| ▲ | ModernMech 4 hours ago |
| This is the trap of modern society. Think about what you're doing: instead of anything productive, you thought a good use of your time was sitting there staring at numbers, hoping to find a pattern to make money off of people; who in their own right are using insider information to game a system; which itself is set up to capitalize off the fact that the larger economy has failed, and now all that's left is to just make money off of guessing. |
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| ▲ | hx8 2 hours ago | parent | next [-] |
| This comment is so patronizing because it's 2008 angst against the financial sector wrapped up in the assumption that the people participating in the financial sector aren't aware of that angst. We're deep in a hacker news comment thread, no one here should be beating the desk about productivity. I would recommend you look into Bullshit Jobs by David Graeber, where he makes an argument that 50% of American jobs are not only not-productive, but actually harmful. Your argument isn't taken to its logical conclusion yet. |
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| ▲ | ModernMech 17 minutes ago | parent [-] | | I'm well aware of "Bullshit Jobs", but that's more support for my conclusion that the modern economy has failed. Why do we have people doing bullshit jobs rather than something else? My argument is taken to its logical conclusion plenty of places in this economy, it's just not evenly distributed -- just look at the minimum wage being $7/hr juxtaposed next to an extra value mean being $12. That's a failed economy, sorry. |
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| ▲ | zahlman 3 hours ago | parent | prev | next [-] |
| We should be happy to live in a world where a significant fraction of people can conclude that "doing something productive" is not a hard requirement for survival. |
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| ▲ | rwmj 3 hours ago | parent | prev | next [-] |
| True, but hx8 isn't to blame here and was simply trying an interesting experiment. Blame the system instead. |
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| ▲ | ModernMech 3 hours ago | parent [-] | | I did blame the system, I said it's the trap of modern society. The only reason hx8 fell into this trap was because they thought it would be profitable, that's not a moral failing on the part of the poster. |
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| ▲ | tikhonj 3 hours ago | parent | prev | next [-] |
| The real trap of modernity is treating "productivity" as some sort of quasi-religious moral imperative. |
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| ▲ | yieldcrv 3 hours ago | parent | prev [-] |
| Finance has always been the largest sector on the planet through every economic environment you have been alive for, I don't really understand why there is a current of this community that acts so divorced from its perpetual and all encompassing existence their whole lives Despite you being an individual, you reflect an aberration of sentiment here that makes no sense For example, the larger economy hasn't failed, another view is that this is price discovery of a mispriced agent in the market. A wage worker whose actual productivity isn't valued accurately, and a market based solution has been developed that allows for closer accuracy. More profits to the insider and the copy trader, their available capital and liquidity is derived from their utility to the employment sector and their potential profits with that capital and liquidity is derived from the event's actual utility to the market. Additionally, the productivity of all agents isn't known, you don't know what they were doing with their time before and it likely was suboptimal already - as in doomscrolling on social media or vegetating on the couch. Finally, you have no way of quantifying if those lazy things were suboptimal uses of time, or if a completely active other activity was suboptimal or optimal, as this goes into relative utility and schools of ethics. |
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| ▲ | TheRealDunkirk 3 hours ago | parent [-] | | > the larger economy hasn't failed It's only a matter of time until Social Security starts to fail, right after we've paid all the boomers their full benefits (and just in time for me to be eligible), and then they'll have to implement "austerity measures." After that, groceries, gas, housing, health "care," and higher education will have fully broken the middle class (it's already broken me, and I have a good job and a paid-off house), and the economy (sans imaginary AI investment bullshit) will be exposed as failing. AI (such as it is) will hammer entry level jobs, and tax revenues will be impacted by this. At the same time, we're going to have to start some sort of menial UBI, but with what money, I have no idea. Service on the national debt just surpassed military spending last year. When the shit hits the fan in another 10 years, the country will have to either go to war to reset the accounting ledgers, or actually put themselves on a budget. Which do you think will happen? Given the numbers and rates we can see at present, all economic activity right now is a process of moving deck chairs on the Titanic. Sure, it hasn't failed, but it is an absolute certainly that it WILL. It's just a question of WHEN, and it's relatively soon. We have no adults in Washington. It's clear they're ALL just trying "get theirs" before it all comes crashing down. | | |
| ▲ | prepend 3 hours ago | parent | next [-] | | Social security will fail slowly by reducing its payout a little at a time. It can’t really fail all at once unless the US government dissolves. And people have been losing money on that bet for 250 years. Luckily, if someone thinks the USG will actually fail, it’s really easy to trade on that possibility. | | | |
| ▲ | bpt3 2 hours ago | parent | prev | next [-] | | When social security "fails" (which I would define as not paying out 100% of its defined benefits), the payment structure will be changed and that's the end of it. If paying for basic living expenses and higher education for your kids has "broken you", then you either didn't have the good job you thought you did or you aren't making very sound financial decisions (or both). Given that you own a paid off house, I suspect the actual issue is a complete lack of perspective on your part as to how well you have it. In short, the economy is not failing, you're just a doomer. | |
| ▲ | yieldcrv 3 hours ago | parent | prev [-] | | Everything you described is future liquidity and who has it, but whether that’s the economy or enough of it to make a statement is unclear to me And you wrote this all as a reaction to people trading on prediction markets? Markets that show velocity of transactions in a new, novel and growing way, which is the goal of our economies - to discourage hoarding in favor of transactions Being a permabear doomer has nothing to do with the existence of prediction markets and other people’s participation in them |
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