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In fact no actual money vaporized. Every actual dollar exchanged for these turkeys went into a ready, yawning pocket. A very great deal of imaginary money, tha
by ncmncm 4y ago
In fact no actual money vaporized. Every actual dollar exchanged for these turkeys went into a ready, yawning pocket.
A very great deal of imaginary money, that had never been exchanged for more dollars than were spent mining it, evaporated.
So, the winners were those who got actual dollars while the con ran. The losers were whoever handed over dollars.
Of course this phenomenon is not limited to crypto. Who here remembers Global Crossing? In the future, it will be Tesla.
- benj111 4y agoIs Tesla an actual con though? Sure it's over valued. And self driving is being over sold. And many announced products appear to be vapourware. And the CEO is. Well. But it is an actual business, bringing in actual money, and the money appears to be correctly accounted for.
- Akronymus 4y agoA con has to have some intention to be a con. For example, many are calling star citizen a cons/scam. But IMO the intention to scam people just isn't there. So, no, I wouldn't say tesla is a con.
- ahartmetz 4y agoThe only con-like thing about Tesla is the so-called full self driving. Apart from that, just overvalued.
- Akronymus 4y agoYeah, definitely not a fan of that naming either. Altough, I'd write that down more towards marketing being, well, marketing, rather than actual maliciousness.
- ncmncm 4y agoMany cons don't start out as cons. Even Theranos was originally meant to be legitimate. Enterprises turn into cons in preference to folding immediately, often with hope of no longer being a con, someday soon.
- ProllyInfamous 4y ago>[despite its flaws, Tesla is] an actual business, bringing in actual money... This exact same reasoning applies to drug dealers (illicit and BigPharma), sex dens, and other perverse corruptions (both sanctioned and not). I think the reasons you list as Tesla's faults are reason enough to look elsewhere (for a car or stock investment). But, if your reasons are not enough, consider E.Musk's primary stated reason for running Tesla: to generate profits enough to get humanity to Mars. The task of doing so may very well deplete significant Earth resources... does it make sense to [further] pollute our space marble just to infect another space rock with us?
- benj111 4y agoNone of those are examples of a con though. If you thought you were buying coke and got flour, that would be a con, but if not it's just illegal. I'm not saying buy the stock, but that doesn't make it a con any more than any other thing I wouldn't buy. Going to mars also isn't a con. It's just a reason (for you) not to buy the stock and or the cars.
- ncmncm 4y agoThe whole Mars colonization thing is absolutely a con, because there will never be a Mars colony, and Starship would in any case be wholly inadequate to the job of establishing one. Even O'Neill Can Donuts make more sense.
- ncmncm 4y agoTesla as a car manufacturer is not a con. But Tesla as a tradeable security is a con, massively inflated by machinations of its chief grifter. People who put their life savings into Tesla stock will lose their shirts, come the correction.
- misiti3780 4y agothis comment will not age well ... at the currently stock price of 900 dollars.
- ncmncm 4y agoYou are correct: as soon as people get wise to Tesla's actual competitive position in the car business, share price will collapse. After that time, predictions of collapse will instead refer to past activity, and its subsequent future will be less predictable.
- misiti3780 4y agoSo where do you think the stock price is going to bottom out?
- ncmncm 4y agoSome reasonable multiple of actual net revenue. Not to zero, anyway. Soon electric cars will not be a novelty, and Tesla's poor build quality, poor reliability, and poor repairability will start to be remarked upon.
- misiti3780 4y ago"Soon electric cars will not be a novelty" We are years away from that happening. And someone is going to have to start producing a lot more batteries before it happens. "Tesla's poor build quality, poor reliability, and poor repairability will start to be remarked upon." Where numbers are you referencing here. Just because a few loud people on the internet complain about these things doesnt mean it endemic. Is it not more likely that most Tesla customers are extremely satisfied with their purchase and just dont post about it online?
- LorenPechtel 4y agoYup. Crypto is basically a pump and dump on a very large scale.