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> Bubbles and crashes will repeat again and again, and nothing will be learned from them. This is a larger scale version of the same psychological factors that
by api 8y ago
> Bubbles and crashes will repeat again and again, and nothing will be learned from them.
This is a larger scale version of the same psychological factors that power Las Vegas. Go to a Vegas casino's slots section and you'll see people sitting for hours and hours and hours staring blankly into slot machines. They're kept there by those hits of dopamine they get when they occasionally win, and the slots are calibrated so as to time those wins so as to slowly empty their wallets over time.
https://en.wikipedia.org/wiki/Operant_conditioning_chamber https://en.wikipedia.org/wiki/Operant_conditioning_chamber
Gamified social media, grinding-based MMORPGs, adversarial bullshit jobs, and many other things share similar characteristics.
Should we expect humans to behave differently on Wall St.?
- atlasunshrugged 8y agoI just want to make a point about the analogy (because it is a very commonly used one) given the additional and often overlooked aspects of what also powers casinos, namely social interaction. If you go to a casino today (almost anywhere but the few very touristy ones on the strip) you'll see a lot of folks who are just lonely and for whom gambling fills an emotional void. The dopamine hits from winning are nice, but the power of having someone who knows your name and your drink order and has a conversation with you shouldn't be overlooked as a motivating factor for why people are at those machines day after day hour after hour. Source: Working as a bank teller near the Reno strip and having people of all walks of life come by day after day to get cash before going to the casino edited last sentence for clarity