this post was submitted on 01 Jul 2023
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Cory Doctorow described this phenomenon best with his "enshittification" stuff. First platforms give all their surplus value to their uses to drive adoption, then they shift it to their customers once the users are locked in, then they shift it to themselves once their customers are also locked in, so at the end you have a platform that's not serving the users or the customers, only the shareholders.
Yeah, the big spike in interest rates is causing all the big tech players to make the pivot to enshittified profitability fast enough that it’s way more visible than usual.