I guess this is the way to get rich quick now. Imagine a company with millions of fake users all created by a LLM app.
App trustworthiness is at an all time low if you ask me. It's like each store you walk in to is a scam operation out to get money for returning the littlest amount of value back. There is no more organic or honest growth, even users on platforms are faking their statistics too... This entire ecosystem will eventually end up eating itself in my opinion.
Shady “growth hacking” is more the norm than not for many of these early stage social companies that have chicken/egg Metcalfe’s Law issues for user adoption.
Personally, I found it striking how similar this looks to the other doomscrolling sites (sure, it's only superficial, but if you don't "dig" you might not catch that it's all simulated).
Double whammy of screwing poor people with monetary policy.
As I understand it, western retail banks that take deposits are fractional reserve banks, and have to be if they pay interest on deposits; after all, banks don't generate revenue from just looking after your money (unless they charge you for it, perhaps in the form of a negative interest rate)
If your money is used to generate meaningful economic activity, that means you're investing it into something like stocks (Which anyone can do by opening a Schwab, or a Vanguard, or a whomever account) - which will beat inflation, but on the short-and-medium term, are not a safe investment.
The economy is working incorrectly - due to central banks.
Being punished for saving is just insane.
The economy is a prisoner's dilemma. If everyone saved, we'd all be worse off.
As such, it makes sense to punish defectors.
On the other hand, if everyone saved instead of buying stocks, wouldn't banks and entrepreneurs have a common interest in making loans replace stocks in funding entrepreneurial activity?
So maybe they could stop their inflation policies which screw the little people.
I am not writing about socialism. I am writing that central banks should stop the policies that rob the poor and give money to the rich.
Yes, there were crisises in the past. There are crisises now. And there will be crisises in the future. But in the past, at least the interest rates on savings beat inflation, so common people could build a safety net. Now you are punished for saving. You can play the stocl market casino (which btw. is connected to price of money from central bank...).
Is the central bank for average people, or another corrupted institution made to make the rich even richer?
That’s of course without considering any of the pre and during depression era panics, where there was a quasi gold standard.
Savings can either be punished by inflation or risk. That’s an immutable financial fact. The only time you aren’t being punished for savings is if you exist in an economy where money can’t be put to productive use and is thus deflationary. Sometimes that’s good for savers but generally it means you are experiencing bad stagnation more broadly in the economy.
1) the negative real central bank interest rates are a recent anomaly in my country, and above-inflation deposit interest was easy to find before that
2) mortgage lending should indirectly generate meaningful economic activity, in the form of building construction and maintenance
3) buying stocks on the secondary market also only indirectly generates meaningful economic activity - all it does directly is take stocks out of the seller's hands, replacing it with cash - presumably, this causes a chain of trades that lead to the primary market (or possibly to a mortgage)
Who is doing this?