From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from smtp100.iad3a.emailsrvr.com (smtp100.iad3a.emailsrvr.com [173.203.187.100]) (using TLSv1.2 with cipher AECDH-AES256-SHA (256/256 bits)) (No client certificate requested) by lists.bufferbloat.net (Postfix) with ESMTPS id 8B36E3B29D for ; Tue, 2 May 2023 12:27:33 -0400 (EDT) Received: from app59.wa-webapps.iad3a (relay-webapps.rsapps.net [172.27.255.140]) by smtp29.relay.iad3a.emailsrvr.com (SMTP Server) with ESMTP id D5EED233B2 for ; Tue, 2 May 2023 12:27:32 -0400 (EDT) Received: from deepplum.com (localhost.localdomain [127.0.0.1]) by app59.wa-webapps.iad3a (Postfix) with ESMTP id BD22B61A8B for ; Tue, 2 May 2023 12:27:32 -0400 (EDT) Received: by apps.rackspace.com (Authenticated sender: dpreed@deepplum.com, from: dpreed@deepplum.com) with HTTP; Tue, 2 May 2023 12:27:32 -0400 (EDT) X-Auth-ID: dpreed@deepplum.com Date: Tue, 2 May 2023 12:27:32 -0400 (EDT) From: "David P. Reed" To: starlink@lists.bufferbloat.net MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_20230502122732000000_47599" Importance: Normal X-Priority: 3 (Normal) X-Type: html In-Reply-To: References: X-Client-IP: 209.6.168.128 Message-ID: <1683044852.771727663@apps.rackspace.com> X-Mailer: webmail/19.0.23-RC X-Classification-ID: 912a5e46-ecbe-4d16-aac2-2b3f9c14779f-1-1 Subject: Re: [Starlink] =?utf-8?q?a_bit_more_starship_news_=28David_Lang=29?= X-BeenThere: starlink@lists.bufferbloat.net X-Mailman-Version: 2.1.20 Precedence: list List-Id: "Starlink has bufferbloat. Bad." List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Tue, 02 May 2023 16:27:33 -0000 ------=_20230502122732000000_47599 Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable =0AMaybe too far off-topic, but the idea that SpaceX has "less incentive" f= or distorted accounting because it is "private" and not "public" is absurd = and laughable.=0A =0ABut that has nothing to do with the SpaceX technology = itself. So why are we discussing it? They will survive or not based on what= their cash flows will be - and the closer one looks the less promising the= ir cash flows are, just as before with Tesla.=0A =0ASo, side note:=0A =0AWh= y does SpaceX "report a profitable quarter" and not release its full histor= ical book of accounts? And why would someone on this list cite that number = alone? (Any professional investor in Silicon Valley would be unimpressed - = you can make a quarter look profitable by really simple games).=0A =0AHell,= Bernie Madoff's private corporation's accounting reports showed *amazing* = performance.=0A =0ABut more to the point,so does the Trump Organization.=0A= =0AIt feels kind of like reading the National Enquirer to see all the spec= ulations about SpaceX's business operations - it's just a celebrity "star-f= ***ing" game.=0A =0AMusk himself has been caught manipulating the books of = all the companies he's in control of, mixing their accounting, etc. to make= himself look like a great businessperson. But it's just a shell game as fa= r as one can tell. Maybe he's "great" in some sense, but that includes a lo= t of propaganda. I stipulate he is a propaganda master, and great at preten= ding skills he doesn't actually have.=0A =0APrivate companies need bankers = (even when run by billionaires like Trump and Musk). Bankers are the target= of these "reports". Look at Deutsche Bank and Trump. It turns out almost a= ll loans to Trump have not performed, yet Deutsche still poured money into = him. =0A =0ABy creating an echo chamber of noise that makes SpaceX look lik= e a "sound business", the bankers are more likely deceived. No problem - bl= ew up launch pad, wasted a launch by not being careful about known issues -= hey, looks like a brilliant guy.=0A =0ASo yeah, he has LOTS of incentive t= o distort accounting.=0A =0A ------=_20230502122732000000_47599 Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable

Maybe too far off-topi= c, but the idea that SpaceX has "less incentive" for distorted accounting b= ecause it is "private" and not "public" is absurd and laughable.

=0A

 

=0A

But that has nothing to = do with the SpaceX technology itself. So why are we discussing it? They wil= l survive or not based on what their cash flows will be - and the closer on= e looks the less promising their cash flows are, just as before with Tesla.=

=0A

 

=0A

So, side note= :

=0A

 

=0A

Why does Spa= ceX "report a profitable quarter" and not release its full historical book = of accounts? And why would someone on this list cite that number alone? (An= y professional investor in Silicon Valley would be unimpressed - you can ma= ke a quarter look profitable by really simple games).

=0A

 

=0A

Hell, Bernie Madoff's private corpo= ration's accounting reports showed *amazing* performance.

=0A

 

=0A

But more to the point,so does t= he Trump Organization.

=0A

 

=0A

It feels kind of like reading the National Enquirer to see all the= speculations about SpaceX's business operations - it's just a celebrity "s= tar-f***ing" game.

=0A

 

=0A

Musk himself has been caught manipulating the books of all the compani= es he's in control of, mixing their accounting, etc. to make himself look l= ike a great businessperson. But it's just a shell game as far as one can te= ll. Maybe he's "great" in some sense, but that includes a lot of propaganda= . I stipulate he is a propaganda master, and great at pretending skill= s he doesn't actually have.

=0A

 

=0A

Private companies need bankers (even when run by billionaires= like Trump and Musk). Bankers are the target of these "reports". Look at D= eutsche Bank and Trump. It turns out almost all loans to Trump have not per= formed, yet Deutsche still poured money into him. 

=0A

 

=0A

By creating an echo chamber of no= ise that makes SpaceX look like a "sound business", the bankers are mo= re likely deceived. No problem - blew up launch pad, wasted a launch by not= being careful about known issues - hey, looks like a brilliant guy.

=0A=

 

=0A

So yeah, he has LOTS= of incentive to distort accounting.

=0A

 

= =0A

 

 ------=_20230502122732000000_47599--