neidu2@feddit.nl to Ask Lemmy@lemmy.world · 4 months ago"During a gold rush, sell shovels" - What are some other examples of this?message-squaremessage-square62fedilinkarrow-up187arrow-down15file-text
arrow-up182arrow-down1message-square"During a gold rush, sell shovels" - What are some other examples of this?neidu2@feddit.nl to Ask Lemmy@lemmy.world · 4 months agomessage-square62fedilinkfile-text
A couple of others I can think of: Crypto-boom of 2016ish: GPUs/mining rigs LLM/AI hype nowish: User generated data 90’s dotcom bubble: Server space
minus-squarebionicjoeylinkfedilinkarrow-up9arrow-down2·edit-24 months agoDelivery services and rideshares. People using them make meager wages, but the companies hosting them get all the benefit of people desperate for work or convenience. Edit: in a similar vein, OnlyFans
minus-squareCryophilia@lemmy.worldlinkfedilinkarrow-up8·4 months agoThat’s just old fashioned exploitation.
minus-squareCryophilia@lemmy.worldlinkfedilinkarrow-up2·4 months agoNo, it’s not. You clearly have never heard of this phrase.
minus-squarebionicjoeylinkfedilinkarrow-up1·4 months agoAll of these are things where you capitalize on other people’s attempts to get rich by selling them the tools to do so
minus-squareCryophilia@lemmy.worldlinkfedilinkarrow-up4·4 months agoYeah but that’s not what selling shovels means. A gold rush is a bunch of fools chasing the latest hype. Like AI or the dot com boom or NFTs. Selling shovels is when you don’t buy into the hype, but you make money off of the fools who buy into hype. You’re just talking about standard economics.
minus-squarebionicjoeylinkfedilinkarrow-up1·4 months agoWhen COVID hit, there was an explosion in demand for delivery services.
minus-squareCryophilia@lemmy.worldlinkfedilinkarrow-up3·4 months agoYeah. That’s just supply and demand. Not a fool’s gold type hype.
Delivery services and rideshares. People using them make meager wages, but the companies hosting them get all the benefit of people desperate for work or convenience.
Edit: in a similar vein, OnlyFans
That’s just old fashioned exploitation.
So is everything else OP mentioned.
No, it’s not. You clearly have never heard of this phrase.
All of these are things where you capitalize on other people’s attempts to get rich by selling them the tools to do so
Yeah but that’s not what selling shovels means.
A gold rush is a bunch of fools chasing the latest hype. Like AI or the dot com boom or NFTs.
Selling shovels is when you don’t buy into the hype, but you make money off of the fools who buy into hype.
You’re just talking about standard economics.
When COVID hit, there was an explosion in demand for delivery services.
Yeah. That’s just supply and demand. Not a fool’s gold type hype.