Want to wade into the sandy surf of the abyss? Have a sneer percolating in your system but not enough time/energy to make a whole post about it? Go forth and be mid.
Welcome to the Stubsack, your first port of call for learning fresh Awful you’ll near-instantly regret.
Any awful.systems sub may be subsneered in this subthread, techtakes or no.
If your sneer seems higher quality than you thought, feel free to cut’n’paste it into its own post — there’s no quota for posting and the bar really isn’t that high.
The post Xitter web has spawned so many “esoteric” right wing freaks, but there’s no appropriate sneer-space for them. I’m talking redscare-ish, reality challenged “culture critics” who write about everything but understand nothing. I’m talking about reply-guys who make the same 6 tweets about the same 3 subjects. They’re inescapable at this point, yet I don’t see them mocked (as much as they should be)
Like, there was one dude a while back who insisted that women couldn’t be surgeons because they didn’t believe in the moon or in stars? I think each and every one of these guys is uniquely fucked up and if I can’t escape them, I would love to sneer at them.
(Credit and/or blame to David Gerard for starting this.)
Benjamin Felix is a financial planner in Ottawa aimed at people with at least $1 million to invest. He has a BEng, a MBA, was on a sports team at university. And in April he titled his latest video SpaceX and OpenAI: The Mega IPO Grift. The podcast version is called episode 406 "when massive private companies go public."
He also uses the term "front running" from our friends in cryptocurrency.
Keeping the float (value of shares available to trade on the open market) low would enable scams like all the ways of keeping the USD price of cryptocurrency from collapsing.
Edit/ The podcast is pretty mild but contains the sentences "investing in IPOs on a secondary market is one of the worst investment strategies that you could possibly employ. They tend to have a first day pop where the price on the public market jumps up relative to the IPO price, but most investors don't get the IPO price."
I mean, the classical pitch for an IPO is the same as any other large investment, right? You get a great big chunk of capital that you can throw at scaling or improving processes or building our your manufacturing capabilities or whatever, and then that investment of capital in your business in turn generates a financial return for investors. But in an industry and world where venture capital is plentiful, it shouldn't be surprising that when an IPO rolls around all the low-hanging fruit for improving, scaling, and stabilizing the business have already been done. Instead you're looking for a way to let your earlier investors liquidate their returns and get actual cash that they can invest in new ventures. In the best case that means that the IPO price doesn't move very much and it becomes a stable part of the market, but the incentives are all there to make sure the IPO overvalues the company as much as possible. I would need to do more research but I would suspect you can find an inverse relationship between venture funding and public market success in recent years, at least strong enough to expect the wheels to come off when the initial hype is pushed this high.
Mild nit: "frontrunning" was a term (and practice) in use before crapto trading.