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"Venture Capital is a Ponzi Scheme!" Chamath on corruption in Big Tech

Galaxy Finance · Youtube · 51 HN points · 0 HN comments
HN Theater has aggregated all Hacker News stories and comments that mention Galaxy Finance 's video ""Venture Capital is a Ponzi Scheme!" Chamath on corruption in Big Tech".
Youtube Summary
Ponzi Scheme, Shmonzi Scheme, you really care about this huh? Oh you do? Interesting, well honestly me too. This take from Chamath is one that really made me interested in his perspective early on. Chamath could have stayed with Social capital and continued to participate in the "Ponzi Scheme" but he chose not to. With his name and notoriety, he could definitely be one of the best early stage investors. He could get into rounds with Founders Fund and a16z startups, and just watch his book continue to be marked up. I don't think that would be bad if he did that, but his intentional shift in focus on how he's spending his capital is definitely admirable. Even if his failures are more public now, I definitely admire his ambition.

If you read this description let me know in the comments, I wonder if anyone reads them.

Best,

Galaxy Finance

#finance #stockmarket #investment #investing #technology #startup #venturecapital

Creative Commons — Attribution 3.0 Unported — CC BY 3.0
source: https://www.youtube.com/watch?v=RwRZtZQoLtQ
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Hacker News Stories and Comments

All the comments and stories posted to Hacker News that reference this video.
Nov 22, 2022 · 48 points, 9 comments · submitted by gibsonf1
d2049
Everything Chamath says is purely out of his own self-interest. He's been a hypocrite for years.
zeruch
It's ironic in that I agree with many of the things Chamath says, but also that he himself is a cagey operator. He plays both sides in a way that is frustrating because you see him point out something dirty about the industry, then wonder where the hedge is for him.
mjthrowaway1
Who can listen to Chamath seriously after his SPAC fiascos?
halpmeh
The proof is in the pudding.
nmfisher
Every time I see this guy’s name I see a similar comment about SPACs, is there a link to explain exactly what he did?
SgtBastard
Mostly that SPACs have substantially underperformed and he was a big promoter of them. As it turns out “It’s like an IPO, but without all of that pesky due dilligence” wasn’t great for investors.

To Chamath’s credit, he did wind up 4(?) SPACs that hadn’t found an acquisition target and returned capital to investors.

snapcaster
This guy pumped and dumped the hell out of SPACs and essentially ripped off naive/ignorant investors. Funny for him to be calling something else a scam
Veen
He knows whereof he speaks
snapcaster
Yeah i guess fair enough
Nov 15, 2022 · 3 points, 0 comments · submitted by ZeljkoS
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