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Cake day: June 17th, 2023

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  • Crypto is not used to bypass regulations.

    From the very beginning it was sold as a way to work outside the existing banking system and all it did was recreate the earlier days of banking with little-to-no regulation.

    It is easier to regulate crypto because of the public multiple ledger system that is the Blockchain, allowing you to trace tokens all the way back to their conception.

    The key to regulation is enforcement. While some regulation was put on the books, the government has been very lax with enforcement. Obvious pump and dump schemes, which would be illegal with securities, are left completely alone with crypto. Ridiculous amounts of leverage has been used to pump up the value of bitcoin, including fraudulent printing (see Tether). Also, while the bitcoin ledger is public, you can shuffle and obscure entry and exit points enough to make it anonymous.

    The purpose of Crypto is that it removes the need for a bank for transactions and holding of nonphysical currency. Adoption rate proportional to total population is what gives them stability and makes them less susceptible to scams or pump and dumps.

    It removes the bank and introduces mining consensus. In the case of bitcoin, this consensus is slow and costly so people have built more centralized networks on top of it. Those are your new banks right there. Plus there is the issue of mining pools becoming too large and thus having more say in the consensus. Now talk about Proof of Stake and you’ll find it’s just a system where the more you hold, the more power you have (i.e. like the rich who hold more money).












  • It may not “understand” like a human, but it can synthesize in a way that mimics — and sometimes even surpasses — human creativity.

    Calling it a “stochastic parrot” is like calling a jazz musician an “audio repeater” because they’re using notes they’ve heard before. It misses the creativity in the combination — the generative power that lies within the latent space.

    It reads like the brainless drivel that corporate drones are forced to churn out, complete with meaningless fluff words. This is why the executives love AI, they read and expect that trash all the time and think it’s suitable for everything.

    Executives are perfectly content with what looks good at a cursory glance and don’t care about what’s actually good in practice because their job is to make themselves seem more important than they actually are.