If you think software never breaks, I have a bunch of 5.25" disks somewhere that want to have an argument with you.

It's a complete strawman to argue that physical things break. If I buy music, digitally, that won't break and yet nobody sane would expect that the band can at some random time in the future say "we revoke all our music". I can also think of a number of physical things that unless I mistreat them will easily survive me and three generations down the line.

This is not about replacements, it's about taking the product sold away but keeping the money.

And what stops you from making a seperate license to play on the servers provided by the company that is based on good behaviour and/or monthly subscription fees?

This is what the Stop Killing Games movement is also about: Sure, we understand that eventually you wind down the online servers, no problem. But if I paid for a game, why should you have the right to disable it? With no other things I buy can you at any time later come to my house and take them back or disable them. Not with my microwave, not with my shower, not with my lights.

Buy indie games.

It's only the big players who have these delusions.

I'm not saying the right answer is to get a refund. The right answer is to not make the license revokable.

For the theater comparison: If the theatre would invalidate my ticket and throw me out mid-movie, you can be sure that I'd ask for a refund. And in any sane jurisdiction, I'd get it.

Mostly, the difference is some legales, but the kicker is: "revocable". That is an insane difference. I'm quite sure it doesn't say you get a refund if they revoke your license.

There are plenty of cities in western countries where drones are entirely prohibited and you need to drive to the countryside to fly it, observing various nature reserves and restricted airspaces.

It is also very common that training, a test or license, insurance, etc. are required.

The odd thing is that buying is restricted. Does that include ordering online?

You forgot third: He delivers results often enough to keep the believers believing. Tesla really is an electric car company that builds actual cars. SpaceX is actually flying rockets, and has achieved reusability, opening the door for dramatically cheaper space access.

Little of that is his own genius, but he does seem to have a knack for getting actually smart people working on visionary stuff.

Rich people don't liquidate assets when they want to buy something.

They get a loan against their assets. At extremely good rates. And no, they never pay them back. The strategy is called "buy, borrow, die".

First, you need to understand that if the stock price goes up more than their (low) interest rate, they're still making money.

Second, the whole thing is rolled up only when the ultra-rich person dies. The assets are revalued to their current market price at the time of death, wiping out decades of built-in capital gains tax liability. The estate can then sell a portion of the tax-free assets to pay off the outstanding loans.

tl;dr: They don't liquidate assets, if they did they'd have to pay taxes.

The reason for that isn't socialism, though. It's incompetence and corruption. Politics attracts the most incompetent and the most corrupt of people, always has and always will. Basically: If you're shit at everything else, you can always try making a career of telling other people what to do.

In theory. In reality, that has always been bullshit. The various bubbles, crashes and other events prove that. Valuations on the stock market are based on expectations, and expectations always include an element that is not rational.

True, though both of these companies do have an actual business and actual assets. There's plenty of companies on the stock market whose entire business can just pack up and leave tomorrow. Many of those are extremely highly valued. All the middle-men companies (ride sharing, food delivery, etc.) all work on the principle of outsourcing EVERYTHING. They hold no actual assets and their entire business model can be copied in a lazy weekend. Each and every one of them survives due to brand recognition, habit and by being just a little bit better in some way than alternatives. All of which can disappear in a week.

Tesla and SpaceX are overvalued. But they have factories and a workforce and produce things.Their value is not entirely made up.

I can read. Of course expected, that's implicit in "future" unless someone discovered clairvoyance.

So again, in other words: What do people base those expectations on when so far the company hasn't made any profit at all? In a profitable company, I can extrapolate. I can assume "with X additional cash raised, they can build Y more factories, selling Z more goods." - but for a company that is negative and is making a LOSS on every customer at the moment, growth does not equal profit, it equals more loss.

Yeah, but it's going to be quite a hunt to find an ETF that does NOT include any of the current obvious-cash-out IPOs.

But that's kinda the point. What future earnings, given that so far they have none? To make a profit, they would have to dramatically change their fees. As in: Quadruple at least. That's going to destroy the user base really quickly. And as Altavista found out: Once you are no longer synonymous with a service, you are easily replaced.

That seems to be the goal of all these massive IPOs recently. For early investors to cash out before the bubble bursts.

More importantly: Capitalism is an ECONOMY and market system. It is NOT a blueprint for a society. You can run your commerce and trade as capitalism, when you run your SOCIETY along capitalism principles you end up... essentially with the USA.

This is the part that is constantly forgotten. As a society, we have values that are not represented well within capitalism. But for some reason, we dumb shits think that we can treat everything as a market and apply capitalism to it and that will magically solve problems. But in education, just as one random example, the goal of it all is educated adults as output. It is not maximizing profit. Same for the prison system, the healthcare system and two dozen others.