@foozzzball
Lazy. Writes. Is known to write fiction. Is almost fictional. Sometimes furry. Homepage: https://sinisbeautiful.com/ Patreon: http://patreon.com/MalcolmFCross Raw live draft for writing/creativity/motivation advice: #HacksawDraft
A tax barrister sued me personally for £8m for libel after we linked him to a tax avoidance scheme.
Today the High Court struck out the claim, granted summary judgment, and ruled it was a SLAPP. The judgment is highly critical.
If you see this, post a robot.
anyone saying this shit needs to understand that the concept of "degenerate art" is DEEPLY rooted in horrifically racist, anti-semitic, anti-queer, and xenophobic nazi sentiment. they literally did exhibitions of modern art to stoke hostility towards anything that perverted aryan values. /1
It's a great video.
But this is a great section from it.
www.youtube.com/watch?v=YQ_x...
My college students are writing articles on AI and the future of the arts from a consumer perspective (they are electrical, motor vehicle and carpentry students resitting their GCSE English Language). When asked how they’d feel if they connected with a song or a story and were then told it was AI…
Folks... mute who you've got to. Block who you've got to.
It's seriously not a big deal. Like lol I genuinely promise you it does not matter and you don't owe anyone an explanation, this isn't your job.
I really need to stop talking to crackpots online. It really just pollutes my friends' timeline.
And the central authorities providing surety behind the value of NFTs were the cloud and the people and the peer-to-peer networks and none of them had any mechanism to actually maintain their value.
... Just like crypto more generally.
Not really, because people aren't so stupid as to mistake a DID for a person's actual identity, and they understand better now what was obvious with NFTS - they're just tokens, just game pieces, with no intrinsic value or meaning outside of what a central authority ensures they hold.
-- crypto moves before making a purchase, or to make the purchase at a specific instant at a floating ratio tied to another currency with strong central authority like a national currency.
Which is how BTC is actually traded.
Dogshit as a currency, great as a speculative asset.
That volatility means you're now unable to perform that value exchange, the 'I trust this to be value A stably long enough to make it worthwhile for me to make that economic transfer for value A'.
So what happens is both parties are incentivized to either wait and see what direction the--
Right! Exactly!
Because you have the expectation that you exchange value A, and trust the currency to allow you to exchange it for value A later.
But with Bitcoin and Cryptocurrency the volatility is such that you can buy a pizza today for 10k bitcoin, or wait 15 years and buy it for 0.0002.
Which is a completely unacceptable means to store value, and demonstrates that cryptocurrency is fundamentally problematic. Because NFTs more or less notes somebody scrawled on cryptocurrency.
It demonstrates the inherent and unacceptable volatility.
Either you go 'oh, okay, I will follow the herd and believe that because lots of people also believe this thing holds value it holds value', or you go 'for this single transaction I and my transaction partner will agree to this exchange on our own heads'.
With crypto, either you have an issuing authority who has stood up and declared themselves to be that authority on absolute fiat - literally saying, hey, I wrote some code, you can trust it - or you and your transaction partner take on the role of that authority by spinning up your own coin.
-- security in that transaction as you do with any other peer to peer cryptographic currency, like bitcoin.
The thing you want in a currency is surety that your ability to move economic value around is secure. Which means, does the issuing authority have the authority to enforce its value?
-- to currency is in whether or not it can securely serve as a means to move economic value between parties.
Crypto is dogshit for that because the inherent value in it is something you can copy-paste off of a github repo, perform the transaction, then delete, and you get the exact same level of--
Why would you give me gold for any currency?
Because you have the expectation you can convert that arbitrary number of dollars into something with an equitable economic value to the gold.
Which means currency is not for holding economic value, it's for moving it.
Which means the value inherent--
Again with the 'okay but what if there wasn't ANY value in the thing!'
That's like a thought experiment where one guy is like 'monoxide sucks for breathing' and the other guy is like 'okay but WHAT IF the only oxygen available was monoxide'.
LMAO again.
What a fun mental exercise. That is exactly what happened to NFT enthusiasts.
-- then killing that currency is equally efficient as a method of exchange as using an established currency, but comes with massive security benefits as no 'value' is stored in any way at any point as part of that currency, meaning economic value is at no point risked as a volatile asset.
-- purely has utility as a medium to enable that exchange, it is not, in itself, an asset. It is not, in itself, a meaningful store of value.
In this framework a currency of any kind is a floating promise to exchange value A for value A.
Hence, spinning up a new cryptocurrency for a transaction --
-- in the act of exchanging value.
It doesn't matter if I use dollars, euros, or bitcoin to buy those eggs. What matters is that I did something with a value of A, represented by an arbitrary number in an arbitrary currency, and I bought something worth value A.
In this POV the currency itself --
Market depth isn't a concept that applies to a long term way to store value, it applies to trading.
If one accepts that the medium of trade is irrelevant, only the underlying economic value and power, then the specific currency or security underlying an asset is meaningless, the only meaning is --
LMAO.
I love how your thought experiment to disprove a contention that volatile assets suck for currencies and you want something stable involves a scenario implying that the stable asset is incredibly volatile.
Which doesn't matter because you're not trying to use it as a store of value.
If you're trying to store value, you want something maximally immune to market sentiment with a value that is intrinsic and dependable, right?
Crypto can't do that because it lacks value outside of market forces.
Which means that cryptocurrencies and blockchains are a shitty concept for currency, but a pretty good method for transaction validation.
A great ledger, a bad way to invest.
Hence, using a cryptocurrency for more than one transaction is kind of foolish. Whenever we need to make a trade, we spin up a new coin for that trade, then close it. We don't need to hold virtualized assets as a token value in currency because we hold real assets which can be traded instantly.
And cryptocurrencies have no central authority. So it's all market.
Which means that functionally, you're engaging in barter - a dozen eggs are worth a dozen eggs - which means the most efficient form of crypto is creating an entirely new coin for every individual transaction, and closing it after.
You can't pay your taxes in it there any more, at least according to the reporting I can find.