers during a downturn.
The Ponzi Career
221–230 of 310 posts
Re: The Ponzi Career
#222Earlier quoted context omitted.
I am not really sure of what it is you call honor though. To me it is a word whose meaning I don't really understand whose main purpose seems to justify leaders in sending people to their death at war and by men to justify murdering women/other men. It is at best anachronic, at worst dangerous. (Of course I am not accusing you of promoting murder but that's a word that has a sad history and I hope we get rid of it in…
I personally like this definition, from one of Lois Mcmaster Bujold’s books: “ Reputation is what other people know about you. Honor is what you know about yourself.... The friction tends to arise when the two are not the same....There is no more hollow feeling than to stand with your honor shattered at your feet while soaring public reputation wraps you in rewards. That's soul destroying. The other way around is mer…
Another fan of the Vorkosigan Saga I take it? Excellent quote, and one I’ve had cause to remember personally.
Re: The Ponzi Career
#223Is it just me, but isn't an Income Share Agreement ... taxes? Is this just a failure of government to supply the upfront investment in its citizens so that they pay enough tax in ten years?
It's just you.
The definition of taxes is that they are taken by the government.
If you optionally sign a contract for something, it's not taxes.
Re: The Ponzi Career
#224Earlier quoted context omitted.
It's not a character flaw or lack of skills in not being able to "sell yourself". It's a sense of dignity and pride as a working person. You are not a commodity, you are a human being. You may look like a commodity to a business owner, but you refuse to allow yourself to become one. Honesty and honor are worth more than money. There is money to be made in making yourself into a sort of corporate dog, but it will leav…
I am not really sure of what it is you call honor though. To me it is a word whose meaning I don't really understand whose main purpose seems to justify leaders in sending people to their death at war and by men to justify murdering women/other men. It is at best anachronic, at worst dangerous. (Of course I am not accusing you of promoting murder but that's a word that has a sad history and I hope we get rid of it in…
> To me it is a word whose meaning I don't really understand whose main purpose seems to justify leaders in sending people to their death at war and by men to justify murdering women/other men
You're conflating honor and valor. Honor can be derivative of valor, certainly, but they are distinct. What you're insinuating is that the military teaches honor and valor, but that'd be impossible even if they wanted to. What they do teach is a team mentality, where the safety of your fellow team mates comes before your own. I'm reminded of the story of Jason Dunham [0], citation:
For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as Rifle Squad Leader, 4th Platoon, Company K, Third Battalion, Seventh Marines (Reinforced), Regimental Combat Team 7, First Marine Division (Reinforced), on 14 April 2004. Corporal Dunham's squad was conducting a reconnaissance mission in the town of Karabilah, Iraq, when they heard rocket-propelled grenade and small arms fire erupt approximately two kilometers to the west. Corporal Dunham led his Combined Anti-Armor Team towards the engagement to provide fire support to their Battalion Commander's convoy, which had been ambushed as it was traveling to Camp Husaybah. As Corporal Dunham and his Marines advanced, they quickly began to receive enemy fire. Corporal Dunham ordered his squad to dismount their vehicles and led one of his fire teams on foot several blocks south of the ambushed convoy. Discovering seven Iraqi vehicles in a column attempting to depart, Corporal Dunham and his team stopped the vehicles to search them for weapons. As they approached the vehicles, an insurgent leaped out and attacked Corporal Dunham. Corporal Dunham wrestled the insurgent to the ground and in the ensuing struggle saw the insurgent release a grenade. Corporal Dunham immediately alerted his fellow Marines to the threat. Aware of the imminent danger and without hesitation, Corporal Dunham covered the grenade with his helmet and body, bearing the brunt of the explosion and shielding his Marines from the blast. In an ultimate and selfless act of bravery in which he was mortally wounded, he saved the lives of at least two fellow Marines. By his undaunted courage, intrepid fighting spirit, and unwavering devotion to duty, Corporal Dunham gallantly gave his life for his country, thereby reflecting great credit upon himself and upholding the highest traditions of the Marine Corps and the United States Naval Service
Seeking honor in the service is generally a good thing - in so much as that you do the right thing even when people won't be looking; seeking valor is fairly frowned upon. Generally when I hear a story about people seeking valor you can tell the person in the story is highly annoyed, because it's considered excess risk and flies in the face of the values of the services.
Re: The Ponzi Career
#225We went through the 2008 financiy crisis and this is what people think is a good idea? How long before people are trading options on risk weighted batch of people? Leveraged buyouts if whole specialties? Movement controls to enforce greatest P/E? "I'm sorry sir, you can't leave the country without presenting a Holiday Risk Bond. Perhaps a Virtual Vacay is more affordable?" And most of all: you, as an individual, have…
> How long before people are trading options on risk weighted batch of people? Lol I actually love this idea. Funding an ETF of people who want to move to SF to start a career in tech, or LA to start a career in acting. Diversify your risk and support some people with potential. Could have an acting school equivilant of ycombinator and you can invest in all each batch and get a return if some succeed. If we want a me…
Yes but remember 2008? All those loans that turned out to be sub-prime? All those complex risk products no one really understood?
So, instead of Indian SWEs and 3rd sons of teachers you thought you were investing in for grad school, you're paying people to be swindled at Trump University and indentured training for long haul trucking.
Meanwhile the YC30 talent bonds were sold to a select group of connected investors, and pension funds bought job lots of Invisalign techs from brokers making a steady commission.
Re: The Ponzi Career
#226I'm surprised it didn't mention the more extreme case of Mike Merrill https://www.wired.com/2013/03/ipo-man/
I was surprised as well. He’s been doing this for a while. I remember buying shares in him a few years back.
Re: The Ponzi Career
#227> "By letting other people invest in you, you are incentivizing them to promote your own story and do their best to increase your tokens' value." In 1946, the US Supreme Court established the so-called Howey Test to determine if an investment opportunity is a security offering. These are the Howey criteria: "Under the Howey Test, a transaction is an investment contract if: "It is an investment of money; "There is an…
Mike Merrill has been doing this for a while (kmikeym.com) and didn’t seem to run in legal troubles. He’s in the US of A.
Re: The Ponzi Career
#228If you're interested in this concept, you may enjoy the novel "The Unincorporated Man" which is set in a future where everyone (except the protagonist) has personal shares traded on an open market. It's a bit thick on ideological propaganda of the extreme capitalist/libertarian type, but I found the exploration of the concept fascinating enough to get through most of it.
Very interesting book to read, highly recommend it!
Re: The Ponzi Career
#229I enjoyed the piece. Personally, I want no part of it, but I think it might work well for people who are not me. I've always been "on my own." My life really is a series of watersheds, where I've been the only person to believe in me, before the event, and a whole bunch of folks seemed to believe in me, after the fact. Not a particularly good setup for selling "Chris-Tokens™." Not a bad thing, in the long run. It hur…
I'm not trying to be rude and I enjoyed your comment, but you say you don't have the skills to humblebrag or sell yourself but you're doing it pretty well here
You're not wrong and that your comment is dead is a great disappointment.
That you created a throwaway to criticize something so obviously astroturf-y is understandable but, also, disappointing.
HN is as much an echo chamber as any.
Re: The Ponzi Career
#230Hey, Alex Masmej here. Just wanted to say that I had no choice because I had no money in the bank. During the start of COVID, I lost my only (and very first) source income at the time, and I lost all my savings in crypto (DeFi is dangerous even to crypto people like me). Financially, this ISA freed me instantly, and gave me a newfound legitimacy as a crypto innovator. This was by far the best way I could find to brea…
How have things played out since the initial sale?
https://defimarketcap.io/token/0x8ba6dcc667d3ff64c1a2123ce72...
Market cap is now almost $1 million with a coin price of $0.15. Considering the initial offer was $0.002 per ALEX it seems like he's doing really well.
Of course he's now running a NFT startup https://tryshowtime.com so perhaps the 15% share of his income has the potential to max out at the $100k return he offered. I don't think I'd bet against him at this point.