The proliferation of online gambling is IMO one of the bigger under-reported trends in modern society, and has a real potential for massive externalities throughout society.
https://www.theatlantic.com/technology/2026/01/america-polym...
Though, I probably shouldn't have even talked about the reporting, and instead just said "this is something we're under-worried about as a society".
This is something that most people don't currently understand because most people don't really have much experience with gambling addicts and the sort of horrible things they will do to satisfy their cravings, but as the amount of gamblers in society grows explosively, we're all going to be feeling the effects of being surrounded by these people.
Why ever do anything at all with your money, ever, otherwise? Except for basic needs.
You used to be able to save for most large purchases without going into debt. Even cars.
But no, these days cars tend to be so goddamn expensive while at the same time being so low-margin products for the dealerships that even if you theoretically can pay in cash, the salespeople do their best to force you into some sort of debt because the kickback from that is the only way they make money. And practically, rents suck up so much of your income you can't save anyway.
Banks don't profit from keeping your deposits, they profit from running the money supply which empowers them to create new money which they tax or, in other words, loans on which they charge interest.
Go and try to withdraw something tangible with intrinsic value from a bank and you'll see they don't owe you anything at all. The most you'll get from them is paper, but even then you'll find it withdraw all your money in paper.
I just opened an account for you in my own bank, in fact. You have one million credits. You are free to send and receive credits from anybody else with an account (which is nobody, unfortunately). I owe you nothing.
If even the smart people on HN can't understand this it's little wonder the finance industry has such a stranglehold on society. The banks just run a ledger. That's all they are doing. But it's a ledger they control and they are allowed to create new money in it. In fact 97% of money is created by the banks when they issue loans.
It's a fundamentally different model to the antiquated "banks lend out your deposits" one.
No investments would take place because of that.
Why indeed? If people are only buying stuff because they are afraid of their money being worth less in the future then those are things people don't even want, let alone need. Why is it a good thing for us to endlessly churn out stuff people don't even want?