Not really. It's undeniable that technology reset power structures, but ultimately it just ended up with new power structures/new people made the gatekeepers.
Just look at the people whose success was broken by Youtube overnight. Youtube/BigTech won over Hollywood, not the people 100% beholden to Youtube. Under Hollywood people still got their residuals. Under Youtube, next day you can be cut off completely.
Power structures still exist for sure. But objectively, there are tens of thousands currently making a living from YouTube who would've never been able to become entertainers if Hollywood was the only game in town.
The barriers to entry for entertainers have never been so low.
Local veterinary, dentists, medical practices, funeral home, retirement homes, roofing, HVAC, etc are being bought by private equity and wealth extracted.
When every financial transaction I make in part goes to a layer at the top that exists solely because they leveraged some digit in a balance book it is techno feudalism with an owning class being paid because they are the owning class, only instead of the baron always getting his cut it's invisible someones with even less accountability than the local feudal baron had.
Please show the dollar/realized benefit to society VS (in response to OPs statement) the results don't "justify the cost, corruption and a loss of trust in institutions" along with a breakdown of the cost/negatives to society that result from those factors.
This isn't big oil (yet) you can't just externalize all the downside and say the product is a net benefit.
Pish tosh, my dear sir, it's simply common-sense that there are oodles of people out there with secrets that would be completely ethical to distribute and would undeniably better all humankind, but they're sitting on them purely because they haven't figured out how to make a profit from it. /s
In other words, the overlap between these is too small to justify the idea that prediction markets are a net-benefit by default:
1. Is valuable
2. Not already known
3. No current reward mechanism exists (e.g. patents)
They're still doing business. Every single day. With hundreds of billions in revenue and an increasing number of stores popping up all over the place. Impact can be non-zero and still be not enough to meaningfully change anything.
Physical cards don't have the same 'whale' issue as electronic gambling/games on a phone that are designed to get you exactly to the point where you go 'ok, $20 more', that always is your pocket ready to feed that itch. No physical game/liquor store is using that kind of psychology or instant gratification (my understanding is addictiveness tied to action/reward length, with the most addictive things the ones with the most instant grattification?).
You also have an upper limit (which might be surprisingly high) with things like alcohol; nobody is drinking 200 gallons of whiskey a day, they'd be dead.
But nothing really limits how much you can burn gambling in a day. Even per app limits can be worked around with multiple accounts and multiple games.
This guy is a weirdo that believes Jesuit illuminati run the world (listen to the end of his Breaking Points interview), his qualification is a BA in English, he teaches at the high school level, and holds discussions with manosphere figures like Sneako. Not sure I'd elevate what he says just because he has a good online presence and really don't understand why he would be at the time of this post in the top comment in this discussion.
I think you are missing the parent comment's point.
The point is not "this guy is a genius" but rather "this war was so predictable, even this weird guy could pinpoint with frightening accuracy how this war would happen two years before it started".
You are so close. The rich don't buy all the doctor visits, they buy whole farms/doctor practices and place a tax paid to them on every transaction. We are switching to a society structured for maximum extraction everywhere because there is so much capital at the top looking for places to park, and why wealth disparity is so bad for a society. The feudal lords got paid on every transaction and with the current disparity the rich are buying their way back to that system.
Poor spend money to survive, circulating through the system.
Rich park excess money in PE buyouts of previously owner owned dental practices, HVAC, rental properties, etc and 'optimizing' for maximum extraction. Some capital is needed to fund new things, but excess turns EVERTHING into rent extraction with barons taking their cut above all else.
More and more of the services/things in life are owned not by the person that started the business, but by the rich whose money 'is just bits and has no impact on the poors'. Rich don't compete for doctor appointments, they just extract more and more $$$ by owning every doctors visit, every practice, every corporate farm. And the poors can't compete. Hence you end up with a feudal system because of the disparity. The rich should have enough to enjoy a good life and to have freed up investment capital in the system to start new things, but not enough to re-convert society back to feudalism where they own all and get paid a percentage on everything, always, just for existing.
For a lot of people on HN, they grew up in VHCOL places that used to be affordable and are trying to keep the lives they've had since birth.
I was forced to move, lost connection to my friends and half my family, all the places I knew and had memories/attachment to, habits/hobbies. I understand why they are fighting to keep their lives and not give up and in a way die and start a new, lonelier, much different life.
I don't understand how that is nepo/spoiled/rich behavior, it's just basic normal human behavior. Thinking it's totally cool to displace people is also normal human behavior, just to me the shittier less justifiable of the two.
I agree with all of that, but it's not representative of everybody that grew up in the VHCOL area. A slight majority of residents in the Bay Area (used as an example) own their own home. If you grew up there, and your parents owned their own home, your family has benefited enormously from the meteoric rise in house prices. Those people (long-time residents) are thrilled by the influx of tech cash and actively pursue NIMBY policies to restrict the housing supply to keep prices as high as possible. Most of the tech workers actually moving to the Bay Area and renting would much prefer a massive increase in the housing supply to bring prices down.
California is an especially egregious example because none of the inherited familial homes are taxed appropriately, which lowers liquidity and drives up market rates further. If you wanted to create a landed gentry, California Article XIII A is the gold standard for a policy to do that [1]
Of course, a lot of families never end up owning a home in an area that will experience that kind of appreciation. But the idea that it's "newcomers vs. life-long-residents" is wrong. It's actually more about the tension between the life-long-residents who own property and pursue NIMBYism vs. everyone else.
My example is representative of EVERY person I grew up with that didn't come from generational wealth. I guess if their parents died when they were young of a fluke you would consider them lucky, but what's the average lifespan for someone in the area? Everyone I knew would rather have had the option to live/raise a family in their home town than inherit a million dollar home in their 50s after they had to start a new life they didn't pick.
You can write paragraphs about how displacing people is fair, how kicking grannies out of their homes and auctioning them off because of tax debt (something that was happening) is the moral way. But you are still just talking around displacement of people to reach your desired end goal.
A functioning economy is full of these tensions between people with divergent "desired end goals". Everybody wants high home prices when they want to sell but low home prices when their kids want to buy. Everybody wants low prices for things but high wages for people, even though those things are inversely correlated. I'd bet many of the parents you're talking about voted for NIMBY policies and cheered the tech industry's rise. Of course they would. If I'd owned a house in the bay, I'd have been pretty jazzed about it too.
I'm not pro-displacement. I'm pro-housing, which we need much more of in SF.
The current structure is just the evolution of Norman lords, only they no longer have to worry about the pesky governing detail and can focus solely on value extraction. But corporate attitude towards humans, both their workers and the 'markets' they extract from, are if anything less humane. The Normans had to have their conquered populations housed, getting married, having kids in order to have workers/something to extract from. Corporate Normanism just throws people away/moves to another group.
Because all signs right now are pointing to new locked in systems of control instead of shared prosperity. These companies were supposedly non-profits who were supposedly deep thinking on improving things but they can't even get a basic narrative/philosophy out of how things will improve and have instead pivoted to for profit.
Our systems of power are locked in caveman style thought and don't seem capable of creating something new, just applying new tech to very very old, very coercive systems of power. Gone are the techno optimist days replaced by the tech companies with enshitification with them explicitly stating you will live worse so that they can have more profit, and that if there is nothing you can do to stop them, they will cater to their worst instincts.
Right. Technology is more distributed, empowering for the individual, however the power that wields it is stuck in a more feudalistic mindset and so we get this weird state where technological advancements seem more dystopian.
Just look at the people whose success was broken by Youtube overnight. Youtube/BigTech won over Hollywood, not the people 100% beholden to Youtube. Under Hollywood people still got their residuals. Under Youtube, next day you can be cut off completely.
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