/biz/ - Business & Finance

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Tipping is a scam created by businesses and tipped employees, at the expense of customers.

The scam works by relying on emotional manipulation combined with information asymmetry.

The emotional manipulation is the guilt that you are pressured into feeling if you don't give free money via tip to the employee, as well as the feeling of societal disapproval of you being "cheap". The business as well as the employee push the idea that you are a "bad" person if you don't pay the wages of the employee, which in any regular industry would be the job of the business owner.

The key of this emotional manipulation rests on information asymmetry: specifically, the customer being pressured to leave a tip is implanted with the false idea that the tipped employee is making a very low wage and will struggle to survive if said customer does not leave a generous tip.

This idea is almost always false. The information that each customer lacks is that, because every other customer has also been led to believe the employee is struggling financially, they have all been tipping large amounts of money as well. This means that the average tipped restaurant server often makes $20 an hour after tips, or more at higher end restaurants.

If each customer was able to see the hourly wage that the tipped employee has already earned so far each day, the guilt and social pressure to tip would be significantly reduced. Most people would not tip a waiter anything if they knew that that waiter has been earning $20+ an hour all afternoon just for carrying food to peoples' tables, because nobody would feel guilty about that. The wages of waiters, after tips, is far higher than similar labor receives in just about any other comparable profession. This is due solely to the information asymmetry and emotional manipulation that builds upon it.

Finally, tipping is also a real, actual scam because the tipped employee often does not report cash tips as income for tax purposes.

>>5898144
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>>5553930
If you're smart you'll dump BTC/LTC/ETH and go for XRP or XLM.

>>5143439

BTC is going to 10k USD.

At 9k things will get shaky but will quickly fly all the way to 10k.

Invest while you can.

>>4173642
I might actually take a small loss on LINK to pump BNB right now.

I really believe my line of reasoning is right, I just don't know much about the Binance team itself.