So I’m writing a lengthly story, perhaps 30,000 words long, about the nascency of the dot com bubble through my eyes and experiences. I’ve been shitposting here for more than a decade and know that I’m a strong writer. Having said that, what are you interested in hearing about from that era, 1998-2000?
Right now I’m at the crash point at 8/31/98, where it all began.
Here’s another snippet so you can see where I’m going with this.
The title will be, “In a Car Made of Dynamite Sticks, Speeding for the Sun”
Finally writing a book, or long story (Not sure yet.), chronicling my experience at the nascency of the dot com bubble. Here's a snippet. pic.twitter.com/cacrRkpVLA
— The_Real_Fly (@The_Real_Fly) September 29, 2017
If you enjoy the content at iBankCoin, please follow us on Twitter
document the everyday stuff, nothing special or out of the ordinary, you know, the massive fraud, front running of clients, lack of fiduciary duty, colluding, manipulating, fabricating data, scamming clients, roping them into overinflated stocks, etc.
That’ll all be in there.
That then should be a bestseller like Margin Call, Wall Street Wolf or Big Short, or that one with Michael Douglas (Gordon Gecko). And, of course, movie.
There;’s a lot of full-feature movies based on short stories, as you know.. And not enough is written about all the shenanigans that go on all the way at the top in hedge funds and managed money pools. Is there an unwritten code of silence and fear of being suicided?
All those movies espouse fake premises which excuse the real players.
No, it did not take a PHD social misfit to be “the only one who looked” to discover that crap mortgages were in the tranche mix, as Big Short tells us. Rather those securities were designed to fail. Goldman and others had the ratings rigged and then they took out insurance in order to benefit from when they did fail.
Margin Call (very good movie) tells the audience that “all this (camera pans at American prosperity) is because of the work we do on wall street and that those ignorant people should be grateful.” Fuck you carpenters and engineers.
Something to think about too in the near future, blockchain: Publishing content on Amazon, iTunes, even YouTube is extremely costly for the author/artist. Youtubers can’t earn money until they get 10,000 views. Apple and Amazon take between 30% and 75% for the right to their distribution networks. Since media consumption has gone digital, it’s been difficult to charge on a PER ARTICLE basis because of high transaction costs making it prohibitively expensive. All that’s about to change. The blockchain is going to allow thousands of transactions to be processed at low to no cost, it will preserve a record of all those transactions along with all the content, it provides transparency for the artist/author and consumer….
https://tinyurl.com/yb52mdwq
Bitcoin at least is absolutely not designed for high volume micro payments. Not saying crypto couldn’t help with a scalable coin but you still have the hurdle of converting normal currency to crypto and back.
Outside of that, payments are just one aspect of this. Curating, rating, advertising, and securely and conveniently distributing content are separate issues.
Don’t forget some stories on why every pos firm has a golden tee (coke) and pool table (banging)
Write about Jim Cramer in 1999-2000 and how folks need to be wary of these types during market highs. I have read and followed you for a long time, because you are NOT a Jim Cramer.
https://www.fool.com/investing/general/2008/08/27/jim-cramers-regrettable-investment-advice.aspx
http://gawker.com/5169531/the-jim-cramer-indictment-five-more-counts
Just make sure you make “I hope they serve beer in hell” look like a choose your own adventure.
Looks like it’s going to be awesome.
Pick pilot subjects to read before everyone else, like with exodus.
So we can write some reviews and pretend we are better then everyone else.
I’ll even pay the fee.
I was just starting my Junior year of college, Wall Street was coming off the dot com and telecom boom and bust, and it was sept 11 2001. I’d like to hear about that day on Wall Street and simultaneously the events leading up to it and the aftermath.
+1. That day around 8pm, a reporter stopped me on the sidewalk to get my thoughts on the situation. I remember it took a lot of restraint no to punch him in the nose. I think my only response was “are you the only one not pissed off”
what was the thinking back then…did everyone knew it was a charade..that the party was gonna end…yet they played it hoping to get out before the music stopped….how about top calling….were many calling the top in 1998-1999 ltcm collapse only to see stocks go higher? how about when the markets actually topped…were they all super bullish?
thanks in advance fly
Fly, I think most of your viewership missed the whole dot-com bubble because their parents had taken away their TV time for stealing cookies before dinner.
The rest of your viewership was congratualating themselves for being such excellent traders (much like the current period in time…).
Personally, I would be most interested in the inside view from wallstreet: how many brokers really beleived that 200+ PE ratios were really justified? If I remember, the phrase of the day was “new paradigm.”
P/E ratios did not matter. It was all about eyeballs, potential eyeballs, a site was going to attract based on their gig.
Just like the social media unicorns of today…
Fly – was that your first gig out of college? Did you trade while in school?
Everyone knows Chuck Bennett caused the crash the very day he had to take his piss text to get back in the business. Fly and his partner (no homo) moved up in the world since the last I saw them. I was on a 1.5 year hiatus while these maniacs were making money serious money.
My presence at the New York Stock Exchange precipitated the events which took place. It’s common knowledge
Regards
Chuck Bennett
Did you, or any of your acquaintances on the Street, believe that the criminals who committed systematic fraud at Goldman, AIG, etc. leading up to the financial crisis would not only not go to jail, but would continue to take record salary/bonuses as the Fed/govt worked on their behalf.
Did anyone believe that the pitchforks would finally come out in 2008 – – or am I the only fool.
I believed it until sometime in 2009, when I realized that Obama had no intention of leading long-overdue Financial Reform, even though America was clammoring for it. I understood that the Republicans and Democrats such as Schumer had no intention of abandoing the 1%, but I had fallen for Hope (at least the 1st term) like many others.
You MUST document from your point of view the lack of drama that was Y2K.
Tell me a story about a trader falling in love with an idea and buying it into the ground.
Dr. Fly, don’t forget to tell me about the good times with the drugs and hookers too. 😉
Your take on the most influential people on the Street at that time.
#ImpalaLifestyle
Don’t forget about the douche bag analysts like Henry Blodgett or Mark Cuban’s Broadcast.com