The Big Lie that keeps the Uber bezzle alive

<p>Uber is (still) a bezzle (&ldquo;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&rdquo;). And every bezzle &mdash;&nbsp;<em>every</em>&nbsp;bezzle &mdash; ends.</p> <p>Uber entered the market with an absurd proposition, which they papered over with an&nbsp;<em>idiotic</em>&nbsp;narrative&hellip;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&hellip;but someday, it would&nbsp;<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>
Tags: bezzle Alive