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The problem is that because Wall St focuses on making money via financial smoke and mirrors that whenever they see something steadily rise in value they always
by fleitz 16y ago
The problem is that because Wall St focuses on making money via financial smoke and mirrors that whenever they see something steadily rise in value they always assume it's a bubble rather than people working their asses off.
- quanticle 16y agoThe two aren't mutually exclusive. I'm sure the coders at Pets.com were working their asses off too. It didn't make the business model any more sustainable. In fact, that's actually the problem with the labor theory of value. It ignores the fact that all the work in the world is of no value if there isn't someone willing to pay for it. That, in a nutshell was the crux of the dot-com bubble. A lot of people put a lot of work into making cool things, but totally ignored how much people were willing to pay. Raw enthusiasm gained them followers and investors, but enthusiasm cannot mask the lack of profit forever.