"The only way the loss-making venture-backed economy can keep chugging along is if there is a constant supply of new money coming in at ever-higher valuations, subsidizing low prices and making earlier investors whole."
As illustrated by a classic pyramid-shaped monetization of verticalityness.
This morning, I did something I rarely do anymore: I sat and listened to a venture capitalist talk for about 15 minutes. It was at a rather weird conference where most of the speakers were less bullshitty. This guy – it was, naturally, a guy – talked with great animation and enthusiasm about…nothing, really, but with a steady undercurrent of avarice. I'll spare you the details, which I can barely remember anyway. It was a stream of clichés studded with vaguely Thomas Friedman-esque pseudo-contrarianism. Much of it wasn't so much wrong as too fuzzy and suffused with dubious assumptions to admit evaluation. In other words, it was pretty much what I heard from a bunch of other such guys a few years ago. It's a high-concept con game, no less so for the fact that many VCs at least half-believe their own patter.
If it makes you feel any better, the future will be run by people named Brayden and Navaeh, so really, there's not much point in making it till then anyway.
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