This is all well and good if it is in fact a 10-20% shock with a duration of 6-12 months. But what if we end up with severely damaged infrastructure and a shock with a much longer term duration? All you have done is raise financing costs on rebuilding the physical infrastructure
If the government is genuinely considering shorting futures as a tool to manage oil prices, you can see how they might be attracted to yield curve control to manage interest rates if we get an inflationary shock.
White collar labor is primarily a transaction cost for accessing intelligence. If intelligence gets commoditized, this has huge implications for white collar workers and equally large but widely varying implications for the businesses that employ them.
Dismissing concerns about AI labor disruption as "this time is different" thinking can just as easily be reframed as a naive adherence to the idea that "nothing ever happens" and both ought to be couched in considerable uncertainty. Commoditization of intelligence might genuinely be different than prior technological revolutions.
Additionally, there is massive stratification among white collar workers in terms of ability to harness AI effectively, and blowing off these concerns as recycled Marxist fearmongering requires a quasi-religious faith in the entrepreneurial spirit of the white collar bourgeoisie. But believing that the government will step in to elegantly address the disruption requires a similar level of credulity.
The primary risk that the market faces right now is that it needs AI to be transformative enough to justify all the data center capex (and also have that value actually accrue to the entities who are on the hook for it) while not being so transformative that it creates serious shocks in the labor and credit markets. While certainly possible, this seems like a very difficult needle to thread, and based on the response to Citrini's piece, something a lot of people have not spent much time thinking about. Recognizing that white collar labor is largely a transaction cost for accessing intelligence makes it easier to reason clearly about the spectrum of possible outcomes.
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Stablebonds from @etherfuse are some of the most innovative products on Solana and a really great example of what internet capital markets can be.
TESOURO and CETES are giving me access to quality assets I want but otherwise can't access, with excellent transparency on top.
People are likely to find out that privacy is a meta the same way that revenue was a meta
Turns out humans have always liked these things
This team has been so relentless in cutting CUs for oracle updates that the network may soon be paying @hermidao1 and @DoctorBlocks for price data
And this question applies not just to chains, but to the protocols built on top of them
On single sequencer L2s, if you're trading securities, "This is where the questions about whether something is actually decentralized or not become very tricky...if you have a matching engine that's controlled by one entity...then we're going to have to think about that...and the people running those things are also going to have to think about that if they're matching securities transactions."
Nathan retweeted
1/ @AlexAlekhinEth published a technical deep dive on how Solana actually works. It's brilliant but dense. Let us break down the key insights from his article so more people can understand why Solana's architecture is genuinely revolutionary.
(Link to his paper below)
If “fast, cheap global payments” and “internet capital markets” are examples of shiny objects, then what are we even trying to do onchain?
Seems that one explanation is just that if a non-EVM network does something well, some people pivot to saying it’s not worth doing
#solana
99% of you have shiny object syndrome
You think you missed BTC and ETH and wanna chase the next big thing for your 100x trade
So you buy into a narrative
“Fast, cheap, global payments”
“Blockchain for banks”
“Internet capital markets”
On and on
These narratives are created by NPCs who are trying to extract from you
But chasing shiny objects is fun
Just don’t do it with all your capital
Comfy in BTC and ETH is best
A multi-trillion dollar thesis for why financial institutions will choose to build on Ethereum is apparently the crypto version of “nobody ever got fired for choosing IBM”
Can someone ask Watson how that ended up working out for IBM?
Solana looking good here. Accelerate.
