mizmoxiev t1_je9za8p wrote on March 30, 2023 at 2:24 PM

So just like money in general then? I'm pretty sure crimes happened well before Fintech was invented. If Fintech were to leave today people would so the same shit they always do. And if no one inside the company cares or is surprised, then how is there full blown Incentives to change?

Test19s t1_jea7fgv wrote on March 30, 2023 at 3:23 PM

In 2008 we learned that huge chunks of the American economy were fraudulent (mortgages). I don’t think that fintech has the potential to be nearly as damaging, but we on Earth also have less access to natural resources, fewer young skilled Westerners in the labor pool, and a lot more debt than we did in ‘08.

mizmoxiev t1_jeae0u2 wrote on March 30, 2023 at 4:07 PM

Yeah it's all pretty much a ruse that's what I mean lol

The market goes up and down daily and weekly and monthly in amounts that crashed the 2008 Market. Not just mortgages but we have also seen "bank created wealth" and "the value of art" etc be just as much of a fraud for 1%ers to wash money as it ever has been

I think fintech has the potential to be even more damaging because some of those old safeguards made it so that very small groups of people were committing money with large amounts of wealth. I'm sure they have mitigations and stop gaps in place if things get too hairy, or I would like to believe that 😹

We have a lot more to lose this go around

Fenix42 t1_jease7d wrote on March 30, 2023 at 5:39 PM

>fewer young skilled Westerners in the labor pool,

Got any data to back this up?

Test19s t1_jeat7a9 wrote on March 30, 2023 at 5:44 PM

Working age populations in developed western countries are historically low when compared to the amount of elders they must sustain, and the ratios may be even worse in developed Asia. Furthermore, lately a lot of developing countries have been struggling with infrastructure and skill issues. Look at population pyramids. Or articles like https://www.reuters.com/markets/davos-2023-talent-shortage-rules-tight-labour-markets-manpowergroup-2023-01-20/

If you have the same number of mouths to feed but fewer prime-age workers relatively speaking, there are going to be issues unless you can convince the elders to retire overseas or in low-cost areas.