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Financial systems have been hacked since the beginning and now the hacking is getting worse. Regulations will make it progressively harder for newcomers to com

Financial systems have been hacked since the beginning and now the hacking is getting worse. Regulations will make it progressively harder for newcomers to compete in the marketplace, executive pay will keep rising, corporations will get bigger. Owners of capital won't be able to trust outsiders so they will only recruit their family and close friends into well-paid executive positions. Advertising will completely dominate consumer behaviour; small businesses will disappear; once virtual reality takes over, corporations will make sure that customers forget that these small companies even exist. Machines will replace people in the workplace. The rich won't care because at that point; because of social tensions and advertising, rich people will have grown to literally hate the poor and want them dead.

techdragon 10y ago
You know... This sounds awfully familiar. ;-)
imglorp 10y ago
Humor aside, the real crimes are the systemic from the top, like the Libor clowns, which will erase public trust at some point, which will cause the public go back to keeping money in mattresses. Fortunately there are some small wins, like these little fish going to jail: http://www.bbc.com/news/business-36737666 http://www.bbc.com/news/business-36737666 but we need to keep it up and restore accountability.
- wangchow 10y ago
  At that point money won't be worth putting under mattresses but water and food will.
- ozim 10y ago
  In The Netherlands they come up with oath: https://www.bloomberg.com/view/articles/2015-04-01/dutch-bankers-start-taking-an-oath-to-behave-better https://www.bloomberg.com/view/articles/2015-04-01/dutch-ban...
- jondubois 10y ago
  Yes, I think 'honesty', 'trust' and 'reputation' used to be very important in the old days but not so much now - The system is extremely generous when it comes to giving people 'second chances'. In our semi-globalized world, you can take HUGE risks and make a COMPLETE MESS of your reputation and credit rating in your home country, but then you can move to a different country (and often, you can also bring along your dirty money with you) and start fresh as though nothing ever happened. Unless you're a major public figure; no one will know what a crook you are. A partially-globalized world is a perfect world for crooks. I think we should either give up on globalization completely or go full steam ahead and merge into a 'world government' under which everyone can be held accountable for their past behaviour without any loopholes.
  - hx87 10y ago
    We don't need a global government as much as a global reputation system, and we're slowly moving towards that direction. It's especially true of the United States and Europe--if you screw up big time there, it's easy to find out, and it's not like authoritarian regimes outside the west have any incentive to protect the reputations of western companies via censorship.
dougk16 10y ago
You didn't finish the story! (spoiler alert: poor rising up, overthrowing, etc.)
- chii 10y ago
  or, the more likely ending where the poor is subjugated and enslaved as man-servants. Like in the old days of kings and warlords.
  - guard-of-terra 10y ago
    Today, nobody would want to feed all those mouths, not much to extract from them. Why would you want to enslave much people today, especially when half of them are expected to be of age 40+?
    - atemerev 10y ago
      World war is always an option. Did wonders the two last times.
      - guard-of-terra 10y ago
        It won't work this time. Cynically speaking, it's too expensive today per soul liberated.
      - asuffield 10y ago
        Nobody would survive that with today's technology. This doesn't sound like a good idea to me.
    - fweespeech 10y ago
      > Why would you want to enslave much people today, especially when half of them are expected to be of age 40+? Likely because machines are single function and people are multifunction, you'll also need people to maintain those machines. Then there is the less savory reasons.
lossolo 10y ago
It already happened in history many times. Remember kings and royal families ? This will end like it always do, people will rise in new revolution after witch new system will emerge from dust.
- cmurf 10y ago
  This new system has been vetted by whom how far in advance? If it's like the shenanigans of the Fed and too big to fail banks during 2008, I don't see how people trust the new system. Why have only one new system? Part of blockchain based solutions is exactly because of the reduction in trust in traditional finance methods. And how can it be shown that bad actors manipulating the old system haven't somehow seeded the new system for their future advantage (either to sabotage it, or more likely to just disappear with their gains from damaging the old system).

techdragon 10y ago

You know... This sounds awfully familiar. ;-)

imglorp 10y ago

Humor aside, the real crimes are the systemic from the top, like the Libor clowns, which will erase public trust at some point, which will cause the public go back to keeping money in mattresses. Fortunately there are some small wins, like these little fish going to jail: http://www.bbc.com/news/business-36737666 http://www.bbc.com/news/business-36737666 but we need to keep it up and restore accountability.

wangchow 10y ago
At that point money won't be worth putting under mattresses but water and food will.
ozim 10y ago
In The Netherlands they come up with oath: https://www.bloomberg.com/view/articles/2015-04-01/dutch-bankers-start-taking-an-oath-to-behave-better https://www.bloomberg.com/view/articles/2015-04-01/dutch-ban...
jondubois 10y ago
Yes, I think 'honesty', 'trust' and 'reputation' used to be very important in the old days but not so much now - The system is extremely generous when it comes to giving people 'second chances'. In our semi-globalized world, you can take HUGE risks and make a COMPLETE MESS of your reputation and credit rating in your home country, but then you can move to a different country (and often, you can also bring along your dirty money with you) and start fresh as though nothing ever happened. Unless you're a major public figure; no one will know what a crook you are. A partially-globalized world is a perfect world for crooks. I think we should either give up on globalization completely or go full steam ahead and merge into a 'world government' under which everyone can be held accountable for their past behaviour without any loopholes.
- hx87 10y ago
  We don't need a global government as much as a global reputation system, and we're slowly moving towards that direction. It's especially true of the United States and Europe--if you screw up big time there, it's easy to find out, and it's not like authoritarian regimes outside the west have any incentive to protect the reputations of western companies via censorship.

dougk16 10y ago

You didn't finish the story! (spoiler alert: poor rising up, overthrowing, etc.)

chii 10y ago
or, the more likely ending where the poor is subjugated and enslaved as man-servants. Like in the old days of kings and warlords.
- guard-of-terra 10y ago
  Today, nobody would want to feed all those mouths, not much to extract from them. Why would you want to enslave much people today, especially when half of them are expected to be of age 40+?
  - atemerev 10y ago
    World war is always an option. Did wonders the two last times.
    - guard-of-terra 10y ago
      It won't work this time. Cynically speaking, it's too expensive today per soul liberated.
    - asuffield 10y ago
      Nobody would survive that with today's technology. This doesn't sound like a good idea to me.
  - fweespeech 10y ago
    > Why would you want to enslave much people today, especially when half of them are expected to be of age 40+? Likely because machines are single function and people are multifunction, you'll also need people to maintain those machines. Then there is the less savory reasons.

lossolo 10y ago

It already happened in history many times. Remember kings and royal families ? This will end like it always do, people will rise in new revolution after witch new system will emerge from dust.

cmurf 10y ago
This new system has been vetted by whom how far in advance? If it's like the shenanigans of the Fed and too big to fail banks during 2008, I don't see how people trust the new system. Why have only one new system? Part of blockchain based solutions is exactly because of the reduction in trust in traditional finance methods. And how can it be shown that bad actors manipulating the old system haven't somehow seeded the new system for their future advantage (either to sabotage it, or more likely to just disappear with their gains from damaging the old system).