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$4,824.14. The total cost of the legal fees was $4,824.14. (???) “The only reason Truemors is getting so much coverage is that it’s Guy’s site.” Too bad it'

• iamwil 19y ago
  Perhaps it's worthless in its current implementation or intended domain. I wouldn't write off the idea so quickly though. A lot of how humans get their news is through gossip from their trusted network of informants. Truemors did away with the trusted network to rely on global voting. I'm not sure this is the way to go. Well, just because you're a celebrity doesn't mean you can't fail. You just fail bigger.
  • NickDouglas 19y ago
    You hit my biggest problem with the idea: Gossip already spreads better among networks of people who care. It's not some concept I can just go to a page for. So the topic of the content is not a value add. As for the technology, we've seen how cheap and reproducible that is. News.yc, Reddit, Digg, Netscape, and dozens of other sites have technology that probably beats that of Truemors. So the company isn't worth buying for that. Some companies get bought for their employees. Well, Guy's "1.5" employees, if he's talking about a full-timer and part-timer other than himself, aren't visionaries, they're just people who can turn around one of Guy's ideas. Come to think of it, that makes them better potential hires for a big company than most headstrong, visionary startuppers. So Guy just spent $12k making himself feel good. By doing so, he demonstrated how detached he is from the real world -- which, psychologically speaking, is a fine way to live. If you're like Guy and you can afford to blow $12,000 doing it.
• sabat 19y ago
  $4,824.14. The total cost of the legal fees was $4,824.14. I could have used my uncle the divorce lawyer and saved a few bucks, but that would have been short sighted if Truemors ever becomes worth something. Why?? I have yet to completely understand this. PG, in one of his essays, also says that you should go and pay an expensive lawyer rather than use an incoporating service. Why? Is there something The Company Corporation is doing wrong that a high-price lawyer would do right? Maybe I don't understand something, but all you're doing is filing some standard legal documents, right? What is there to do so wrong? $4,824.14? Really? IANAL obviously. I wish lawyers hung out here. Does anyone have any insight?
  • webwright 19y ago
    I'd love to get some insight on this as well. I've started (and sold) two companies that were incorporated with a cheap-o incorporating service... Did I just get lucky?
    • sabat 19y ago
      I've started (and sold) two companies that were incorporated with a cheap-o incorporating service Wow! That's good to know, thx. The buyers didn't have a problem with the incorporation details? Did the issue come up at all?
    • vlad 19y ago
      Do you think that investors tell new users to spend the most they can on lawyers and incorporation fees at the outset simply to get them to focus on one idea and also feel a money crunch? Steve Pavlina says the only thing you NEED to start a business is an $8 domain name. He suggests entrepreneurs to get one of those free for 6 month web hosting plans.