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by Aetius 5557 days ago
Competition in a free market is not a pretty sight. That's why gaming commissions never stepped in -- they knew what Casinos have long known; without state protection of gambling, the number of venues would quickly proliferate into the thousands and push profits to zero.

I'm also pretty sure that there is still a lot of legal liability in the air. August Capital will most certainly face some exposure; on my female facebook test account I've seen advertisements of Swoopo class action.
1 comments
maxharris 5557 days ago
without state protection of gambling, the number of venues would quickly proliferate into the thousands and push profits to zero.

Why is that a bad outcome?

What you're saying, if I understand it correctly, is that regulation helps keep scammy crap like gambling and Swoopo around. All I can say to that is that I'm against regulation precisely for this reason (among others).

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Aetius 5557 days ago
I'm quite happy that Swoopo is failing. Did you get the impression that I wasn't? I'd love for gambling to be legalized.
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maxharris 5557 days ago
Sorry that I misunderstood you. I agree, now that I have more context.

[It was "Competition in a free market is not a pretty sight" that made me disagree. It is a very pretty sight indeed when scammers fail, and that's something that free markets are conducive to. (I define free market to mean a situation where the government intervenes only to protect individual rights (i.e., they only stop force and fraud). Unfortunately, we don't yet have any free markets in America today, or anywhere else in the world, for that matter.)]

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Aetius 5557 days ago
Yeah let me rephrase that:

  When the business is scamming customers, 
  competition in a free market is not a pretty sight.
And no, I'm not aloof enough to believe we have a truly free market. But it's free enough to let thousands of Swoopo clones race bid prices to the bottom. Now it seems customers may even be winning more from the auction sites than the auction sites are taking in.

But fear not for Swoopo! They'll undoubtedly sell their soon-to-be patented "technology" to the likes of Intellectual Ventures, who'll use it to extort other would be scammers, completing the circle of evil!

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maxharris 5557 days ago
Why would any business want anything to buy their IP? There is no profit in their idea or IP.
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