It’s an old old story. Company founder gets greedy, tries to enrich himself with gambling. The modern version always involves bitcoin.
Here’s a non-modern greedy idiot. Bucknum lives in Wenatchee, a midsized city in the center of Washington “state”. He got rich the Obamacare way with an unnecessary middleman trick, managing finances for a set of small health clinics across the “state”. Instead of leaving customer money in the business, he gambled the 1990s way, daytrading ETFs and options with leverage and shorts, following all the best advice on social media. Since his name is not Larry Fink he lost big, and then bought the dip to lose more. In total he took 24 million from his customers, spent some of it on the usual big house and boat and cars, but mostly gave it to Larry Fink. Amazingly he DIDN’T give it to Larry Fink through Fink’s new Bitcoin fraud, only through Fink’s tried and tested Wall Street fraud.
Later, a nonbark thought… The AI bubble has replaced the bitcoin bubble in the Dow. Unlike previous bubbles, AI doesn’t seem to be aimed at small-scale suckers. I don’t see the usual email spam and social media boosters inviting suckers to “get in on the ground floor” or “buy early”. The AI suckers are up in the financial stratosphere among politicians and governments.
Trying to parse the difference more carefully…. AI has LOTS of boosters, but they’re inviting you to use the product, not to invest in the company that makes the product. The investment end is solely aimed at top dogs.
