Trading reputation for money?
Warren Buffet sees reputation as priceless with regard to his brand. This highlights the question of whether it is ever appropriate to sacrifice reputation for profit? What say you all?
It is the case that reputation is hard to earn yet easy to lose. On the other hand if you are starting at the bottom of society economically how can you escape that position without risking reputation at least? I'd like to hear from people who believe:
- It is possible to go from poor to rich without sacrificing or risking reputation.
- It is necessary to sacrifice or risk reputation to advance socioeconomically.
I'd like to hear from both sides pros and cons.
Asset appreciation vs cashflow
Steem is an interesting idea and Steem Power is a unique investment in crypto. For the most part Steem doesn't appreciate with regard to BTC to STEEM price over time. This indicates that Steem isn't easy enough to buy and is very easy to sell for BTC. It's true Steem has more utility than BTC at the moment but it doesn't mean BTC will not be more valuable to collectors. This topic of asset appreciation vs cash flow is strategic and philosophical so I'll discuss it more in a blog post of it's own.
yes it can be an asset to deviate from the norm, it's like experimenting to find what works... as to sacrificing your reputation, to gain monetarily... I think that is just poor business practice as well as being morally wrong. Once you lose your reputation, (providing it is good) you are going to work a hell of a lot more and harder to gain it back.
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The question is, if in order to get something you must lose something in return or at least put something at risk, what else does a person starting in poverty have that they can risk besides reputation? The second question is, do you think it is possible for someone at the very bottom say the homeless person, to become a millionaire while also keeping a good reputation in the process?
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to your first question, what the poor person gives up is time and energy, that is their only risk. I can't see why a homeless person can't keep a good reputation while working their way up... not every person who is homeless is a drug addict, a drunk, or a thief. Sometimes circumstance beyond peoples control make them homeless, as in the case of a plant shut down. for instance. So they may have had a great reputation before that.It doesn't mean they have to lower their moral standards.
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Well, I would say "time" and "energy" assume opportunity is everywhere. How do you create an opportunity for yourself to invest your time and energy in the first place if you don't sacrifice or risk something?
Where do you get the opportunity to grind if no path is set for you and you must create a new path? Is it possible to create a new path and keep a good reputation or will the disruption you cause create a bad reputation inherently?
Rather than say is it possible, is it likely that a person can create a completely new path (often very disruptive) while maintaining a good reputation?
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you have to look for opportunities, everyone does! Some are better than others. We all have to go out in this world to look for opportunities, I did when I was 16.
We all have to create our paths, I think it all comes down to the individual.
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And that is the dilemma. The necessity of having to create opportunities (or find them). If it's an advantage to be unscrupulous then wouldn't it favor those who have less behavioral restrictions?
There is ultimately the choice between conformity and "true to self" mentality vs goal oriented success at any cost mentality. Some may in fact subconsciously be choosing to be less financially successful in exchange for feeling better about themselves.
In that case it is a chosen path. I think someone like Buffet has the privilege even if he earned it to have an ability to say he puts reputation first. In his case he has enough money for 100 lifetimes so more of it makes no rational sense if reputation is lost.
But someone who doesn't even have enough money for 1 lifetime has a lot less to lose with a lot more to gain.
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I'm not supporting buffet in the slightest, just pointing this out..
Personal integrity doesn't no have to be sacrificed for financial gain (again, not using buffet as an example, just saying...)
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What I guess I'm getting at is, is it possible that high moral standards can lead directly to poverty? Could those same moral standards lock an entire demographic in a state of poverty due to limits to what they are willing to risk or try in order to escape?
Someone willing to try anything you would think has better opportunities and odds.
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I'd find it hard to believe that high moral standards would or could lead to poverty... but stranger things have happened.
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If you restrict your search you reduce your avenue of opportunities. So for example if for moral reasons you ignore lots of opportunities then you just have less opportunities in your life. Another person who doesn't restrict their search will increase their chances.
Do you not see how the numbers could favor an unrestricted search strategy?
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I see what you mean, but you have made it sound like in order to get a "better" or more of an opportunity, you have to find something that is black hat... and I don't agree. Isn't it worth limiting yourself to keep your values,reputation, and risk everything by not doing so?
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So you believe opportunities are not scarce? If opportunities aren't scarce how do we explain why some are in poverty for life yet stick to their moral standards while others rise out?
This is a very subjective question. It really depends on what you value more. Do you value whatever those values are more than another set of values? It could matter for example if you have kids and feel a sense of responsibility to protect them. It's also possible you don't have kids but just don't have any values which are fixed in stone.
Reputation can be lost while in poverty or while rich. The question is whether or not risking or sacrificing reputation to get rich is the only way to get rich. I would say maybe not the only way but it appears willingness to sacrifice more will give people an edge.
So a person who cannot deviate or escape from the restrictions of their moral standards could be trapped by those standards. At least that is a hypothesis. Say if Alice for example believes in maintaining high moral standards and would rather stay poor than to get rich in that way? But then Beth is not restricted by any moral standards so she'll take the opportunities Alice will not take.
Could the key to success for Beth be merely that she's more willing to deviate? If it's all about values could we say in this instance that Alice chose to remain poor rather than "sell her soul"?
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This is like the starving artist myth or a.k.a. "selling out" quandary. I say it's a myth because the fact it is used as a cliche in itself is psychologically damning to an artist who convinces themselves they must starve in order to keep their art "pure" and unadulterated by profit or business motivations. There's a whole body of recent books on this particular subject for artists and their basic thrust is to teach artists how to manage business or find help with business.
I remember going to a punk rock club here in my area where the band Green Day came up (played before they were famous) and the graffi in the bathroom one said "!@#$ Green Day."
The reputation people worry about within is a very small group. Often this small group is the one who supported the creative before they made it. When someone creative makes it this is seen by the smaller group as a kind of abandonment of their core belief - that one must live a modest and struggling life in order to be "real" with their creative expression.
I reject this idea that one must be poor in order to have this moral creative righteousness and feel this attitude is detrimental to creative arts.
While your question seemed to be more about money reputation I think it would help if you were more clear about it, do you mean someone who buys stocks in a weapon of mass destruction manufacturer? What kind of moral choice/reputation are you referring as an example? Or do you mean someone who straight up steals or scams?
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It was deliberately open ended so that I could capture a unique perspective like yours. You made good points.
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Well I think for larger companies, reputation is very important because one bad move in terms of reputation can put you into financial ruin.
However, for smaller companies who are just surviving day to day, reputation is less important because they technically can just close up shop and start anew with relative ease.
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Buffet is a hypocrite. He's talked that way for decades, presenting himself as a folksy and friendly uncle, but his holdings in Wells Fargo benefitted enormously from the the government's bailout in the wake of the last financial crisis, and when Wells Fargo was caught red-handed in engaging in widespread fraud against its own customers, "Uncle" Warren didn't do a whole lot to hold the miscreants accountable. I prefer to judge people by what they do rather than what they say, and Buffet's behavior indicates that he places profits above integrity.
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To the question in your title, my Magic 8-Ball says:
Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.
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Interesting philosophical question. I think a good example through which to examine this question is one's activity here on Steemit. After all, there ARE people on here who have achieved financial independence via this platform. I hope to be one of the someday, and am working toward that goal. I think that in the current social media, information, and blockchain age it will be EASIER to climb the social ladder with LESS of the reputation loss you mention. In my personal case, my activites on Steemit are conducted in a way which is ethical (in line with MY general ethical principles - including : provide people with value in an honest, transparent manner) I think that with the increasing leveraging power of crypto and social media it is now more possible than EVER to achieve wealth (and then use that wealth to achieve "success") in a manner in which you have independence and agency which allows you to avoid the traditional "traps" of having to "sell out" or "sleep your way to the top". I see this in action daily with the SERIOUS people on here (yourself included). I HATE working for other people, and people acting as a general OBSTACLE to my success. The new paradigm makes it easier to take control over one's life and be less dependent on others for success. These are my general thoughts on the issue right now...
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