How to Run a Ponzi Scheme for Tech People
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How to Run a Ponzi Scheme for Tech People
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Re: How to Run a Ponzi Scheme for Tech People
#2I think some would call the various vaporware concepts out there a ponzi scheme for tech people.
Re: How to Run a Ponzi Scheme for Tech People
#3What a fantastic blog post. It's nice to occasionally see someone calling out all the bullshit.
Re: How to Run a Ponzi Scheme for Tech People
#4This reminds me of a killer new startup I'm thinking of investing in. They sold me on it as soon as I heard their elevator pitch: International Stamp Arbitrage.
Re: How to Run a Ponzi Scheme for Tech People
#5Seen so much of this bullshit while travelling around SE Asia. I swear 90% of nomads are dropshipping/life coaches running ponzi schemes, and the other 10% are geeks like me who lucked into remote-friendly coding gigs.
Sprinkled with some truly fascinating folks who genuinely discovered some new and interesting way of making this work for them.
Re: How to Run a Ponzi Scheme for Tech People
#6This 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 nothing of value. For a classic example, just look at /r/wallstreetbets -- young people are frustrated because there's no end to this tunnel.
It also makes things harder for those of us that don't want to run Ponzi schemes: How does one break out when everyone's taking glamorous selfies in Thailand but I'm working in a dingy apartment trying to build the next big app?
It's a tough situation on all sides with no obvious solutions.
Re: How to Run a Ponzi Scheme for Tech People
#7Many blog posts pontificating some advice read like:
"How to double your money gambling everything on a coin toss"
Sure, you can win a coin toss, but unless you can reproduce that experiment consistently it's not a viable advice.
And that pretty much to everything... if a process is not better than random chance then it's worthless.
Re: How to Run a Ponzi Scheme for Tech People
#8Brilliant :) And don't forget to look at the signup link for the "How to Run a Ponzi Scheme" Master course.
That said, don't all the cool kids call it "Mastermind" these days?
Re: How to Run a Ponzi Scheme for Tech People
#9This 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 outperform? High risk, high reward. Opportunities where you lose your entire principle, like out of the money options, turned out to be wildly underpriced, simply because institutions never buy them.
Anyway, I get it, those people are stupid. But they made money.
Re: How to Run a Ponzi Scheme for Tech People
#10Seen so much of this bullshit while travelling around SE Asia. I swear 90% of nomads are dropshipping/life coaches running ponzi schemes, and the other 10% are geeks like me who lucked into remote-friendly coding gigs. Sprinkled with some truly fascinating folks who genuinely discovered some new and interesting way of making this work for them.
I'd say 95% of digital nomads are just online marketers who market their own lifestyle so that they can sell a course on how to imitate them. And obviously, their customers will imitate them and sell a course on how to imitate them. And so the cycle continues.