I've noticed that some of the major social sites are investing heavily in AI. (FaceBook, for example.) I suspect they're gonna get burned, and my glass of schadenfreud shall runneth over when that happens.
"... believing they must be heavenly humans to be so financially blessed."
It's not entirely their fault they're so stupid. Christianity has been brainwashing the faithful for generations that "God loves a cheerful giver." You give your last dime to God (or his jet-setting agent) now, and he will shower you with untold riches in return; if not next week, you'll get the loot after you die and take up residence in one of those heavenly mansions on the gold-paved boulevards up there in the sweet bye and bye. See: Prosperity Gospel.
An acquaintance’s dad lost his life savings due to a crypto scam. He actually went to a bitcoin ATM and put his cash into the ATM. He didn’t have much to begin with and now he has nothing. I’ve been talking about this for a few years now to people, and I can’t believe the scammers are still getting away with it. Well, actually, I can believe it, since the powers that be are in on it too.
Sometimes I think I should withdraw a fairly good amount of cash. When the financial system that stores our money in bits and bytes gets corrupted by some asshole AI, cash will be king. As a programmer, I realize just how fragile this whole thing is.
"Work gets mathematically assessed for its monetary value by those who hold the most power. Such value assessments have never been based on effort, or the people who pick your produce would be some of the richest folks on the planet. Instead, the world decided some bigoted asshole who plays video games and shit-tweets all day should be worth a few hundred billion dollars."
Such a profund statement and a testament to the truth. Money unfortunately determines power. Citizens United has given power to money. So sad.
Just a note about AI's, which I hate almost as much as you do...
If I could EVER find an AI that swears as intelligently and coherently as I've seen in your writings I'm gonna use it to respond to every MAGA troll I encounter. :)
Yes, but,... One of the primary functions of currency of any sort is to facilitate transactions of any sort. If I'm a farmer with a field of corn and I want to build a barn, I'm stuck because corn doesn't do build barns I need to convert my corn assets into the barn assets of materials, skill, and effort. Unless I can find someone both possessing barn assets and in need of corn assets, I need to convert the corn into a currency of some sort so that both sides can effect the transaction.
It doesn't matter what currency is used as long as both sides agree on the exchange rate.
All currencies are, to some extent, fiat currencies, even if backed by gold or similar. Gold is only valuable because enough people think it is. It does have some qualities that are attractive in any currency medium: it is stable over time and it requires considerable effort to produce. Gold, intrinsically, doesn't have a lot of uses (except for electrical contacts, jewelry, and to gild the Oval Office).
Modern society doesn't function unless there is sufficient currency percolating around to effect needed transactions.
Phillip, all that you've written is true. There's a major difference between previous currencies – whether beads, puka shells, gold, dollars or rubles – and cryptocurrency: The whereabouts of previous currencies could be accounted for through bookkeeping. Cryptocurrency prides itself on being untraceable. By any logical, reasonable measure, it doesn't exist, except by the opaque testimony of blockchain. No wonder it's the new darling of criminals, including the Trump family and their shady associates!
And for the record, that "gilding" in the Oval Bordello isn't gold. Years ago, when gold became too expensive to be used as gold leaf for interior decoration, ultra-thin anodized aluminum was substituted. The expense is in the manufacturing process, not the material.
That the “expense” for creating a currency occurs in its manufacture (rather than its material) is partly the rationale for crypto. It is the conversion of—in crypto—electrical power, hardware costs, and time into the currency. A similar formula has been used for cowrie shell currency in Africa (the Chinese character for money represents such), the Easter Island Moai, and wampum in the Americas. These currencies also shared the characteristic of being very difficult to replicate except through the original manufacture or collection process.
One could argue that paper money, which requires very little cost to manufacture, is actually more prone to inflationary abuse.
And so it is. As an example, I have in my possession a 15 trillion dollar note from Zimbabwe. When I bought it, I could have instead purchased a 30 trillion dollar note,… but I decided I really didn’t want to spend that much.
Phillip, I don't know whether or not you conflated currency with decorative film to muddy the waters on purpose. But conflation definitely happened.
Maybe I'm misunderstanding your comment. It seems that you are defending crypto, a currency that isn't needed, nobody asked for, has a huge downside and very little upside ... unless one is a criminal. In fact, crypto-crook Sam Bankman-Fried is serving a 25-year sentence for his part in creating the mess.
Finally, the relative low cost of printing banknotes has nothing to do with inflationary abuse. That is entirely up to central bank policy. Such an argument comes from conflating currency with decor, indicating that you're not a serious person.
I am not defending crypto. I am merely pointing out that many of its downsides are shared with other currency media. The "decorative film" was simply an example of another--non-currency--use of elemental gold; I could have, and did, list other examples of the use of the metal.
I unreservedly agree that the anonymity in the use of, and the opaque accounting in the control of, crypto currencies is dangerous.
As to your penultimate point: I disagree that the low cost of producing paper money has nothing to do with inflation. When currency minting was legislatively coupled to the ownership of precious metals (as in the Gold Standard, or simply the requirement to produce coinage in the limited availability of gold and silver), over-production of currency was difficult. While excessive liquidity is certainly not the only cause of inflation, it certainly is one contributing factor.
And to your last point: your judgement of my character and intention is unwarranted and so I respectfully withdraw from this discussion.
I was waiting for more bits about bitcoin bullshit. I felt I was short changed but then, I didn’t know ramen had replaced cigarettes in funding the Aryan brotherhood which balances out my disappointment on the bitcoin shortfall. Another terrific post. Thanks.
Bitcoin is crashing and the AI bust will not be pretty either.
I've noticed that some of the major social sites are investing heavily in AI. (FaceBook, for example.) I suspect they're gonna get burned, and my glass of schadenfreud shall runneth over when that happens.
"... believing they must be heavenly humans to be so financially blessed."
It's not entirely their fault they're so stupid. Christianity has been brainwashing the faithful for generations that "God loves a cheerful giver." You give your last dime to God (or his jet-setting agent) now, and he will shower you with untold riches in return; if not next week, you'll get the loot after you die and take up residence in one of those heavenly mansions on the gold-paved boulevards up there in the sweet bye and bye. See: Prosperity Gospel.
Cryptocurrency is a giant laundromat for washing dirty money and completing criminal transactions. No wonder Trump promotes it.
👆👆👆🎯And that is why it exists.
You hooked me by quoting the Durants.
An acquaintance’s dad lost his life savings due to a crypto scam. He actually went to a bitcoin ATM and put his cash into the ATM. He didn’t have much to begin with and now he has nothing. I’ve been talking about this for a few years now to people, and I can’t believe the scammers are still getting away with it. Well, actually, I can believe it, since the powers that be are in on it too.
The first time I heard about Bitcoin, I just laughed and walked away.
That was sensible. I wish everyone had your perception. Alas, the greedy will always be among us. And so will scammers.
Sometimes I think I should withdraw a fairly good amount of cash. When the financial system that stores our money in bits and bytes gets corrupted by some asshole AI, cash will be king. As a programmer, I realize just how fragile this whole thing is.
Only if you have a safe at home. They aren't very expensive.
"Work gets mathematically assessed for its monetary value by those who hold the most power. Such value assessments have never been based on effort, or the people who pick your produce would be some of the richest folks on the planet. Instead, the world decided some bigoted asshole who plays video games and shit-tweets all day should be worth a few hundred billion dollars."
Such a profund statement and a testament to the truth. Money unfortunately determines power. Citizens United has given power to money. So sad.
Just a note about AI's, which I hate almost as much as you do...
If I could EVER find an AI that swears as intelligently and coherently as I've seen in your writings I'm gonna use it to respond to every MAGA troll I encounter. :)
Yes, but,... One of the primary functions of currency of any sort is to facilitate transactions of any sort. If I'm a farmer with a field of corn and I want to build a barn, I'm stuck because corn doesn't do build barns I need to convert my corn assets into the barn assets of materials, skill, and effort. Unless I can find someone both possessing barn assets and in need of corn assets, I need to convert the corn into a currency of some sort so that both sides can effect the transaction.
It doesn't matter what currency is used as long as both sides agree on the exchange rate.
All currencies are, to some extent, fiat currencies, even if backed by gold or similar. Gold is only valuable because enough people think it is. It does have some qualities that are attractive in any currency medium: it is stable over time and it requires considerable effort to produce. Gold, intrinsically, doesn't have a lot of uses (except for electrical contacts, jewelry, and to gild the Oval Office).
Modern society doesn't function unless there is sufficient currency percolating around to effect needed transactions.
Phillip, all that you've written is true. There's a major difference between previous currencies – whether beads, puka shells, gold, dollars or rubles – and cryptocurrency: The whereabouts of previous currencies could be accounted for through bookkeeping. Cryptocurrency prides itself on being untraceable. By any logical, reasonable measure, it doesn't exist, except by the opaque testimony of blockchain. No wonder it's the new darling of criminals, including the Trump family and their shady associates!
And for the record, that "gilding" in the Oval Bordello isn't gold. Years ago, when gold became too expensive to be used as gold leaf for interior decoration, ultra-thin anodized aluminum was substituted. The expense is in the manufacturing process, not the material.
That the “expense” for creating a currency occurs in its manufacture (rather than its material) is partly the rationale for crypto. It is the conversion of—in crypto—electrical power, hardware costs, and time into the currency. A similar formula has been used for cowrie shell currency in Africa (the Chinese character for money represents such), the Easter Island Moai, and wampum in the Americas. These currencies also shared the characteristic of being very difficult to replicate except through the original manufacture or collection process.
One could argue that paper money, which requires very little cost to manufacture, is actually more prone to inflationary abuse.
And so it is. As an example, I have in my possession a 15 trillion dollar note from Zimbabwe. When I bought it, I could have instead purchased a 30 trillion dollar note,… but I decided I really didn’t want to spend that much.
Phillip, I don't know whether or not you conflated currency with decorative film to muddy the waters on purpose. But conflation definitely happened.
Maybe I'm misunderstanding your comment. It seems that you are defending crypto, a currency that isn't needed, nobody asked for, has a huge downside and very little upside ... unless one is a criminal. In fact, crypto-crook Sam Bankman-Fried is serving a 25-year sentence for his part in creating the mess.
Finally, the relative low cost of printing banknotes has nothing to do with inflationary abuse. That is entirely up to central bank policy. Such an argument comes from conflating currency with decor, indicating that you're not a serious person.
I am not defending crypto. I am merely pointing out that many of its downsides are shared with other currency media. The "decorative film" was simply an example of another--non-currency--use of elemental gold; I could have, and did, list other examples of the use of the metal.
I unreservedly agree that the anonymity in the use of, and the opaque accounting in the control of, crypto currencies is dangerous.
As to your penultimate point: I disagree that the low cost of producing paper money has nothing to do with inflation. When currency minting was legislatively coupled to the ownership of precious metals (as in the Gold Standard, or simply the requirement to produce coinage in the limited availability of gold and silver), over-production of currency was difficult. While excessive liquidity is certainly not the only cause of inflation, it certainly is one contributing factor.
And to your last point: your judgement of my character and intention is unwarranted and so I respectfully withdraw from this discussion.
If that gilding is even real gold.
It is Temu cut outs, spray painted with a fake golden patina. Just like silver spray paint is not real silver.
Fascinating. And apparently, nothing new under the sun. I can decide if that’s something to feel hopeful about or something to despair.
If this is from your upcoming book, I cannot wait to get my hands on it. Fascinating.
I was waiting for more bits about bitcoin bullshit. I felt I was short changed but then, I didn’t know ramen had replaced cigarettes in funding the Aryan brotherhood which balances out my disappointment on the bitcoin shortfall. Another terrific post. Thanks.