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371 points greggyb | 1 comments | | HN request time: 0s | source
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not_a_bot_4sho ◴[] No.41978402[source]
Funny story. I used to see Steve almost every weekday for a couple of years.

I can't speak to his business skills, but I can attest that he never once offered a tip for his daily black iced tea. We'd even have it ready for him before he showed up so he never had to wait! He would pay with cash, and I'd hand him his change and drink, and that was that.

It's funny to me now: one of the richest men in the world and he never once offered a tip.

Frugality aside, he was always very polite and warm so I can't be mad. Makes for a good ice breaker story.

Edit: holy moly, this is a sensitive subject. Please remember this was from a time before tipflation. Tipping meant you left your change behind once in a while only if you felt the desire to show appreciation. It wasn't an obligation. Yes, I still do think it's a funny story. Roast me for being entitled lol

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godelski ◴[] No.41978997[source]
Everyone, chill

Regardless of how you feel about tipping culture we're not talking about the average person nor are we talking about the average *experience*. The dude is worth north of $100bn, and is making nearly $10k per minute![0]. Someone who cannot spend his wealth. Someone who'd have to spend tens of millions of dollars every single day just to stop his wealth from growing. Someone who makes money faster than he can throw hundred dollar bills handfuls at a time.

We're not talking about anything normal here because no one here *literally* makes thousands of dollars in the time it takes to wipe their ass. You can become poor, he would need an act of god to do so.

We can have a conversation about tipping and how much everyone hates it, but to ignore the fact that we're talking about someone with this kind of money is... ludicrous[1]. Throwing down a hundred bucks means literally nothing to the man. It is not even what a penny is worth to most of you. He's not you and framing the discussion this way is obtuse. Rage on tipping, I don't give a fuck and I'll probably join you. He's not "sticking it to the man" or "standing up for his values" he *is*" the man. He's playing an important role in creating this machine you're raging against. I just don't understand any of you

  [0] 1e11*0.05/365/24/60
        |   |    |   |  |_ minute
        |   |    |   |____ hour
        |   |    |________ day
        |   |_____________ Conservative 5% yearly return
        |_________________ At least 25bn less than he is worth...

  [1] FWIW, I hate tipping too. Fuck the till based tips with the ever increasing percentages. I frequently click 0. But fuck it man, I'm a grad student. Still, if I'm a regular somewhere and they are giving me special service, I'm gonna throw a few dollars into the tip jar. Tipping culture or not they're going out of their way for me and I should show gratitude in some way (you can also do by other means)
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kubb ◴[] No.41980012[source]
One problem with unbounded capitalism is that people can’t understand how big big numbers are. They think of themselves but slightly richer. So of course people should be able to accumulate the wealth of a city or a country, and there’s no negative aspect to that at all. They just worked like we do. And they should get gains on their wealth just like we do for our retirement. There’s no difference except a couple of zeros.
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1. godelski ◴[] No.41987962[source]
I'm not against "unbounded" capitalism, but certainly there should be things in place that ensure adequate competition is taking place. So I prefer "unfettered". I think this is of special concern given that the Silicon Valley Model is to literally become a monopoly. That's not good for anyone, including the company.

That said, obviously I have some concerns on the billionaire class, especially the hundred billionaires.

  > can’t understand how big big numbers are.
It isn't just this (though it is true[0]), but that money works extremely differently at this scale. Interest is not a rounding error, or something you think about being influential down the line. Passive income is so great that it gets difficult to imagine. There's those sites[1] that have you try to spend a large fortune and they don't even get to the different part. That being that for people like Elon, anything on that list can be bought by a week's worth of... doing nothing. That the passive income is so high that the problem isn't even that you couldn't spend the money if it was not growing, but that it grows so fast that you can't even spend it if you tried really hard. Spending a static billion dollars is incredibly difficult and you have to get creative. But in the real world with interest, it is exponentially more difficult.

I think the best example of this is MacKenzie Scott, Jeff Bezos's ex-wife. She's been spending her money as fast as she can and she "hasn't lost a dime". Forbes had her starting at $36bn and currently has her at $35.6B[2]. In the time since she has divorced Bezos she's given away nearly $17bn. We're talking less than 5 years.... In <5 years she's "spent" half of her static wealth and still has what she started with. Money at this level simply does not work the same way and a lot of people do not fundamentally understand this.

But there's also a psychological issue I don't get. What is the point of having so much "fuck you money" if you are not going to tell people to fuck off. Certainly they do at times, but often they don't. To have the wealth to do whatever you want, to be unconstrained, unburdened, and to still have anxiety and concern? To be stressed? I can understand that old habits die hard, but they do die.

[0] I started my academic life in physics. We do giant numbers and tiny numbers. I can with great certainty assert that our brains are not made to actualize these numbers. It is amazing that we have the math to work with them but when you stop to compare and it blows your mind. This is not done enough.

[1] https://www.spend-elon-fortune.com/ or articles like this https://youngfinances.com/spend-1-billion-dollars-you-cant-h...

[2] https://www.forbes.com/profile/mackenzie-scott/