Intuitive: Maybe you remember when several folks who worked in the security sector posted about Wave's technology?
Instead of welcoming folks who knew what they were talking about, they were banned by the cult leaders for disagreeing with the Wave myth of uber superiority, best in class, first mover, etc etc.
There were a lot of ordinary folks cheering the blocking of posts by these security specialists. Why? Because Wave was such a blatant sham of a scam, it could not withstand the most shallow scrutiny.
The blame goes both ways, IMO. Investors were 'steered' the wrong way every time and still they kept faith with the leaders who were wrong and costing them so much money.
At the same time, this board, for instance was open to the publishing of contrary facts, accurate analysis, and even negative opinions of Wave.
So the real info on Wave was pretty much out there. Those who held on until the end, were listening only to the pretty story being peddled by leaders paid to steer investors the wrong way.
There was wholesale deception for sure, but the other half of that equation is the naivete and gullibility of those who kept buying shares of Wave, despite its infinitely expanding timeline, the serial postponement of scheduled successes and the constantly broken deadlines for profitability.
There were also plenty of just-for-me greedy grabs by the execs, as well as unwarranted "guaranteed bonuses, equal to half the CEO's salary". Backbreaking nepotism was tolerated and excused, while Wave struggled to stay afloat.
Yes, there were plenty of lies told about Wave's imminent 'success' but there was also a ready cadre of investors willing to believe the unbelievable, when it came to Wave. Some of the excuses and rationalizations for failures were so far-fetched, or involved stacking long and impossible odds on top of long and impossible odds, then multiplying by infinity.
As success drifted further from Wave each quarter, the creative excuses for the slippage, strained at the very bounds of credulity. Each failure was greeted with an even bigger and more outrageous lie.
The loss of Dell 'didn't really matter' [even though Dell was responsible for the majority of Wave's revenue].
The entire scam rested on a gossamer-thin thread requiring one to suspend all logic, be blind to every known investing principle, and to turn a deaf ear to those who told the truth about Wave. In fact, call them liars.
The heavy censorship kept the real picture of Wave from getting out among believers who depended on the filtered boards for news and progress. They simply did not get to read those who posted precisely why Wave was not succeeding, but instead, was falling further and further behind--even though the quarterly reports showed how lacking in substance the Wave myth actually was.
For 26 years, Wave flailed and failed at business, unless one agrees the true business was sucking in investors on a BS version of any number of get rich quick schemes. At extracting money from shareholders, Wave was a world beater, Olympic champions at fraud.
Blue
