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Pinboard

@Pinboard

The light inside is broken, but I still work. The Cadillac of online bookmarking sites. Alleged nocoiner. http://pinboard.in  maciej@ceglowski.com +1 415 610 0231

Lonely street of broken dreams
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    1. Pinboard‏ @Pinboard 22 Oct 2019

      Pinboard Retweeted Law Boy, Esq.

      I gotta speak up for capitalism here (which is mostly a glorified lifehack about how to allocate material resources). It has no chance to work when the "market" is a few hundred investors deciding what to fund based on pitches. WeWork is a classic failure mode of central planninghttps://twitter.com/The_Law_Boy/status/1186643884547493894 …

      Pinboard added,

      Law Boy, Esq. @The_Law_Boy
      capitalism is incredible, the WeWork dude is getting over a billion dollars as a reward for briefly tricking everyone into thinking he had a profitable business model https://twitter.com/GillianTan/status/1186640209292746752 …
      6 replies 72 retweets 266 likes
      Show this thread
      Pinboard‏ @Pinboard 22 Oct 2019

      I'm fine with critiques of capitalism that go to town on how this much wealth came to be concentrated in so few hands. But the free market did its job here! It showed that WeWork was not a viable business, quarter after quarter.

      7:42 PM - 22 Oct 2019
      • 13 Retweets
      • 69 Likes
      • alec walrus helmet Allways crankycatcoder Raymond Neilson ✨✿ leslie neigher ✿✨ Isaac 💉💉🎉 Since `17 Corey Quinn
      3 replies 13 retweets 69 likes
        1. New conversation
        2. Pinboard‏ @Pinboard 22 Oct 2019

          At every stage of the process, normal people observed that WeWork's business model was not tenable absent billions of dollars of subsidy, nor did it have any tech component that would let them plausibly handwave this criticism away (like Uber woo about self-driving cars)

          4 replies 6 retweets 57 likes
          Show this thread
        3. Pinboard‏ @Pinboard 22 Oct 2019

          WeWork is like a Ponzi scheme if Ponzi had just said "I'm going to take all the money" and investors had willingly given it to him, plus a fee for his trouble

          3 replies 24 retweets 115 likes
          Show this thread
        4. Pinboard‏ @Pinboard 22 Oct 2019

          My question is—who actually lost money on this? Who pays into the SoftBank Vision Fund who will be left holding the bag? Or is it other people's money all the way down?

          8 replies 4 retweets 50 likes
          Show this thread
        5. Pinboard‏ @Pinboard 23 Oct 2019

          The social cost of WeWork is not just the employees who got a raw deal, but the hundreds of thousands of successful tech businesses this money could have launched and didn't. Part of the reason innovation is dead in tech is that you have to compete against bros with free money.

          1 reply 44 retweets 105 likes
          Show this thread
        6. End of conversation
        1. Archer Sully (AT HOME!)  🐈 🐈 📷 🔭 🚲 🚲‏ @400trix 22 Oct 2019
          Replying to @Pinboard

          Capitalism is working as intended. The entire point is to concentrate wealth.

          0 replies 0 retweets 0 likes
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        1. doleful moo of acab‏ @bnwlfsnNYT 22 Oct 2019
          Replying to @Pinboard

          But … isn't that exactly the critique? That the cant of capitalism actually isn't born out in reality, because the mega-wealthy *can* just create private centralized plans. And there's nothing intrinsic to capitalism that would prevent such concentrations.

          0 replies 0 retweets 0 likes
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