51–54 of 54 posts
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oh wait... googling shows it as a real documentary. Could have sworn when I saw it so many years ago that it was not a real company
it's real, I just watched this again a few days ago.
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"like staying at hotels all the time, even though he lived an hour away by train" Who invests in these things? Even more puzzling: how is it that these hucksters keep raising money to found another startup ? I've seen this phenomenon before. I called them "financial serial killers" -- hustlers who raise money, vaporize it all, then raise again. They're "serial failed entrepreneurs," and we're not talking failures whe…
The thing I try to keep in mind is that nobody can make perfect decisions. We all have heuristics that work pretty well for us generally, and sufficiently clever/prepared people can abuse that. For example, think back to Google Glass. There was a time when it was an amazing revolution about to happen. There are pictures of generally smart, experienced people wearing Google Glass and trying hard to look like the futur…
If you've ever been near or caught up in the whirlwind of one of these hustle jobs, it's obvious and unmistakable that nothing is "actually happening." They're not failed attempts to do something, but successful attempts to appear to be doing something. They're cons.
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The thing I try to keep in mind is that nobody can make perfect decisions. We all have heuristics that work pretty well for us generally, and sufficiently clever/prepared people can abuse that. For example, think back to Google Glass. There was a time when it was an amazing revolution about to happen. There are pictures of generally smart, experienced people wearing Google Glass and trying hard to look like the futur…
You're right that there is no perfect heuristic, but Google Glass wad real and real stuff was done. If you've ever been near or caught up in the whirlwind of one of these hustle jobs, it's obvious and unmistakable that nothing is "actually happening." They're not failed attempts to do something, but successful attempts to appear to be doing something. They're cons.
That's not my point, though. My point is that from the perspective of the investors these things look great because they are optimized to appear that way. They may look dumb or pointless to people from other perspectives, of course. But it's like one of those optical illusions that only works when you stand in a particular spot. Every company does this with their investors. Every company does it with their customers.
I also think the dividing line between con and regular company is not as clear as you make it to be. How many people do you know that have stories of working at companies where the executives have no clue? E.g., the charismatic but coked-up executive, or the VP Sales who promises entirely impossible things on a regular basis. Stories where things only worked out because actually clueful people worked hard and made it happen. Or at least made enough happen that checks got cashed and customers didn't actually sue. I know a bunch of those stories, and I'd bet you do too.
I could easily imagine that this was not an out-and-out scam, but just something moderately more fucked up than places I've seen end up doing quite well.
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"like staying at hotels all the time, even though he lived an hour away by train" Who invests in these things? Even more puzzling: how is it that these hucksters keep raising money to found another startup ? I've seen this phenomenon before. I called them "financial serial killers" -- hustlers who raise money, vaporize it all, then raise again. They're "serial failed entrepreneurs," and we're not talking failures whe…
"Hustlers", I loathe that word, but it's pervasive in the tech industry. I knew hustlers growing up, they sold cocaine cut with baking soda and screwed people over when they could. I don't understand how so many entrepreneurs use that word proudly.