The Wikipedia Review: A forum for discussion and criticism of Wikipedia
Wikipedia Review Op-Ed Pages

Welcome, Guest! ( Log In | Register )

 
Reply to this topicStart new topic
> 2½ Men, 13% Women, 3 Hookers and a Wiki-Philly Cheesesteak, The Perfect Tutorial On Ponzi Schemes
Jon Awbrey
post Wed 9th February 2011, 2:49pm
Post #1


τὰ δέ μοι παθήματα μαθήματα γέγονε
*********

Group: Moderators
Posts: 6,783
Joined: Sun 6th Apr 2008, 4:52am
From: Meat Puppet Nation
Member No.: 5,619

WP user page - talk
check - contribs



The February 7 episode of Two and a Half Men, “Three Hookers and a Philly Cheesesteak”, provides the perfect tutorial on Ponzi schemes.

I have a feeling I'll be referring to it often.

Jon Image
User is offlineProfile CardPM
Go to the top of the page
+Quote Post
Zoloft
post Wed 9th February 2011, 2:59pm
Post #2


May we all find solace in our dreams.
******

Group: Regulars
Posts: 1,332
Joined: Fri 15th Jan 2010, 11:08pm
From: Erewhon
Member No.: 16,621



Add 'n' to title and shake well, then.
User is offlineProfile CardPM
Go to the top of the page
+Quote Post
Jon Awbrey
post Sat 26th February 2011, 4:58am
Post #3


τὰ δέ μοι παθήματα μαθήματα γέγονε
*********

Group: Moderators
Posts: 6,783
Joined: Sun 6th Apr 2008, 4:52am
From: Meat Puppet Nation
Member No.: 5,619

WP user page - talk
check - contribs



QUOTE

Trying to correct the defects of Wikipedia Culture by recruiting more participants of any class or kind is like trying to correct the defects of a Ponzi scheme by pumping more dollars into it. And that is not a good thing.

Jon Awbrey25 Feb 2011 (7:58 PM)


QUOTE

The pivot of the analogy is that one is to Credit what the other is to Credibility. As I said on another thread, there's a striking clue in their common etymology — Credit and Credibility are of “Credo” Compact. A Credit Ponzi scheme uses a little bit of credit with one investor to gain a little more credit with next investor and just keeps amping it up until the whole scheme collapses, which it must do sooner or later because the fundamentals needed to back up the trades are totally lacking. A Credibility Ponzi scheme does the same thing with the species currency of specious facts.

Jon Awbrey25 Feb 2011 (11:34 PM)


By way of clarifying what I'm saying here, consider the analogy between a Credit Ponzi Scheme and a Credibility Ponzi Scheme. The pivot of the analogy is strikingly clued by the common etymology — credit and credibility are of “credo” compact.
  • A Credit Ponzi scheme uses a little bit of credit with one investor to gain a little more credit with next investor, and so on, and so on, progressively ramping the credit balloon up until the whole scheme collapses, a thing that has to happen sooner or later because the fundamentals needed to back up the exchanges are totally lacking.
  • A Credibility Ponzi Scheme does the same thing with the species currency of specious facts.
Jon Awbrey
User is offlineProfile CardPM
Go to the top of the page
+Quote Post
Jon Awbrey
post Sat 26th February 2011, 5:54am
Post #4


τὰ δέ μοι παθήματα μαθήματα γέγονε
*********

Group: Moderators
Posts: 6,783
Joined: Sun 6th Apr 2008, 4:52am
From: Meat Puppet Nation
Member No.: 5,619

WP user page - talk
check - contribs



QUOTE

Look at how Jimbo and the other promoters of the scheme operate. They start out with the contributions of many small investors, all of whom ask for no more credit where credit is due than the minimal recognition of individual contributions promised by some copyleft license, plus the promise to abide by the advertised policies. By the time that most of them find out exactly how much those promises are worth they have already lent their credibility to an enterprise that can and will use it to discredit them once they begin to catch on and try to blow the whistle on the scheme. Meanwhile, the promoters have moved on to bigger boards of play. And bigger. And bigger. And so it goes.

Jon Awbrey26 Feb 2011 (12:56 AM)

User is offlineProfile CardPM
Go to the top of the page
+Quote Post
Jon Awbrey
post Sun 27th February 2011, 6:42am
Post #5


τὰ δέ μοι παθήματα μαθήματα γέγονε
*********

Group: Moderators
Posts: 6,783
Joined: Sun 6th Apr 2008, 4:52am
From: Meat Puppet Nation
Member No.: 5,619

WP user page - talk
check - contribs



QUOTE

Credit does not rest in a promise — just as credibility does not rest in a premiss. Credit resides in the fact that someone believes the promise — and credibility resides in the fact that someone believes the premiss.

Jon Awbrey27 Feb 2011 (2:00 AM)

User is offlineProfile CardPM
Go to the top of the page
+Quote Post

Reply to this topicStart new topic
1 User(s) are reading this topic (1 Guests and 0 Anonymous Users)
0 Members:

 

-   Lo-Fi Version Time is now: 18th 4 14, 5:15pm