I don’t disagree, but the broader point I was (badly) making is that @CashCow is right in that the dissonance between what people expect and what people get now they can finally access capital markets with so few barriers be they social, technological, financial or otherwise really does have the potential to upset the apple cart as we’re seeing irt. I am absolutely staggered by how quickly this has escalated from essentially niche r/ to everyone and their pet chinchilla taking a bite.
On capitalism, I’m of the Adam Smith school, so I’m all in on the importance of well regulated markets (I work in EM debt(!)), and outright reject the fantasy of libertarianism. While it’s normal and fair that different participants have varying amounts of influence and leverage in a given market, it should not be acceptable that markets are undermined by marginal behaviours or illegal practice. In well regulated markets, undue influence or emerging practices that undermine the market as a whole should also be throttled.
Markets that operate within these bounds are my definition of a free market. For as long as you have people in the mix, the threat of activity that undermines this will always remain. You need robust, dynamic regulation that keeps apace with these big shifts we’re seeing, but in any good capitalist system, regulation shouldn’t stymie innovation, so it’s a balance for sure. By the way, I think many (looking at me) use free market and capitalism synonymously, which is a bit of trap, as it doesn’t capture what late stage capitalism has ultimately become.
Apologies that my initial point was so crudely made and absolutely no offence taken. I appreciate the conversation!