
I was going to write a huge wall of text, talking about the core of this article. But the article is so good and sensible I’d rather not discourage people from reading it.
Instead I’m going to comment on a few excerpts. Mostly sidelines.
and getting relentless bollocked by cryptocurrency cultists who at first insisted that I just didn’t understand crypto. And then, when I made it clear that I did understand crypto, insisted that I must be a paid shill.
*Sigh*. This is like a bloody bag of everything I fucking hate: assumption of ignorance, followed by assumption of the motivations. But then, those are crypto bros; rationality isn’t their forte.
Start with what a reverse centaur is. […] Obviously, it’s nice to be a centaur, and it’s horrible to be a reverse centaur.
Lemmy-friendly way:
- centaur = tech that empowers, elevates you
- reverse centaur = tech that disempowers, subjugates you
“There is no alternative” is a cheap rhetorical slight. It’s a demand dressed up as an observation. “There is no alternative” means “STOP TRYING TO THINK OF AN ALTERNATIVE.” Which, you know, fuck that.
That reminds me the speech acts of Austin. If anyone here wants to go through that rabbit hole I got a Wikipedia link for you, but to keep it short: Doctorow’s interpretation of the situation is spot on. Don’t be fooled by the hordes saying “I’m just chrying to inform you lol lmao” or similar crap, this shit is a demand to give up, dressed as an epistemic statement. Don’t give up dammit.
Start with monopolies: tech companies are gigantic and they don’t compete, they just take over whole sectors, either on their own or in cartels.
To further reinforce Doctorow’s point, check the “institutional shareholders” behind a few of those tech companies.
- Google/Alphabet: Vanguard Group, BlackRock, State Street, Fidelity, Geode Capital Management
- Apple: Vanguard Group, BlackRock, State Street, JPMorgan, Geode Capital Management, Fidelity (FMR)
- Facebook/Meta: Vanguard Group, BlackRock, Fidelity
- Amazon: Vanguard Group, BlackRock, State Street, Fidelity, Geode Capital Management
- Microsoft: Vanguard Group, BlackRock, State Street, Fidelity, Geode, JPMorgan
- nVidia: Vanguard Group, BlackRock, Fidelity
This is like South America between 1580 and 1640. Portugal kept violating Spain’s turf of the Treaty of Tordesillas, but no way Spain would declare war on Portugal — because their king was the same person; there was no violation, only the same guy deciding how to organise his belongings. The same applies to GAFAM+nVidia — they don’t compete; their common owners simply decide which company should get which part of their turf.
It goes deeper. Who owns those companies that own the big tech companies? Well… “BlackRock is publicly traded and primarily owned by institutional investors. Vanguard Group (8.87%) is its largest shareholder, followed by other institutions like BlackRock itself and State Street.”
So when Amazon bids against Target for a key acquisition, or a key hire, Amazon can bid with shares they make by typing zeroes into a spreadsheet, and Target can only bid with dollars they get from selling stuff to us, or taking out loans, which is why Amazon generally wins those bidding wars.
Next link, Wikipedia on Greshm’s Law: bad money drives out good money.
If shares from those companies can be further “minted” (issued) at will by the companies in question, they’re “bad money”: the face value (how much you pay for it) is still the same or increasing, but each new share has a lower inherent value (you go from buying 0.2% of the company to buy only 0.02%). In comparison, real money behaves here like the “good money”, since the company can’t fuck with its inherent and face values.
And, based on Greshm’s law, those companies are likely not using real money to trade with each other. They’re using shares. Couple that with the “GAFAM’s Iberian Union” I mentioned above, and this means that, once the bubble bursts for one, it’ll burst for all of them.
This will be way, way worse than the dotcom bubble.







I’m fairly sure the reason the tech bros’ cheerleaders [flagged] this link was not the paywall, but because they find deeply offensive when people doubt their “vizhuns” about “eh eye”.
Anyway. I couldn’t find a non-paywalled version. Here’s how I think it’ll burst:
Still a better love story than Twilight.