People splurged all government given money on luxury items and unnecessary stuff, or just gambled it way on stock market or betting.

UBI does NOT work in the US and will never work. More sensible approach is what China does: low prices.

Just massively lower prices for basic cost of living items, so that even Uber driver could live normal life

So it's true it almost doesn't matter, because you can absolutely guarantee you're going to have growing inequality, political instability, and a culture of dishonesty, abuse, and contempt, unless you keep Cluster B types far, far away from resource dominance, strategy, and enforcement.

> taking power away from the capitalist class

An obvious and apparently irresolvable contradiction.

Capitalist power is inherently anarchic and isn't power at all. It's simply order emerging from the anarchy of the market. But the ability to take that power away from them, no matter how you measure it, itself falls into the category of "too much power" with wide margin. And with this amount of power there will be no change of hands that hold it.

The end result is total system collapse or forcing people to work through total government control, which is where all communist systems end up.

UBI creates a slave class. It's just a dressed up and renamed system that's been tried many times before, and failed.

I'm not sure why every new generation thinks they discovered something new.