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How to Run a Ponzi Scheme for Tech People

callmenish.com

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Re: How to Run a Ponzi Scheme for Tech People

#41

Post by cbozeman »

an_opabinia wrote: post #9
dvt wrote: post #6

This article is fantastic. I think "get rich quick" schemes are so much worse when it comes to my generation and beyond (millennials/gen-z). People have been endlessly screwed over: graduated college during the 2008 economic bust, lived with parents until their 30s, fired/laid off during the 2020 pandemic -- so I fundamentally understand the mirage of Instagram fame and endless sacks of money for doing basically noth…

> For a classic example, just look at /r/wallstreetbets -- young people are frustrated because there's no end to this tunnel That's a bad example. By many measures retail investors have outperformed institutional investors since March. The simple reason is that options have a built in exit strategy, the thing that's missing when most people lose in scams - including Ponzi schemes! On the flip side, why then do they o…

> Anyway, I get it, those people are stupid. But they made money.

They are absolutely not stupid. Everything they're doing is entirely rational. It doesn't seem that way, because clearly you're not in the same circumstances as they are. Neither am I.

However, I completely understand it. If you're 22-25, not married, and have far more liabilities than asset, you have no reason not to trade on high margin with an options play and try to turn $50,000 into $2 million or more.

If you lose the $50,000, you can recover. If you end up horribly in debt, you file for bankruptcy and move on.

Given the current state of affairs, its completely understandable.

Re: How to Run a Ponzi Scheme for Tech People

#42

Post by cbozeman »

jariel wrote: post #37
dvt wrote: post #6

This article is fantastic. I think "get rich quick" schemes are so much worse when it comes to my generation and beyond (millennials/gen-z). People have been endlessly screwed over: graduated college during the 2008 economic bust, lived with parents until their 30s, fired/laid off during the 2020 pandemic -- so I fundamentally understand the mirage of Instagram fame and endless sacks of money for doing basically noth…

"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…

Good way to minimize someone's pain and life experiences because others have had it bad.

If we're going to go full retard..., let's go:

"Black people shouldn't complain about slavery because they weren't systematically killed off by the millions like Jews."

What a fun game! Look, I can play it too!

Re: How to Run a Ponzi Scheme for Tech People

#43

Post by giantg2 »

I thought this was going to be an article about working at a tech company. How they sell you the idea of a career of fulfilling and noble work. Then the people at the top (who got in early) make all the money on the fruits of your labor. All while you can't get a promotion even though you're doing the job above you (no future).

Re: How to Run a Ponzi Scheme for Tech People

#44

Post by cbozeman »

coliveira wrote: post #39
cbozeman wrote: post #36

Earlier quoted context omitted.

> How about merely building a business? More people need to be told this. The combination of work ethic, of risk tolerance, and of perseverance against ridiculous odds that is required to build a Tesla, or an Apple, or a Whatever, is extraordinarily rare

Tesla was built by a billionaire. There was little to no risk involved.

Musk had about $140 million when he ~started~ bought (sorry) Tesla. That's a pretty far cry from a billion. On top of that, there was no guarantee that electric cars would ever be embraced, especially by Americans, who traditionally, love ICE muscle cars.

Re: How to Run a Ponzi Scheme for Tech People

#45

Post by coliveira »

dvt wrote: post #15
nish1500 wrote: post #12

Earlier quoted context omitted.

People want to believe in get-rick-quick schemes, and will go by the flimsiest evidence they can find. I think the trick is to realize those glamorous selfies are mostly a mirage. If you were having the best day of your life on the beach, maybe, just maybe, you wouldn't be on your phone trying to get the perfect selfie.

> I think the trick is to realize those glamorous selfies are mostly a mirage. If you were having the best day of your life on the beach, maybe, just maybe, you wouldn't be on your phone trying to get the perfect selfie. Well said, but the optics are still there. The selfie is bound to get more hits on social media, more coverage, etc.

That's why I make a point of not following people who broadcast glamorized versions of their lives.

Re: How to Run a Ponzi Scheme for Tech People

#46

Post by just-juan-post »

coliveira wrote: post #39
cbozeman wrote: post #36

Earlier quoted context omitted.

> How about merely building a business? More people need to be told this. The combination of work ethic, of risk tolerance, and of perseverance against ridiculous odds that is required to build a Tesla, or an Apple, or a Whatever, is extraordinarily rare

Tesla was built by a billionaire. There was little to no risk involved.

Tesla was built by someone else and was purchased by a young man who grew up rich and insisted that as part of the transaction that his title be founder.

Re: How to Run a Ponzi Scheme for Tech People

#47

Post by bob33212 »

ladyanita22 wrote: post #26
ForHackernews wrote: post #22

This is a pretty good checklist, but it really needs more blockchainz.

Yeah, no reference to crypto and blockchain? This article didn't cover the most worrying ponzi scheme I've seen since public pension plans.

blockchain is more like a Pump and Dump scam. You can run it just once. Ponzi schemes require several iterations of the scam to be successful.

Re: How to Run a Ponzi Scheme for Tech People

#48

Post by coliveira »

an_opabinia wrote: post #9
dvt wrote: post #6

This article is fantastic. I think "get rich quick" schemes are so much worse when it comes to my generation and beyond (millennials/gen-z). People have been endlessly screwed over: graduated college during the 2008 economic bust, lived with parents until their 30s, fired/laid off during the 2020 pandemic -- so I fundamentally understand the mirage of Instagram fame and endless sacks of money for doing basically noth…

> For a classic example, just look at /r/wallstreetbets -- young people are frustrated because there's no end to this tunnel That's a bad example. By many measures retail investors have outperformed institutional investors since March. The simple reason is that options have a built in exit strategy, the thing that's missing when most people lose in scams - including Ponzi schemes! On the flip side, why then do they o…

If you think OTM options are underpriced you're in for a rude awakening. Sure, you can make lots of money with OTMOs, but don't expect to do this regularly.

Re: How to Run a Ponzi Scheme for Tech People

#50

Post by CharlesW »

v64 wrote: post #14
dvt wrote: post #13

Earlier quoted context omitted.

> That's a bad example I don't think it's a bad example, because if you spend some time on that subreddit, you'll quickly realize people are literally gambling with their life savings. In no small part due to disillusionment and cynicism with the current economic realities -- we can no longer work at a stable company, marry a pretty wife, have a couple of kids, retire 40 years later, and live off of a plump 401k.

> you'll quickly realize people are literally gambling with their life savings Gambling, yes. But the stock market is not a ponzi scheme.

> But the stock market is not a ponzi scheme.

That depends on who you ask. https://www.hughescapital.com/the-stock-market-is-a-ponzi-sc...

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