There hasn't been any damage. No one has been hurt. Calm down and stop being overly dramatic. Twitter is not a real place, it's just a social network. Anyone who doesn't like it is free to use other communication tools, or even build their own.
And I'm not defending Elon Musk here. I don't care about him one way or another. This isn't an issue that rational, educated people should get agitated about.
I'm defending the right to own property, which is something really fundamental to the way we organize our society.
... and when you say "the people that were hurt"... If you leave your wallet on the street, it might be stolen and you might be hurt. I'm not blaming the victim; someone stealing your wallet is wrong even though you left it on the street. It's not your fault, I'm not blaming you, I blame the thief for the theft. On the other hand there's something that you could've done that would've avoided it - don't leave your wallet on the street.
I’m not a Twitter user at all, but the people who have engaged with Twitter over the past few years are the ones who have provided Twitter with its value ($44 billion according to Musk). It’s not because of Elon or the previous shareholders, it’s because of the users.
In return for this value, the users got a social ”backyard”.
We like to say that there is no such thing as a free lunch, but it’s also true that the free lunch is an exchange.
How does this example supposed to work? When you deposit money you get an asset (an IOU from the bank), while the bank gets money + liability (they are short the IOU).
Your property after the deposit is the IOU, not the money (you gave the money away in exchange for the IOU!).
There is contract + law that governs how the IOU can be redeemed for money (up to a limit the federal government guarantees some kinds of IOUs via FDIC/etc).
Once the bank has your money (for which they gave you the IOU), they in fact can use the money at their own discretion (it is their money!) subject to some legal limitations. Those limitations are not about how banks use other people’s money (because normal banks aren’t custodial), they are limitations based on risk and collaterization of IOUs (the bank’s liabilities).
These limitations are not expression of your property rights, they are in fact limitations on bank’s property rights (their freedom to deploy capital) since historically banks were not very responsible and blew up (in which case they failed to cover their liabilities, so IOUs were redeemed for less than their face value).
Edit: as an aside, this
money => money + IOU + IOU short
Is exactly how most of “money” in circulation is produced. People take the IOU and spend it like money, banks take the money and lend it collaterized by houses/factories/etc. So you get people spending more than total cash in circulation (because they spend IOUs), while banks accumulate large IOU short position (again, collaterized through stuff like houses, factories, etc).
Nothing bad about this, this is in fact working as intended.
Ensorceled|3 years ago
pessimizer|3 years ago
nradov|3 years ago
And I'm not defending Elon Musk here. I don't care about him one way or another. This isn't an issue that rational, educated people should get agitated about.
warinukraine|3 years ago
... and when you say "the people that were hurt"... If you leave your wallet on the street, it might be stolen and you might be hurt. I'm not blaming the victim; someone stealing your wallet is wrong even though you left it on the street. It's not your fault, I'm not blaming you, I blame the thief for the theft. On the other hand there's something that you could've done that would've avoided it - don't leave your wallet on the street.
doctor_eval|3 years ago
In return for this value, the users got a social ”backyard”.
We like to say that there is no such thing as a free lunch, but it’s also true that the free lunch is an exchange.
ISTM Elon is breaking this agreement.
leokennis|3 years ago
Just because it’s a company doesn’t mean they get to behave like assholes and then put the blame on their users for being gullible or ignorant.
kaashif|3 years ago
Bank deposits are yours! If the bank collapses and can't give them to you, there's FDIC insurance so the government will get you that money.
This is nothing at all like Twitter and only weakens your argument.
ivalm|3 years ago
Your property after the deposit is the IOU, not the money (you gave the money away in exchange for the IOU!).
There is contract + law that governs how the IOU can be redeemed for money (up to a limit the federal government guarantees some kinds of IOUs via FDIC/etc).
Once the bank has your money (for which they gave you the IOU), they in fact can use the money at their own discretion (it is their money!) subject to some legal limitations. Those limitations are not about how banks use other people’s money (because normal banks aren’t custodial), they are limitations based on risk and collaterization of IOUs (the bank’s liabilities).
These limitations are not expression of your property rights, they are in fact limitations on bank’s property rights (their freedom to deploy capital) since historically banks were not very responsible and blew up (in which case they failed to cover their liabilities, so IOUs were redeemed for less than their face value).
Edit: as an aside, this
money => money + IOU + IOU short
Is exactly how most of “money” in circulation is produced. People take the IOU and spend it like money, banks take the money and lend it collaterized by houses/factories/etc. So you get people spending more than total cash in circulation (because they spend IOUs), while banks accumulate large IOU short position (again, collaterized through stuff like houses, factories, etc).
Nothing bad about this, this is in fact working as intended.
pessimizer|3 years ago
warinukraine|3 years ago