"During a gold rush, sell shovels" - What are some other examples of this?
"During a gold rush, sell shovels" - What are some other examples of this?
A couple of others I can think of:
- Crypto-boom of 2016ish: GPUs/mining rigs
- LLM/AI hype nowish: User generated data
- 90's dotcom bubble: Server space
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Delivery services and rideshares. People using them make meager wages, but the companies hosting them get all the benefit of people desperate for work or convenience.
Edit: in a similar vein, OnlyFans
9 2 ReplyThat's just old fashioned exploitation.
8 0 ReplySo is everything else OP mentioned.
1 0 ReplyNo, it's not. You clearly have never heard of this phrase.
2 0 ReplyAll of these are things where you capitalize on other people's attempts to get rich by selling them the tools to do so
1 0 ReplyYeah but that's not what selling shovels means.
A gold rush is a bunch of fools chasing the latest hype. Like AI or the dot com boom or NFTs.
Selling shovels is when you don't buy into the hype, but you make money off of the fools who buy into hype.
You're just talking about standard economics.
4 0 ReplyWhen COVID hit, there was an explosion in demand for delivery services.
1 0 ReplyYeah. That's just supply and demand. Not a fool's gold type hype.
3 0 Reply