Comment by api

The arc of social media is truly breathtakingly awful. At this point it’s hard for me to see any value in it at all.

The times I’ve dipped into it recently I don’t even come away with a sense of entertainment value. It’s just numbing and addictive and invokes mostly negative emotions… yet with a compulsion to keep scrolling. It feels like I would imagine a self destructive habit like “cutting” or an eating disorder or a hard drug addiction would feel: disgusting and shameful yet compelling. It’s vile.

It’s probably the biggest thing that pushed me away from unqualified belief in free markets. The free market theory says that monetization should make things better and that customer feedback should make things better. What I see is that it often makes things considerably worse. Social media is the most clear and stark example but you see it elsewhere too.

Ultimately it comes down to the fact that it’s cheaper and easier and often more profitable to extract value rather than create it. A casino is more profitable than a school or a hospital. Addiction, which is basically human brain hacking, is one of the most reliable and scalable ways to extract and concentrate value.

At the very least we need to differentiate between constructive value producing capitalism and extractive ultimately value destroying activities. The latter should perhaps be taxed into the ground.