Venture Capital is probably the best way to drain the billionaires. Those billions in capital weren’t wasted, that money just went to pay people who do actual work for a living. What good is all that money doing just sitting in some hedge fund account?
jjjalljs@ttrpg.network 2 weeks ago
I think the whole system of venture capital might be garbage. We have bros spending millions of dollars like gif sharing while the oceans boil, our schools rot, and our infrastructure rusts or is sold off. Or, I guess I’m just indicting capitalism more generally. But having a few bros decide what to fund based on gutfeel and powerpoints seems like a particularly malignant form.
_stranger_@lemmy.world 2 weeks ago
jjjalljs@ttrpg.network 2 weeks ago
I don’t think it’s the best way out of all possible options. Even if it does “create jobs”, a lot of those jobs aren’t producing much of wider value, and most of the wealth stays in the hands of the ownership class. And a lot of the jobs are exploitive, like how “gig workers” are often treated.
Changes to tax law and enforcing anti-trust stuff would probably be more effective. We probably shouldn’t have bogus high finance shenanigans either. We definitely shouldn’t have billionaires.
_stranger_@lemmy.world 2 weeks ago
Oh sure, I was mostly being flippant. My response to the article is basically that billionaires losing billions is a good thing. I don’t feel optimistic enough to say we’ll get around to taxing them but yes, that would be ideal.
Knock_Knock_Lemmy_In@lemmy.world 2 weeks ago
I think you have a point here. Venture capitalists buy in the primary market. They are directly impacting innovation.
Fund managers (both hedge and long only) merely help capital markets to be liquid. Their money doesn’t directly go to anyone actually creating something.
Angry_Autist@lemmy.world 2 weeks ago
The world is burning and the rich know this so they are desperate to multiply their money and secure their luxury survival bunkers, which is why they are gambling harder.
jjjalljs@ttrpg.network 2 weeks ago
Oh yeah I think I read about Zucker building a bunker in hawaii. Hopefully he dies before he can enjoy it.
Angry_Autist@lemmy.world 2 weeks ago
It’s not just fuckerberg, EVERY billionaire is doing it and desperately pumping their billionaire friends for tips and suggestions on things like ‘keeping guards loyal for multiple generations’, and ‘what commodities to hoard for trading after the collapse’.
One of the sites I used to support was a high-end automation service, normally for factory equipment and biotech but pivoted to luxury home automation (no IoT devices, all site hosted with aerospace grade equipment), and they have been running at 100% for the last seven years deploying to ultra wealthy residential estates where the location is not disclosed.
The wealthy are expecting us to rise up within the next decade and a half, and I think they’re probably right.
jjjalljs@ttrpg.network 2 weeks ago
I remember seeing memes about this. I think it was the “boss throws guy out the window” template.
- “How can we keep our guards loyal? Drug them? Bomb collars?”
- “Maybe you could pay them and treat them with dignity and respect”
Personally I think we should start a campaign of jury nullification and “if you’re an EMT, and they’re a billionaire, let them die”, but I’m just one guy.
rottingleaf@lemmy.world 2 weeks ago
The situation where it’s still profitable to invest this way means that there’s some cross-flow of value from real to this which shouldn’t exist.
I dunno which. Maybe government handouts to corps, for example.
Or ads revenue from any engaging activity, not only good, made huge because of oligopolies.
Or closing holes with currency emission.
It shouldn’t be possible otherwise.
Wogi@lemmy.world 2 weeks ago
You think it might be??
Bro say that shit with some confidence.
Venture capital does not contribute beneficially to society.
RangerJosie@lemmy.world 2 weeks ago
Say it with your whole chest and both feet. Cuz it’s true.