The Big Lie that keeps the Uber bezzle alive
<p>Uber is (still) a bezzle (“the magic interval when a confidence trickster knows he has the money he has appropriated but the victim does not yet understand that he has lost it”). And every bezzle — <em>every</em> bezzle — ends.</p>
<p>Uber entered the market with an absurd proposition, which they papered over with an <em>idiotic</em> narrative…which the world ate up with a spoon.</p>
<p>The absurd proposition: Uber could use apps to reinvent taxis, and turn a low-margin business into a high-margin business by sprinkling it with high-tech pixie dust.</p>
<p>The idiotic narrative: Uber could establish itself in the market by pouring billions down the drain, losing 41 cents on every dollar it brought in, subsidizing unprofitable rides at unsustainable rates…but someday, it would <em>make it up in volume</em>.</p>
<p><a href="https://doctorow.medium.com/the-big-lie-that-keeps-the-uber-bezzle-alive-8d6e8c0ccde7"><strong>Read More</strong></a></p>