alt Hacker NewsYet more evidence of the rapid disassembly of the social contract and our collective ethics, aided of course by unregulated tech. If you work for – or are involved in the funding of – these unregulated gambling and insider trading platforms, you should be ashamed of yourself. Your greed and lack of concern for the health of the human world you live in is sickening. You can get bag after bag but it will never fill the void in your soul.
Replies
The biggest sums involved appear to be on the oil futures market. That market has existed for a long time (half a century to a century depending on the sophistication you measure). If this is is a novel occurrence it cannot be the platform that 'caused' it.
I think it's just that we create useful tools: futures, the pre-emptive pardon, and so on. Then people figure out how to use those tools to enrich themselves in ways we did not anticipate. It's just a question of how we fix our machinery in this cat and mouse game or if it is fixable at all.
This is the only reasonable point of view to take on the widespread and obviously unethical outbreak of gambling platforms. The fact that it's downboated and towards the bottom is just a reflection of how far the discourse has fallen.
Granted, maybe I should be less surprised given the fact that this is all being posted on the promotional website of a technology-focused private equity fund, but it's disappointing nonetheless.
Insider trading exists with stocks too. I mean, if there is a way for people to profit by bending the rules or information asymmetry, someone will find a way.
Isn't it more than the ability to manipulate global markets essentially means we're headed towards a global inflation crisis? No one with critical thinking skills believe Elon's valuations are a rational market concern.
But if they _are_ rational, eg, a zimbawean inflation nightmare, then if you're not trying to "escape the permanent underclass" then _you_ are the irrational person.
So ignoring all politics, we're really dealing with a zeitgeist of people who think wealth inequality is endless, and the only way to survive is to lobster bucket and YOLO every chance to gamble.
This applies to almost everyone working on SaaS; not in all cases, but the absolute majority work on SaaS means creating artificial scarcity in order to extract value from people. It is a fundamentally evil, antisocial, anti human thing to do. If you believe that is okay to restrict access to infinite resources to preserve the status quo you deserve the same place in hell as the people pushing gambling.
Don't create artificial scarcity. Don't play zero sum games.