You ever notice how little oxygen in the room there is to panic about the catastrophic rise of gambling and betting markets on smartphones yet there is unlimited oxygen in the tech press to panic about social media smartphone use and AI in a way that “paradoxically” favors consolidation of power into those realms and distracts from a massively profitable collapse of the well being of vulnerable people into gambling addiction?
We’ve talked about the Australian social media ban that went into effect last week, how dumb it is, and why it’s already a mess.
But late last week, some additional news broke that makes the whole thing even more grotesque: turns out the campaign pushing hardest for the ban was run by an ad agency that makes gambling ads. The same gambling ads that were facing their own potential ban—until the Australian government decided that, hey, with all the kids kicked off social media, gambling ads can stay.
That’s largely why they go into investment. Investing and the stock market are just gambling but with stocks.