RE: Steemit: Showing Why We Need To Get Rid Of Private Companies
Businesses, both small and large, for far too long, operated with little to no accountability. It is time we start to change that.
They did - the customer - until governments started to get involved. The graft and corruption through legislation then came with it..
People also put their money in the banks believing it will be there when they go for it.
A common misconception. When you put your money in a bank, you are then an creditor, not a depositor.
It is not your money anymore.
There is no guarantees it will be there tomorrow (not even with government legislation and insurance.)
The situation with Steemit Inc is pointing out flaws in our system. That entity is operating in it's own best interest which is not necessary aligned with the community.
I'm no lawyer (perish the thought), but as I understand more about steem(it), it seem to me that with multiple accounts, bid bots, and the down voting function - then this is a manipulated market by the big players...
If steem is seen as an asset in some legal form, then 'financial manipulations for personal gain', questions need to be addressed....
This is simplistic and not accurate, obviously ...but you see my point? This a point of principle, not the detail....(this is just regarding the downvoting function)
https://steemit.com/blog/@lucylin/where-am-i-wrong-in-this
All these things need to be out in the open, whatever happens..
I don't think you understand what no accountability means. I also doubt you understand where or how long graft and corruption have existed in business.
Care to substantiate this with why, such as why are you a creditor, especially when the debtor is all but absent and what is the significance of being a creditor as opposed to a depositor.
OK, now could you explain why it's not your money?
Posted using Partiko Android
Yes, I do. In a free market, accountability of a business(or no accountability) is expressed through the businesses surviving or not.
Simplistic? Yes. But it does work in a market with customers having full knowledge of the businesses they interact with.
(Gillette, anyone?)
Your doubt is unfounded, then.
I find it quite surprising that you don't understand the depositor banking financial system.(seriously I mean, I'm not being facetious)
...this is the first link I used - there are much better pieces/you tube presentations explaining it better..
It’s even worse knowing that once you deposit your money in a bank, it’s not really yours anymore. You have turned over your property to the bank in return for a debt claim. You become an unsecured creditor holding an IOU.
https://www.nestmann.com/two-big-reasons-not-to-keep-your-cash-in-the-bank
So you would have been OK with Thales monopolizing all olive presses and renting them back for 10x the cost. Good business model. As long as you survive, you're OK. That's not accountability. Even if the customers have full knowledge of the business what choice do they have but to empower the monopoly, who cares if they know they are getting bilked or not, the olives are gonna spoil.
Let me guess, I shouldn't doubt that fraud predates legislation by millennia, fraud and corruption in business started with government after all. Everything was fine before, when businesses were "accountable" to the customer.
You missed this part.
Care to substantiate this with why, such as why are you a creditor, especially when the debtor is all but absent and what is the significance of being a creditor as opposed to a depositor.
Obviously, there isn't a creditor debtor relationship. That article only asserted without substance that you effectively chose to convert your valuable not iou money into ious. You really believe that? Anyway, no need to explain anything obviously since you do not understand what you are saying, let alone why or why what you're saying is true or correct.
Another great comment @lucylin
Thx for sharing that link. Will check it out right away
Yours
Piotr
I think some fundamental questions need to be asked about the structure that has bee put in place, through coding...