Hailed as the embodiment of a non-capitalist and more ethical economic system, the new sharing economy appears to be far from the ideal economic dispensation and revolution it is supposed to usher in. It rather seems to be the beginning of a ruthless capitalist system of global transfer of capital and power from workers to rich investors. Applying the most recent literature and original research, this paper delves into the underlying tenets of the sharing economy as a system, and highlights its shortcomings and ramifications that are leading to the creation of modern serfs and dangerous capitalist behemoths and ideologies.