Comment

Comment on Research shows more than 80% of AI projects fail, wasting billions of dollars in capital and resources: Report

<- View Parent

_stranger_@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

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?

source

Sort:hotnew top

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.

source
- _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.
  
  source
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.

source