2 ms·
I don't think people were trusted before the 1990s until they were mid to late thirties. Now it's like VC's throw capital at 20 somethings as if they're wunder
by bb88 2y ago
I don't think people were trusted before the 1990s until they were mid to late thirties. Now it's like VC's throw capital at 20 somethings as if they're wunderkind, when they're not fully mature adults mentally yet. Maybe there was some fraud on Wall Street back then, but those people had more access to capital than others.
It's also easy to delude yourself that you deserve all the money -- even if you haven't produced anything of value (Theranos). Or you delude yourself that you're so talented that there's no need for any safeguards (FTX). If there's capital flowing and you're sitting on a pile of cash (which you haven't earned yet only raised), you begin to think you've actually accomplished something when you haven't.
And now with crypto, influencers are basically cashing in their popularity. There's so much cash investors have, and TINA -- there is no alternative potentially high yield investments.
Before maybe in the 2000s investors would actually, like, you know, put insiders in the company and you know "due diligence" and all that, and not trust the word of a 20-something directly.
- neilv 2y agoThanks, excellent comments.