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He got it by gambling, he lost it gambling. So what. The sad thing here is that it is indicative of how extremely wealthy people often get that way. The syste

He got it by gambling, he lost it gambling. So what. The sad thing here is that it is indicative of how extremely wealthy people often get that way. The system should reward innovation, hard work etc, but instead it is skewed towards gambling, system-gaming, rent-seeking and so-on.

isostatic 8y ago
The system never has rewarded hard work on its own. 100 people work hard. 10 of them are lucky and see the benefits. 90 of them aren't lucky and don't see the benefits Everyone looks at the 10 who are lucky, and they say "The key to success is to work hard". Classic survivorship bias.
- jryle70 8y ago
  It doesn't hurt that those lucky 10 also work hard. Or may be 9 of them do. Lucky wouldn't appear on your door. Also, you gave the impression that the other 90 are losers because they work hard. Life is not an extreme. They may not become as rich, but they aren't poor either, and they maybe lucky in other metrics. They aren't loser.
  - isostatic 8y ago
    Maybe some do. I'm lucky I don't know the meaning of the word 'work hard'. I'm sitting here on a sunday afternoon working, or rather waiting for things to go wrong. Sure it's a 12 hour day, but it's not hard working. Those holding down two jobs and doing 80 hours/week of non-stop work on their feet filling amazon deliveries or cooking burgers or picking fruit for minimum wage know what working hard is. I doubt anyone ever became independently wealthy through hard work. Is it right our society is set up to reward luck above all else?
    - rootusrootus 8y ago
      Is someone making a career out of amazon deliveries or burger flipping or fruit picking really a good demonstration that hard work is not rewarded? That's merely hard physical labor. How about hard work like making sacrifices today so that tomorrow you're not competing in the deep end of the labor pool? I'm not sure that society is really just rewarding luck.
      - isostatic 8y ago
        It's not just rewarding luck, but luck is a massive part. For every college dropout that goes on to form microsoft or facebook, there's 1000 college dropouts whose business fails because they weren't in the right place at the right time.
ddebernardy 8y ago
The real wtf here is that he nearly bankrupted Nasdaq's emergency fund in doing so.
- runarb 8y ago
  > The real wtf here is that he nearly bankrupted Nasdaq's emergency fund in doing so. Nasdaq has several exchanges and clearing houses. This was only the found for Nasdaq OMX Commodities Europe[0]. A found only used for financial energy market for Norway, Denmark, Sweden and Finland. 0: https://en.wikipedia.org/wiki/NASDAQ_OMX_Commodities_Europe https://en.wikipedia.org/wiki/NASDAQ_OMX_Commodities_Europe
repomies6999 8y ago
So, do you mean that the less wealthy people don't go for rent-seeking etc? That's just bollocks. The system rewards innovation, not just that consistently and probably not that much. And people in all income classes behave the same way.
- jacknews 8y ago
  I said no such thing.

isostatic 8y ago

The system never has rewarded hard work on its own. 100 people work hard. 10 of them are lucky and see the benefits. 90 of them aren't lucky and don't see the benefits Everyone looks at the 10 who are lucky, and they say "The key to success is to work hard". Classic survivorship bias.

jryle70 8y ago
It doesn't hurt that those lucky 10 also work hard. Or may be 9 of them do. Lucky wouldn't appear on your door. Also, you gave the impression that the other 90 are losers because they work hard. Life is not an extreme. They may not become as rich, but they aren't poor either, and they maybe lucky in other metrics. They aren't loser.
- isostatic 8y ago
  Maybe some do. I'm lucky I don't know the meaning of the word 'work hard'. I'm sitting here on a sunday afternoon working, or rather waiting for things to go wrong. Sure it's a 12 hour day, but it's not hard working. Those holding down two jobs and doing 80 hours/week of non-stop work on their feet filling amazon deliveries or cooking burgers or picking fruit for minimum wage know what working hard is. I doubt anyone ever became independently wealthy through hard work. Is it right our society is set up to reward luck above all else?
  - rootusrootus 8y ago
    Is someone making a career out of amazon deliveries or burger flipping or fruit picking really a good demonstration that hard work is not rewarded? That's merely hard physical labor. How about hard work like making sacrifices today so that tomorrow you're not competing in the deep end of the labor pool? I'm not sure that society is really just rewarding luck.
    - isostatic 8y ago
      It's not just rewarding luck, but luck is a massive part. For every college dropout that goes on to form microsoft or facebook, there's 1000 college dropouts whose business fails because they weren't in the right place at the right time.

ddebernardy 8y ago

The real wtf here is that he nearly bankrupted Nasdaq's emergency fund in doing so.

runarb 8y ago
> The real wtf here is that he nearly bankrupted Nasdaq's emergency fund in doing so. Nasdaq has several exchanges and clearing houses. This was only the found for Nasdaq OMX Commodities Europe[0]. A found only used for financial energy market for Norway, Denmark, Sweden and Finland. 0: https://en.wikipedia.org/wiki/NASDAQ_OMX_Commodities_Europe https://en.wikipedia.org/wiki/NASDAQ_OMX_Commodities_Europe

repomies6999 8y ago

So, do you mean that the less wealthy people don't go for rent-seeking etc? That's just bollocks. The system rewards innovation, not just that consistently and probably not that much. And people in all income classes behave the same way.

jacknews 8y ago
I said no such thing.