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No, he actually stole the idea from the Winkelvoss twins, classmates from Harvard. They won a pretty hefty settlement, if I recall.
No they didn't. There was an out of court settlement for pennies on the dollar compared to the value of Facebook, and part of the agreement was that the Winkelvoss twins had to stay out of the media on the subject. Facebook paid them to stop complaining, and paid to shut bad media attention down.
Why would they take a minor our of court settlement if they thought they could have won even more in court?
Can't deny it.. it's fact... but you have to ask yourself this... WHY is the wealth gap greater than their young counterparts?
Asset inflation. Need I turn blue?
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Could it be that perhaps we've had 40 more years of building that wealth? Could it be that wealth (in the truest form) comes from asset's and not income? Could those asset's be from real estate, paid month at a time over the course of 30 years? And could those asset's also now be less more today than they were yesterday? Which if the case, wouldn't that gap be getting smaller?
Not according to any theory I hold. Scarcity often produces assets which is the opposite of general prosperity. For example if there is plenty of fresh water, its one less place to "store wealth". In a desert water makes one wealthy. The wealth is nothing but an exchange value, not general prosperity. As Ricardo stated in the context of corn laws:
The rise of rent is always the effect of the increasing wealth of the country, and of the difficulty of providing food for its augmented population. It is a symptom, but it is never a cause of wealth; for wealth often increases most rapidly while rent is either stationary, or even falling. Rent increases most rapidly, as the disposable land decreases in its productive powers. Wealth increases most rapidly in those countries where the disposable land is most fertile, where importation is least restricted, and where through agricultural improvements, productions can be multiplied without any increase in the proportional quantity of labour, and where consequently the progress of rent is slow.
Rent is tied to assets meaning when assets pay more , wealth creation is slowing. So in other words asset wealth is a sign of slowing building of real wealth because we see signs of rising scarcity. When stores of value are plentiful, scarcity is everywhere. The Internet is the opposite example where technology stores value poorly, but gives rise to general prosperity. Imagine that desert after a rain. General prosperity would mean some people who store wealth were wiped out. The housing bailout saved people who have houses just like a drought would save people with bottled water.
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I would expect the gap of true wealth to be less for those younger. I know it doesn't make it any easier for today's youth, but so many of them have the I want it now, why can't I have it now attitude. And I'm not saying I didn't either. I remember a lesson learned from my dear mother once when I was crying because I couldn't afford to buy my son a Christmas present. And she had.. over and above what I felt was necessary. I thought it made me look bad. She explained it in the simplest terms. There was a day when she couldn't afford anything for me, so her parents did for me. She was at a time in her life that she could do for my son what I couldn't.. and there would come a day when I could do for my grandkids what my son won't. It's part of the cycle. And she's right. It's just our turn. She now is living on a fixed retirement income and couldn't do even though she wants to. I know it sounds like a bad tune from the Lion King.. but it really is the "Circle of Life."
Do not expect. It must be learned. Knowing the difference between financial wealth, driven by a rise in marginal utility by scarcity, and general prosperity is critical. Those who benefit of course see their gains rise faster than the total loss to the society, however if a grain of wheat sells for a dollar each with a drop of water, its poverty for both.
So, the guy that had this idea "stolen" - why didn't HE start up FB?
Ideas are worthless unless you have someone willing to take the risk to act on it. It's not luck, as I said - it took hard work, a willingness to take a risk, and the ability to see a good idea and run with it. The person that had the idea "stolen" from them should have acted on it themselves.
No they didn't. There was an out of court settlement for pennies on the dollar compared to the value of Facebook, and part of the agreement was that the Winkelvoss twins had to stay out of the media on the subject. Facebook paid them to stop complaining, and paid to shut bad media attention down.
Why would they take a minor our of court settlement if they thought they could have won even more in court?
Absolutely. The armchair quarterback should never get a dime. Ideas are useless (and worthless) until you do something about it. Do you really want to live in a society that doesn't reward the effort?
Ideas are not rare. Everyone and their brother has a good idea. What sets a person apart is the ability to act on and make something of it.
I'm hoping the same celebration... my son will defend his dissertation in the next few months.. not only his doctorate, but the FIRST in our family to have a college degree of any kind. He's achieving his dreams too even in this financial environment. How it shakes out remains to be seen, but knowing the kid... he'll hit some bumps in the road, but he'll be fine... just like the other of today's youth who have the drive and determination.
Too funny, the film played you like a fiddle, poor sap.
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