Oracle Fraud (or Defrauding Shareholders)
2 days ago: The World's Richest Ponzi Scheme (Faking Value Using Net Waste)
Oracle uses slop to write blog posts. Oracle is also run by the person who founded it. He's a charlatan and a fraud. He's a toxic person. He's openly an advocate of sexism and he supports fascism. He's generally a bad human being.
We never had a "soft spot" for Oracle. It's a bad company and it ought to be a toxic brand. Watch what they did to OpenOffice.org, including how they 'hoarded' the trademark (while letting the product itself rot).
That Oracle would become "mates" with Scam Altman makes sense. What better pairing than two charlatans and frauds?
The other day there was media coverage about Oracle and ClosedHEYHI ("OpenAI"). We don't want to link or legitimise such media coverage in any way. We did some quick rebuttals in IRC, but that's about it. One quip from IRC said: "Maybe the way to allude to the fake (bluff) "cloud" and "AI" 'deal' (bluff) or Oracle and ClosedHEYHI mid-sentence is to say, "theoretical deal with money that does not exist and is meant to ascribe value to buzzwords out of thin air", but that's too many words" (we need a more concise description, a succinct explanation of it).
The fake (bluff) "cloud" and "AI" 'deal' (bluff) of Microsoft and ClosedHEYHI can be summed up as "circular financing scam" (Microsoft gives money to a company to pretend to be its client, i.e. to return Microsoft's money to Microsoft). A day before the Microsoft-funded Cheeto inauguration the FTC was still investigating it.
What happened then?
Fraud became the everyday norm in the US administration, with thousands of violent criminals in DC pardoned (because their crimes were gainful for this administration).
Let's set aside the "administration" aspect, as we don't want to politicise the matter. Crime does not have "wings" (right or left), crime is just crime. Attacking the Capitol is a crime. There must be a widely understood accounting term to describe what Oracle just did with ClosedHEYHI. We still need a catchy phrase we can mention in passing - maybe hundreds of times (with supportive URL) - each time someone pretends that ClosedHEYHI has hundreds of billions of dollars "in the bag" (there are headlines that speak of IPO or a hundred billion dollars in "investment", but those are hypothetical or theoretical nonsense).
One article we saw yesterday had in its URL "openai-signs-contract-to-buy-usd300-billion-worth-of-or acle-computing-power-over-the-next-five-years-company-needs-4-5-gigawatts-of-power-enough-to-power-four-million-homes" (no link, won't even name the site). THIS IS FRAUD. No money changed hands. This is them defrauding people using FAKE numbers.
Where's the media's scrutiny? What happened to journalism? The above makes as little sense as pretending that this company has trillions in "the bag" [1, 2].
It also sells the lie that this company can survive another 5 years. It cannot.
"Well," an associate said, "the obvious [BS] is that watts are (wasted) electricity and FLOPS are computing capacity. By focusing on the former and ignoring the latter, they give away the fact that their activities are *not* about producing results. [...] It's more dotcom fraud, just dressed up in new clothes -- if even that" (it's more specific than this though, "dotcom" is too generic).
"Furthermore the dotcom bubble left some useful stuff behind," as Doctorow noted in 2023, "unlike this current LLM bubble."
Then there's the element of inventing money that does not exist and will never exist. Open admissions by ClosedHEYHI suggest it's not only losing money but will lose even more money next year. So how can ClosedHEYHI pay any bills? Lenders will lose patience.
Whose fake money will pay the bills? "Or do you mean the fake money changing pockets?" the associate asked.
Well, at the moment ClosedHEYHI is just growing its debt. At the end investors will bear the losses. Many people will lose a lot of money. There will be no turnaround.
Oracle boasts about a piece of paper or a contract that will never bear fruit (money). Those articles in "the press" merely shoulder a lie. █