In any scam, any con, any hustle, the big winners are the people who supply the scammers - not the scammers themselves. The kids selling dope on the corner are making less than minimum wage, while the respectable crime-bosses who own the labs clean up. Desperate “retail investors” who buy shitcoins from Superbowl ads get skinned, while the MBA bros who issue the coins make millions (in real dollars, not crypto).
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@pluralistic@mamot.fr this is where I think the stock market & venture capital & real estate market is today. Lots of bets on companies that have never made money, houses destined to burn or flood before the mortgage is paid off, and the people who end up with stock in Uber or a 30 year mortgage in a new home in Paradise will end up the losers when reality in the form of insurance costs & the end of the free money hits. So many companies seem to exist purely due to the sunk cost fallacy.