How to Run a Ponzi Scheme for Tech People • Hacker News Board

Re: How to Run a Ponzi Scheme for Tech People

#251

Post by cercatrova » Wed, Dec 02, 2020, 12:35 AM UTC

koluna wrote: post #77

philipkiely wrote: post #62

Earlier quoted context omitted.

I know Daniel, his work is not a ponzi scheme. Because you asked this question in good faith, I'll give you a summary in good faith: 1. The book you linked is just technical content. It teaches you how to use AWS, not how to sell books about using AWS. 2. Unlike the tongue-in-cheek examples of the original post based on minimal success, this book is written based on years of professional experience as a developer bui…

And yet, this is the same guy that peddles a “here’s how to become Twitter famous” course[0]. If you check the testimonials of those who have achieved success, it’s exactly as the article describes. Someone going from 100 to 150 followers going “OMG ITS WORKING!” [0]: https://mobile.twitter.com/dvassallo/status/1263160316277350...

I've bought and implemented the strategies in that course. I mean, it does work, at least for those who put the effort in.

Re: How to Run a Ponzi Scheme for Tech People

#252

Post by strken » Wed, Dec 02, 2020, 12:56 PM UTC

seppin wrote: post #114

strken wrote: post #85

Earlier quoted context omitted.

Tech people are pretty smart, on average. It's a somewhat demanding professional career. There's a hell of a lot of difference between "smart" and "infallible".

They have one specific ability, which doesn't require much math at all. Death to the halo effect https://en.wikipedia.org/wiki/Halo_effect

They can solve complex open-ended tasks, and formulate long term plans that take into account information from multiple sources.

I understand that this is not a very high bar to set in comparison to other working professionals, but nearly everyone in the tech industry, and most other people who have a desk in a company's head office, are working at a level above the average person. Many of the posters on HN are biased by their personal and professional contacts and have an incorrect impression of what an IQ of 100 looks like, or how smart the average person is.

Going back to what I said originally, being smart is not the same as being infallible. Smart people can get themselves into all sorts of trouble that everyone else would have the humility and common sense to avoid.

Re: How to Run a Ponzi Scheme for Tech People

#253

Post by rjyoungling » Wed, Dec 02, 2020, 11:14 PM UTC

alasdair_ wrote: post #223

rjyoungling wrote: post #216

Earlier quoted context omitted.

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...

Dang that's fascinating

Re: How to Run a Ponzi Scheme for Tech People

#254

Post by jevgeni » Thu, Dec 03, 2020, 7:08 AM UTC

fractionalhare wrote: post #131

jevgeni wrote: post #130

Earlier quoted context omitted.

So what if one of those non-market making firms buys order flow?

That's not really a thing, but even if it was, it would still not be frontrunning. Order flow is purchased for the specific purpose of making a market with the wider bid-ask spread acceptable to retail investors. They tend to place market orders and don't particularly care if their trade is off by a cent or two. You can quibble with the academic arguments on whether or not this facilitates liquidity and price discove…

And capital requirements are done with the specific purpose of maintaining capital strength of banks. Didn’t really stop Lehmann from doing “balance sheet optimization” intra-month.

Just like if market makers say the only thing they do is flow, doesn’t really mean it’s the only thing they do.

Re: How to Run a Ponzi Scheme for Tech People

#255

Post by moltar » Thu, Dec 03, 2020, 1:06 PM UTC

seppin wrote: post #112

moltar wrote: post #84

Earlier quoted context omitted.

Same here. I’ve been nomading for ten years. I haven’t met a single person who was not legit doing something of value. The closest I came to one was an online poker player in Chiang Mai back in 2010. Maybe we just hang out in the “right” circles? It’s probably just like in real life. I have never met anyone offering me a generic (non nomad) Ponzi scheme. But I sure had several legit investment opportunities thru my c…

> I’ve been nomading for ten years. The most i've ever been able to do was half a year. How can you choose to be without a real home that long?

I didn't say I was homeless :D I have a home base, but I spend 6 months or more outside of my home country.

Re: How to Run a Ponzi Scheme for Tech People

#256

Post by marcus_holmes » Fri, Dec 04, 2020, 12:11 PM UTC

seppin wrote: post #240

peteretep wrote: post #145

Earlier quoted context omitted.

> How can you choose to be without a real home that long? Depends what you mean by "real home" I guess. I have a tiny apartment in Bangkok, where we would normally spend ~ 8 weeks a year in total a year, and then we rent ad-hoc or stay with family the rest

Ah ok you are married. Do you have long term friends locally ? Is your wife your anchor to a local community ?

I've travelled single and as part of a couple. Doing this as a couple is hands-down easier. Cheaper, less stressful, and a lot less lonely. Not only because constant companionship, but also because striking up random friendships is easier if the whole "is he hitting on me?" thing is off the table because the girlfriend is right there too ;)

Re: How to Run a Ponzi Scheme for Tech People

#257

Post by marcus_holmes » Fri, Dec 04, 2020, 12:18 PM UTC

peteretep wrote: post #144

anm89 wrote: post #125

Earlier quoted context omitted.

What utopia have you found? I couldn't stop meeting these people on the road.

Last year I was in Kohub, Hub Hoi An, Outpost Penestanan, and some time at Hubud. This year, due to Covid, just Kohub.

Yeah, Hubud is cool, or was last year. I understand the whole of Ubud has been shocked by COVID killing the tourism industry so it'll be interesting how it goes when we can travel again.

But yeah, you won't find the budget backpackers trying to scrape a couple hundred bucks a month monetising their awesome travel blog about their amazing life in Hubud. It's too expensive (relatively speaking). Find a cafe close to a cheap hostel, that'll let you spend the whole morning abusing their decent wifi for the cost of a single americano. You'll be able to tell them because of the number of inappropriately-dressed white folks somehow covering an entire 4-seat table to use their 13" MacBook.

Re: How to Run a Ponzi Scheme for Tech People

#258

Post by heintzsight » Fri, Dec 04, 2020, 2:07 PM UTC

I almost feel bad for this guy. I believe he deserves everything he's got coming his way, good or bad. It's a repulsive and idiotic article written by someone who is naive, arrogant and presumptive on life and how to make it in the world.

I do admire the hustle and ingenuity, but what is ambition but a form of love and hope? The entire article had a meticulously cynical view on business and his customers. I think the idea of responsibility is shocking to the author, who obviously has never experienced something meaningful. He's a fraud and he knows it.

Humans find meaning by helping other humans. The article is perverse and I really wish the author go back to wherever trash hole he came from. The western world does not need this kind of parasitic thinking.

Re: How to Run a Ponzi Scheme for Tech People

#259

Post by namdnay » Fri, Dec 04, 2020, 2:25 PM UTC

heintzsight wrote: post #258

I almost feel bad for this guy. I believe he deserves everything he's got coming his way, good or bad. It's a repulsive and idiotic article written by someone who is naive, arrogant and presumptive on life and how to make it in the world. I do admire the hustle and ingenuity, but what is ambition but a form of love and hope? The entire article had a meticulously cynical view on business and his customers. I think the…

Hmmmm... you realise it's satire, right?

Re: How to Run a Ponzi Scheme for Tech People

#260

Post by seppin » Fri, Dec 04, 2020, 10:51 PM UTC

strken wrote: post #252

seppin wrote: post #114

Earlier quoted context omitted.

They have one specific ability, which doesn't require much math at all. Death to the halo effect https://en.wikipedia.org/wiki/Halo_effect

They can solve complex open-ended tasks, and formulate long term plans that take into account information from multiple sources. I understand that this is not a very high bar to set in comparison to other working professionals , but nearly everyone in the tech industry, and most other people who have a desk in a company's head office, are working at a level above the average person. Many of the posters on HN are bias…

If you are implying those attributes are unique to coders, or that all coders have them, i'd have to politely disagree with both points.

Coding might imply a capacity to do other complex jobs, but not to become an expert in said field. There's only one way to do that, with time and effort.