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The problem is that too much of the innovation in our system targets ways of becoming a new middleman in existing economic exchanges, because collecting 1% of "
by PaulDavisThe1st 3y ago
The problem is that too much of the innovation in our system targets ways of becoming a new middleman in existing economic exchanges, because collecting 1% of "all X" is much more valuable than collecting 100% of "a few Y".
The incentives to innovate in ways that actually benefit people are weak in our system, because the disincentives to innovate in ways that just make you a bit wealthier are small to non-existent.
- nradov 3y agoThat's not a real problem worth worrying about. Look outside the tech industry bubble. There is a huge amount of innovation happening in sectors beyond of finance and software, but they don't get much attention on HN. Of the IPOs this year, what percentage are just middlemen? https://stockanalysis.com/ipos/2023/ https://stockanalysis.com/ipos/2023/