interesting idea of a company as a survival mechanism independent of its shareholders. it feeds off its shareholders if it has insufficient organic customer matter to lunch on.
this all results from a simple fact. wave is a serial destroyer of capital. it is able to keep doing the same thing because it provides signals to its investors that losing a toe here or an arm there is worth it because they are so close to the promised land.
a toe here, an arm there. next thing you know you've got a meal fit for the donner family.
and given enough time, what if the promiser is not trustworthy?
the great surprise is that when folks are down to their last toe, it turns out they are still willing to put it in the pot.
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