@HeavenlyPossum (shaking head sadly) Comrade Smith tried to warn us 250 years ago, but we refused to listen.
"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices."
@HeavenlyPossum Basically, a cartel turning into a rentier class is the usual outcome.
Capitalism eats itself and out come the rentiers and everyone else (including other less powerful capitalists) is fucked.
Which isn't even remotely new, that's literally what the word "antitrust" comes from. Busting the trusts a few local oligopoly/cartel rail operators had built to screw everyone else over.
@HeavenlyPossum it's the law of capitalism that the market will extract the maximum amount of value that the participants are able to pay. (But this is only for a perfectly spherical market in a vacuum, see below*)
I know nobody here likes shitcoins, but Ethereum's MEV problem is one of the best examples of the "free market" mercilessly extracting its unearned toll from its participants.
The only winning move in capitalism is not to play ✨
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