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Not only is he not too big to fail, he deserves to fail. He invested in an abstract concept that only has value due to artificial rules. If the rules change and
by forrestthewoods 12y ago
Not only is he not too big to fail, he deserves to fail. He invested in an abstract concept that only has value due to artificial rules. If the rules change and the value is reduced to zero then too bad. That was part of the risk assessment when the bet was made. You lost and society is better off now. #DealWithIt
- icebraining 12y agoSure, but the organization that sold the product was also the one which changed the rules. Isn't this similar to Goldman Sachs shorting the securities that themselves were selling to their clients?
- chrismcb 12y agoHe is only losing because someone else came in that isn't playing by the rules.
- forrestthewoods 12y agoActually I'd argue that Uber is playing by the rules. The top most system isn't the written law. The law exists within a system of governance. That's where Uber is playing. At a higher level. Uber ignores the written law. Delivers a product that is technically illegal but hardly immoral or unethical. There are potential penalties for doing this. They've been forced to pay some of them. But what has happened almost every time is Uber delivers to customers an experience so vastly superior that politicians are forced to change the law to satisfy their constituents. This is not a bad thing. A few years ago in Seattle the local taxi cartel proposed a smartphone app to let riders hail. They were told no because the lawmakers didn't want to write new laws to let that be legal. Uber came in and public demand forced the laws to be updated. The old cartel now has an app.