this post was submitted on 03 Nov 2024
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[–] [email protected] 24 points 3 weeks ago (1 children)

The problem is that we judge its success by how much the wealthiest people bet on its success in a glorified casino instead of anything else, like its positive impact on society.

A plane can continue to fly without a pilot. The problem is not "continuing to exist", but continued success or a spectacular crash.

Also, I'd bet on Dropbox being able to function quite well without its CEO.

[–] [email protected] 1 points 3 weeks ago (1 children)

Sure, if the CEO is replaced by someone else who can manage the company, sure. But you cannot generally expect people to manage themselves. That’s why communism never worked and never will.

Also, what is according to you a glorified casino?

[–] [email protected] 1 points 3 weeks ago (1 children)

Your comment does not make sense. In communist countries, companies still have CEOs, they just don't have private shareholders, they are owned by the state. Not that I care about that.

And what I call a casino is the NYSE, when stocks offering no dividends are pumped to the stratosphere, with purely speculative buys.

[–] [email protected] 1 points 3 weeks ago (1 children)

Imagine calling stocks a casino xD

[–] [email protected] 1 points 3 weeks ago (1 children)

Imagine calling stocks your economy.

Not all stocks, though, just the ones with sharp upward trends despite the fundamentals and no dividends or voting rights. How are they different from a big-tech backed shitcoin? You don't get part of the economic output or even the influence, they are simply a token given to you by a random corpo saying it will be worth more next month.

[–] [email protected] 1 points 3 weeks ago

You can buy a part of company. If you buy 0.00001% of that company, you surely won’t take part in the decisions as your vote does not matter. From the other side, if millions of people owning 0.00001% of the company were making decisions, it would have been very slow to respond to the competition.

It’s all quite simple. If you disagree with company’s management, just sell the stocks. And no one is saying that company’s stock will be worth more next month.