3 ms·
This is absolutely not expected for normal businesses. Normal businesses provide other businesses a service, charge them a profitable fee for services rendered
by asdajksah2123 3y ago
This is absolutely not expected for normal businesses.
Normal businesses provide other businesses a service, charge them a profitable fee for services rendered, and make a few tens to hundreds of millions in profit a year and keep shareholders, employees, customers, etc. happy.
VC funded scam businesses spend billions of dollars in VC funding selling their services at a loss for the single purpose of establishing themselves as a monopsony/monopoly, and then once they've established enough dominance, and destroyed the possibility of a competitive market through VC funding, they turn on the screws and start charging monopoly prices.
Basically, they succeeded in using the "tech startup" and/or "unicorn" branding to somehow bamboozle governments and citizens into believing their entirely monopolistic, anti-free market behavior was not monopolistic and anti-free market.
Oh, and I still don't understand why we aren't recognizing the massive contribution this is playing in inflation. I buy a sandwich today from my local sandwich shop and I get the exact same service I did 15 years ago, except now anywhere between 15-45% of the money goes to some other company not integrated in the local economy whose only purpose is to provide a pretty interface and/or steal my data.
- jghn 3y ago> the massive contribution this is playing in inflation Further, and I'm not necessarily against this part but it's also contributing to tip inflation in a big way. Now everywhere I go has that Toast tip %age screen when I buy something no matter how much or how little actual service was provided. Like most people I feel social obligation to click the button. And voila, now tips are expected for buying a pack of gum at the corner store. At least that money is presumably going to the workers and not the tech bros behind the scenes.
- AndrewKemendo 3y agoShow me one of those “normal businesses” They are either entirely extinct or critically endangered as financialization is rapidly consuming literally every human interaction.