Yeah, this is part of the new Reaganomics I like to call AIconomics. The goal isn’t to produce a good product, the goal to make something flashy that tech billionaires want to throw cash at. It’s not unlike crypto. Crypto has literally no actual value yet people are shitting money into bitcoins of every type in hopes that one will hit it big. Meanwhile tech billionaires keep minting new ones to entice new suckers every other week. The tech billionaires want you hooked on AI so you’ll give up your private info that they can sell to each other so they can cash in, the software companies are investing their time and resources into making AI LLMs in order to get tech billionaires to give them money. It’s a viscous capitalist circle. Only thing that will stop it is heavy regulation. But with Republicans in charge that will absolutely never happen. Trump practically made his entire cabinet out of billionaires and corporate shills. And too many Democrats gave them the thumb up, so don’t count of Dems doing a whole lot to stall the big tech chokehold on everything either.
There’s been investment bubbles, overshooting and disingenuous rent seeking in many economies before. It was temporarily reduced in many western economies by various FDR type policies in the '30s-'60s. The '70s and '80s were just the banks wresting back their freedom to implement market “rationality”. And we get the benefits ever since.
People do keep voting for it though so it is hard to argue they’re not satisfied. Even the ones who protest vote don’t seem to see the “investment” markets as any part of the problem; or as important at all. That’s either some pretty effective demagoguery, or some dumb fucking electorate.
The amount of power shareholders hold over every major (American) enterprise isn’t talked about in a way that presents a clear problem between increasingly expensive and shitty services, layoffs, anti-worker practices, political corruption and these shareholder groups. C-suite are part of this group but they’re also afraid of removal via hostile board takeovers and so easily justify acquiescing to shareholder demands.
Perhaps it’s because the same investors hold the same sway over (American) media with the added benefit of using it to brand themselves as exceptional leaders. Lots to untangle there…
I’m quite aware of enshittifacation. And, though the word is new, the concept is not. It was most recently called “planned obsolescence” and I think older folks just called it “trashy new stuff” or something folksy like that. But that’s harder to apply to the amorphous entity that is the Internet and the economy that’s been built around it. Don’t fall for the doomsday cult of “it’s all just going to shit anyway so let’s only care about ourselves”. That’s how we got Baptists, Seventh Day Adventists, and Mormons (among so many others).
Crypto has literally no actual value yet people are shitting money into bitcoins of every type in hopes that one will hit it big.
That’s not entirely correct. Black and white stones used in voting in someplace antique also have no actual value, but they substitute a vote.
BTC is used as a mechanism of exchange, like a decentralized bank.
Only thing that will stop it is heavy regulation.
Would you agree if someone told you that the only thing to resolve some political problem is heavy artillery?
Or would you doubt that the person talking has good idea of the problem and the solutions, offering the bluntest one?
“Regulation” of the “property rights protection” kind is needed. Providing a service presented as a good that doesn’t work without dancing to a certain tune is simply cheating, it’s theft. Providing a “communication platform” augmenting and weighing your words for recommendation system leading to some intended effect is cheating, theft and impersonation at the same time. These should be prosecuted. But that’s not heavy regulation, that’s an update to pretty light regulation.
Maybe also obligation for every big service on the Internet to have global identifiers and provide a global API exposing all its inner entities, be that posts or users or comments or reactions, with those global identifiers. So that you could export all of Facebook to a decentralized cache, for example. That’s heavy regulation, but also pretty reasonable, in line with old approaches to libraries, press and freedom of speech.
Would you agree if someone told you that the only thing to resolve some political problem is heavy artillery?
Well, if everything else failed…
“Regulation” of the “property rights protection” kind is needed. Providing a service presented as a good that doesn’t work without dancing to a certain tune is simply cheating, it’s theft. Providing a “communication platform” augmenting and weighing your words for recommendation system leading to some intended effect is cheating, theft and impersonation at the same time. These should be prosecuted. But that’s not heavy regulation, that’s an update to pretty light regulation.
The problem with light regulation is that it would probably be too easy to workaround, not that a heavy regulation do not have the same problem btw, but more than the regulation itself is the punishment (and the certainty and timeliness of it) that is important.
Well, if you’ve noticed, the punishments have been becoming less and less over many years, unless you are a small-to-medium business or an individual, in that case you have more rules and more punishments.
They didn’t stop handing out harsh punishments. Just in a highly unpredictable, unequal and arbitrary pattern.
I’ve read someplace that the main difference between modernity and middle ages in legal practice was that in modernity punishments were relatively small, but unavoidable, while in middle ages most criminals avoided punishments, but here and there some poor idiot would be made an example of in a highly disproportionate way, like being quartered for stealing some shit and being rude to a priest.
Yeah, this is part of the new Reaganomics I like to call AIconomics. The goal isn’t to produce a good product, the goal to make something flashy that tech billionaires want to throw cash at. It’s not unlike crypto. Crypto has literally no actual value yet people are shitting money into bitcoins of every type in hopes that one will hit it big. Meanwhile tech billionaires keep minting new ones to entice new suckers every other week. The tech billionaires want you hooked on AI so you’ll give up your private info that they can sell to each other so they can cash in, the software companies are investing their time and resources into making AI LLMs in order to get tech billionaires to give them money. It’s a viscous capitalist circle. Only thing that will stop it is heavy regulation. But with Republicans in charge that will absolutely never happen. Trump practically made his entire cabinet out of billionaires and corporate shills. And too many Democrats gave them the thumb up, so don’t count of Dems doing a whole lot to stall the big tech chokehold on everything either.
How viscous is the cycle
Very. It’s like molasses.
There’s been investment bubbles, overshooting and disingenuous rent seeking in many economies before. It was temporarily reduced in many western economies by various FDR type policies in the '30s-'60s. The '70s and '80s were just the banks wresting back their freedom to implement market “rationality”. And we get the benefits ever since.
People do keep voting for it though so it is hard to argue they’re not satisfied. Even the ones who protest vote don’t seem to see the “investment” markets as any part of the problem; or as important at all. That’s either some pretty effective demagoguery, or some dumb fucking electorate.
The amount of power shareholders hold over every major (American) enterprise isn’t talked about in a way that presents a clear problem between increasingly expensive and shitty services, layoffs, anti-worker practices, political corruption and these shareholder groups. C-suite are part of this group but they’re also afraid of removal via hostile board takeovers and so easily justify acquiescing to shareholder demands. Perhaps it’s because the same investors hold the same sway over (American) media with the added benefit of using it to brand themselves as exceptional leaders. Lots to untangle there…
Sounds like some deliberately obscure concentrations of power.
The fear bit is really problematic though as scared people are not ideal decision makers.
I’ld like to vote Cryptonimics as term, because it encompasses both the cryptic nature of the product, and the clear example of cryptocurrency.
Where do you think you are?
Check out enshittification and the rot economy. I feel like those two terms encompass pretty much what we are seeing these days
I’m quite aware of enshittifacation. And, though the word is new, the concept is not. It was most recently called “planned obsolescence” and I think older folks just called it “trashy new stuff” or something folksy like that. But that’s harder to apply to the amorphous entity that is the Internet and the economy that’s been built around it. Don’t fall for the doomsday cult of “it’s all just going to shit anyway so let’s only care about ourselves”. That’s how we got Baptists, Seventh Day Adventists, and Mormons (among so many others).
That’s not entirely correct. Black and white stones used in voting in someplace antique also have no actual value, but they substitute a vote.
BTC is used as a mechanism of exchange, like a decentralized bank.
Would you agree if someone told you that the only thing to resolve some political problem is heavy artillery?
Or would you doubt that the person talking has good idea of the problem and the solutions, offering the bluntest one?
“Regulation” of the “property rights protection” kind is needed. Providing a service presented as a good that doesn’t work without dancing to a certain tune is simply cheating, it’s theft. Providing a “communication platform” augmenting and weighing your words for recommendation system leading to some intended effect is cheating, theft and impersonation at the same time. These should be prosecuted. But that’s not heavy regulation, that’s an update to pretty light regulation.
Maybe also obligation for every big service on the Internet to have global identifiers and provide a global API exposing all its inner entities, be that posts or users or comments or reactions, with those global identifiers. So that you could export all of Facebook to a decentralized cache, for example. That’s heavy regulation, but also pretty reasonable, in line with old approaches to libraries, press and freedom of speech.
Well, if everything else failed…
The problem with light regulation is that it would probably be too easy to workaround, not that a heavy regulation do not have the same problem btw, but more than the regulation itself is the punishment (and the certainty and timeliness of it) that is important.
Well, if you’ve noticed, the punishments have been becoming less and less over many years, unless you are a small-to-medium business or an individual, in that case you have more rules and more punishments.
I noted it. That is why I said that the problem is the punishment.
They didn’t stop handing out harsh punishments. Just in a highly unpredictable, unequal and arbitrary pattern.
I’ve read someplace that the main difference between modernity and middle ages in legal practice was that in modernity punishments were relatively small, but unavoidable, while in middle ages most criminals avoided punishments, but here and there some poor idiot would be made an example of in a highly disproportionate way, like being quartered for stealing some shit and being rude to a priest.