4 ms·
They weren't investing on fundamentals, the books didn't matter. His close association and largesse with regulators, media, and politicians along with his cloak
by dahdum 4y ago
They weren't investing on fundamentals, the books didn't matter. His close association and largesse with regulators, media, and politicians along with his cloak of EA made regulatory capture and the promise of monopoly-like profits possible.
VC's aren't stupid, even if they thought it was 80% likely he was an outright fraud, it's still worth the bet for a 20% chance at 50-100x returns.
- vkou 4y agoIt's strange to see EA credited as both the reason for why this went on for so long with no oversight, and then damned in a 'ding dong the witch is dead' manner after it fell apart. When a confidence man and thief loudly and proudly shouts out a religious affiliation as his guiding star, we generally don't go ahead and condemn the religion for his behavior. (Doing so is a great way to get canceled. At most, we blame him for not being religious enough.)
- deleted 4y ago[deleted]
- skinnymuch 4y agoIn this case this tiny religion embraced him, so yes many would blame that to a degree as well.
- dqft 4y agoBecause "EA" as a thing is stupid and redundant even after you recognize that altruism alone is overrated. Its just obvious moralistic garbage.
- johnsimer 4y agoAltruism is overrated? If you were poor or otherwise suffering would you not want help from someone richer than you?