My wife is obsessed with this event and 2nd hand I’ve heard most of the facts on this. There were red flags everywhere. You didn’t have to be a sub expert to know that was a ticking time bomb, but unfortunately the crucial data that could’ve saved those lives was continually buried. There’s actually a lot of similarity between the Oceangate scandal and Theranos.
Without knowing what was in the mind of Elizabeth Holmes (Theranos) it really did seem like the “fake it till you make it” mantra went on way too long. I mostly say the two cases are similar because many smart people within those companies knew things were wrong and tried to speak up but the execs continually shut down any negative talk with zero acknowledgement of the issues.
“Fake it till you make it” is how most scams start. Most people aren’t looking to actually run a ponzi scheme, they just quickly get in iver their head. She knew her product didn’t work and continued to market it anyway. Thats a scam.
Personally, I think they switched to scamming pretty early (medicine is one area where IMO “fake it till you make” doesn’t work), but never figured out a proper exit strategy for the scam.
Thats still a scam. A scam is not in the eye of the shithead doing it, its based on unjust enrichment that deprives the victims of the value promised and whatever value they handed over in exchange
Just because he hoisted himself on his own petard doesnt mean he didnt intend to market this doomed product to other end users who would have suffered the same fate had it made it that far in commercialization
My wife is obsessed with this event and 2nd hand I’ve heard most of the facts on this. There were red flags everywhere. You didn’t have to be a sub expert to know that was a ticking time bomb, but unfortunately the crucial data that could’ve saved those lives was continually buried. There’s actually a lot of similarity between the Oceangate scandal and Theranos.
Wasn’t Theronos more of a cut and dry scam?
Oceangate wasn’t a really scam, more like the CEO thought his shit didn’t smell and got himself killed over this.
Without knowing what was in the mind of Elizabeth Holmes (Theranos) it really did seem like the “fake it till you make it” mantra went on way too long. I mostly say the two cases are similar because many smart people within those companies knew things were wrong and tried to speak up but the execs continually shut down any negative talk with zero acknowledgement of the issues.
“Fake it till you make it” is how most scams start. Most people aren’t looking to actually run a ponzi scheme, they just quickly get in iver their head. She knew her product didn’t work and continued to market it anyway. Thats a scam.
Ah, I see what you mean.
Personally, I think they switched to scamming pretty early (medicine is one area where IMO “fake it till you make” doesn’t work), but never figured out a proper exit strategy for the scam.
Thats still a scam. A scam is not in the eye of the shithead doing it, its based on unjust enrichment that deprives the victims of the value promised and whatever value they handed over in exchange
Just because he hoisted himself on his own petard doesnt mean he didnt intend to market this doomed product to other end users who would have suffered the same fate had it made it that far in commercialization