Thank you. And, yes, RUclips is technically providing false reviews! Every thumbs up make me think the video is good, however what if it has more thumbs down than up? RUclips is only letting me see the positive reviews. Great point!
That's a good question. I suspect third-party review services (which already exist) will become more important to businesses as a way to prove they have no control over reviews and that those reviews are "audited" by the provider. But, you touch on a typical dynamic when the government interferes: what will the unintended consequences be?
I've been hearing about decentralized platforms as a potential solution, similar to how crypto currencies are traded, information being passed peer to peer. There could be online retail systems built in this way, but i'm not seeing many of these companies popping up. Would be interested in your take.
Decentralized retail? Peer-to-peer search? Interesting. I should look into this more. I have spent a fair amount of time on Mastodon, which is a federated approach to social media. It was fine but eventually dropped out due to time and signal-to-noise ratio.
Marketing is 50% truth, i.e. 90% of all Dentists recommend, how should I prove 90% of Dentists recommend my toothpaste. it's funny how actual laws that would help the consumer like Taxing the rich is vile, yet a small business can be sued for marketing, consumers know 80% of recommendations on the Internet is Friends and family of the product creator.
That seems to be the point. These laws and rulings never *really* help the consumer and at the same time the big boys always get away with whatever they please.
At the end of the video you asked your audience if they have a better solution. I do. I call it testimonials clearing houses. I.e. intermediate platforms that adjudicate testimonial authenticity. Working on a startup that does just that. Happy to share thoughts.
I don't condone influencers making millions from advertising. If someone has a quality product, they can make a profit from the force of its sales. If someone brims over with creativity, they'll create first and worry about compensation later (if ever). In my (free) country I would ban all product advertisement in favor of brand advertisement and cold-hearted third-party product comparisons.
Thank you for presenting your perspective.
Thank you for watching … and commenting.
I'm more concerned that "The Market" will come up with some really ugly solutions to the problem.
Agreed. Like I said in the vid, I don't think the market can solve this one. Besides the market is too in bed with the state anyway these days.
First of all: great content. Here's my question: what about hiding the numbers of downvotes under a video, which is a default setting in RUclips?
Thank you. And, yes, RUclips is technically providing false reviews! Every thumbs up make me think the video is good, however what if it has more thumbs down than up? RUclips is only letting me see the positive reviews. Great point!
Raw thumb numbers alone say little. A better metric would be the ratio of likes over views, or likes over dislikes.
Don't you think companies will just remove the review section entirely to avoid the risk of a fine? Consumers lose if that happens.
That's a good question. I suspect third-party review services (which already exist) will become more important to businesses as a way to prove they have no control over reviews and that those reviews are "audited" by the provider. But, you touch on a typical dynamic when the government interferes: what will the unintended consequences be?
I've been hearing about decentralized platforms as a potential solution, similar to how crypto currencies are traded, information being passed peer to peer. There could be online retail systems built in this way, but i'm not seeing many of these companies popping up. Would be interested in your take.
Decentralized retail? Peer-to-peer search? Interesting. I should look into this more. I have spent a fair amount of time on Mastodon, which is a federated approach to social media. It was fine but eventually dropped out due to time and signal-to-noise ratio.
Marketing is 50% truth, i.e. 90% of all Dentists recommend, how should I prove 90% of Dentists recommend my toothpaste. it's funny how actual laws that would help the consumer like Taxing the rich is vile, yet a small business can be sued for marketing, consumers know 80% of recommendations on the Internet is Friends and family of the product creator.
That seems to be the point. These laws and rulings never *really* help the consumer and at the same time the big boys always get away with whatever they please.
At the end of the video you asked your audience if they have a better solution. I do. I call it testimonials clearing houses. I.e. intermediate platforms that adjudicate testimonial authenticity. Working on a startup that does just that. Happy to share thoughts.
Yes! Thanks for sharing. I'd like to learn more. Please do elaborate. Or, you can email me via my website: mikegastin dot com.
I don't condone influencers making millions from advertising. If someone has a quality product, they can make a profit from the force of its sales. If someone brims over with creativity, they'll create first and worry about compensation later (if ever). In my (free) country I would ban all product advertisement in favor of brand advertisement and cold-hearted third-party product comparisons.
A wise and powerful ruler you would be. ;)