Re: Lipstick on a pig
Industries with high, artificial barriers to entry (like 1 M $ medallions) will eventually see their lunch eaten by Web 3.0. It is really just a matter of time.
FFS, hotels are still regulated by 19th and 20th century regulations, developed when bedbugs, rats, cockroaches and dirty water were the normal Traveler's Inn experience. Taxi regulations also sprung from horse and buggy days. They still refer to taxi cabs as "hackney carriages".
Once these regulations had improved services and established a collective service expectation norm, they should have been binned. Instead, they were used to create private and public fiefdoms that fleeced the public from both ends. Established, political entrepreneurs and players could always cash in. Newer, less-connected business entrepreneurs need not apply. In other words, do not pass go, do not collect 200 $. Consumers could go f*k themselves.
But today, such services can be regulated by their own users with reputation scoring and social media / sharing platforms. Suppliers then either listen to the crowd or disappear. Self-enforcement HAS GOT TO BE more effective than any nanny or sugar daddy (non) enforcement. You can't bribe the entire internet.
Eventually we won't need no stinking red tape or gold medaillons, just a smartphone.
This is as it should be. Tech should be creating new jobs, not protecting the old ones it will eventually destroy. That certainly didn't happen with manufacturing. I can't see it happening with services either.
The "sharing economy" is just another example of technology progressively driving out inefficiences from the service supply chain. When customers and suppliers can instantly exchange information (without gatekeepers) no one maintains a monopoly for very long.
So, good news for consumers with less disposable income (i.e, most of us). But very bad news for those coddled, regulated service industries that bar competition and restrict supply. There will be apps for you, just wait.
Economies can not simultaneously maintain artificially high pricing, drive down people's wages, slash jobs by the thousands and increase regulatory burdens without some backlash. This is because people will eventually figure it out and shop for alternatives which other people will provide.
So hello to Uber, Easyjet, Ryanair, AirBnB and all the other companies that spot these opportunities and seize them with both hands.
And IMHO, it is about bloody time.
The game is indeed over, time for a new one to begin.