3 ms·

Why? Because enough VCs/Hedge Funds have bought into the lie that is crypto or “AI”. Is this some kind of economic extortion?

oicU00 4y ago
Traditional values are gossip based pseudoscience. The majority will never dig deeper, so it works, but what’s more they’ll never understand the nuance so why bother? Stick with gossip.
nikanj 4y ago
VCs reward investments into all that horse hockey, because VCs reward investments into it. It's greater fools all the way down, a weird self-fulfilling prophecy. I still remember when companies proudly claimed their software contains XML and therefore is worth unicorn dollars
- baybal2 4y ago
sjtindell 4y ago
Crucially they don't need to buy the lie themselves, they only need to believe others will.
derefr 4y ago
More like a race to the bottom. If everyone else is e.g. using Bahamian tax shelters, and your company explicitly states that it won't do that, then your company's stock price will go down, because the market predicts that without those "table stakes", your company is not going to be competitive with all the companies who are willing to do that. (Whether that's true or not is irrelevant; it's only about whether the market believes it's true.)
patmorgan23 4y ago
Yes, precisely. Executives want to pump the stock price because it's a large part of their compensation. Many Hedge funds/VCs want to invest in "innovative" companies .
nomel 4y ago
Famously: https://www.cnbc.com/2017/12/21/long-island-iced-tea-micro-cap-adds-blockchain-to-name-and-stock-soars.html https://www.cnbc.com/2017/12/21/long-island-iced-tea-micro-c...
- tyrfing 4y ago
  More recently, insider trading and pump-and-dump charges. https://www.sec.gov/litigation/litreleases/2018/lr24201.htm https://www.sec.gov/litigation/litreleases/2018/lr24201.htm https://www.sec.gov/news/press-release/2021-121 https://www.sec.gov/news/press-release/2021-121 Penny stock frauds like that are more about ripping off retail.

oicU00 4y ago

Traditional values are gossip based pseudoscience. The majority will never dig deeper, so it works, but what’s more they’ll never understand the nuance so why bother? Stick with gossip.

nikanj 4y ago

VCs reward investments into all that horse hockey, because VCs reward investments into it. It's greater fools all the way down, a weird self-fulfilling prophecy. I still remember when companies proudly claimed their software contains XML and therefore is worth unicorn dollars

baybal2 4y ago

sjtindell 4y ago

Crucially they don't need to buy the lie themselves, they only need to believe others will.

derefr 4y ago

More like a race to the bottom. If everyone else is e.g. using Bahamian tax shelters, and your company explicitly states that it won't do that, then your company's stock price will go down, because the market predicts that without those "table stakes", your company is not going to be competitive with all the companies who are willing to do that. (Whether that's true or not is irrelevant; it's only about whether the market believes it's true.)

patmorgan23 4y ago

Yes, precisely. Executives want to pump the stock price because it's a large part of their compensation. Many Hedge funds/VCs want to invest in "innovative" companies .

nomel 4y ago

Famously: https://www.cnbc.com/2017/12/21/long-island-iced-tea-micro-cap-adds-blockchain-to-name-and-stock-soars.html https://www.cnbc.com/2017/12/21/long-island-iced-tea-micro-c...

tyrfing 4y ago
More recently, insider trading and pump-and-dump charges. https://www.sec.gov/litigation/litreleases/2018/lr24201.htm https://www.sec.gov/litigation/litreleases/2018/lr24201.htm https://www.sec.gov/news/press-release/2021-121 https://www.sec.gov/news/press-release/2021-121 Penny stock frauds like that are more about ripping off retail.