My brother in Christ, all money is fake. Even gold coins are ‘fake’ money, because all money is a social construct used to represent an abstraction of value added through labor.
all money is a social construct used to represent an abstraction of value added through labor.
That’s the definition of money. It’s not fake. It is an abstraction, but it’s not fake, and we’ve built an intricate system of laws and regulations about it.
Bitcoin is fake money. It’s not backed by any government or any real rules and regulations. It’s the same as every other “tech” company. Take an existing thing, remove all regulations, pretend it’s a new thing, and pocket the increased revenue.
government backing only defines money under Adam smiths theory, but we had money and governmentless money long before smith.
And there was a different government backing it (though not in the same sense of the word) and a different set of laws and regulations around it.
Money existed before there was an intricate system of laws and regulations. Money existed before there were fiat currencies, backed by nothing except a gov’t’s promises. The fact that bitcoin doesn’t have those doesn’t make it any more real, or less real, than any other thing used as currency. It has value because people believe that it has value.
Gold is much the same way. Gold has an intrinsic value for making things that conduct electricity (particularly because it doesn’t corrode), but all other values exist because it’s both relatively rare, and people have decided that it’s pretty.
At current exchange rates, about 0.000029. That’s going to vary slightly from day to day, in much the same way that the price in Euros, or Japanese Yen will vary if the price is in USD, because currency valuations fluctuate comparatively.
I remember a time the GBP was worth about $2.50 US; it’s currently more like $1.30 US. Euros used to be worth considerably more than US dollars, but it’s very near parity right now.
As I said, money is an abstraction, it’s not a real thing. European labor didn’t used to be more valuable than American labor, and now it’s worth the same. The abstraction that money is has drifted farther away from the reality that it’s supposed to reflect over time.
Everything is an abstraction. A cat is an abstraction. There’s no cat, only an animal living in your apartment that looks like other similar animals.
What makes this money fake you’d ask? Probably because you cannot buy lettuce for it. Only illegal stuff, money, other fake money and, in some places, you can buy a hotel room for a few nights. Idk, crypto looks more like a commodity than currency to me.
I’d say fake money.
For uber, we’ve never had the overpriced cabs that it was made to circumvent in the first place. It was more of a wild west with lots of smaller companies with in-house made sites. We’ve even had an app that checked their prices, ordered the cheapest ones and cancelled others once a car is found. Then a major player entered the market, and they didn’t know what the fuck they were doing, giving estimates but driving by the meter, which ended up consistently much higher in the end. Then uber came, and started undercutting everyone with stupidly low prices, but their app/maps are an unbearable garbage. So they did a merger with previous one, combining the idea with decent app, and continued until competition crumpled. And now they’re screwing both drivers and customers hard, but there’s now no alternative.
The only good thing that came out of it is incentive structure and a punishment for drivers for not taking orders. It made it so that as a customer you can safely order without fear that you’d have to wait for hours to find a car - your hot potato order can’t be passed off forever, and somebody has to pick it up eventually, even if it’s a bad driver who majorly fucked up recently and now has to take it for redemption, or otherwise lose his job.
Airbnb never made financial sense to me. Because every time I looked there, I found the same, and much better options, for as much as half price on local ad boards. Seems to be just a convinience factor, as renters just put their properties at 2x there for an off-chance a rich tourist checks in.
AI to me seems like a dead end. The innovations are cool and flashy, but they inevitably fall short of being reliable enough to be useful. Like, I don’t use chatgpt anyhow because there’s always a chance it’ll spit out plausible bullshit which makes it so that every answer must be double-checked. And if you can find the source to check against, then why even ask the bot in the first place? Same for art, it can get you maybe halfway there, but refining the prompt takes skill and time that’d be better spend learning to edit and make real art instead.
But for cryptocurrencies I should’ve bought in way sooner. Even if they didn’t hit ATH’s every few years. I find that even drug dealers and crooks are more trustworthy than my own government, who is actively malicious, and has hurt my financial wellbeing harder and more often than even the crypto rug pulls. And that’s coming from someone who got hit by luna, ftx, and even mtgox, among others. Still better than the government straight up saying that you don’t own any of your money anymore. Yes, the ecological impact sucks, but it’s not a crypto problem specifically. I don’t see how mining is worse than, than, say, a literal mining operation across the road that uses electrical heating because they’re too poor to fix their windows and put proper insulation, and running heaters just makes financial sense? There must be regulations to make dirty power more expensive, which will make the problem solve itself. And if we have green energy, who cares what one’s using it for? Mine, game, hang christmas lights, whatever, who gives a shit
Good analysis, but I’d say your not taking a vital factor into account with “AI”, it’s only going to get better, and crooks, conmen, corporations, etc are going to find new ways to weaponize it. I use LLM’s often, and for my purposes, they are truly amazing (now that Google search is fucking useless)
Well, I’d like that to happen, actually. As it stands, the only use of AI I am legit a fan of is music mixers like suno and udio - it makes me smile every time I hear a creative mix of lyrics and genre. Others mostly just litter the internet with unhelpful stuff of questionable legality. When it gets good enough that errors are so rare that I could trust the output without checking, while being built on free and licensed stuff, I’d be much more more inclined to use them.
I wouldn’t be so sure it will get much better. It might just stagnate, barely getting any better as we reach the limits of what is possible with our current hardware.
government straight up saying that you don’t own any of your money anymore
What are you referencing here?
I feel like I should be recognizing some specific thing here, but I can’t figure it out.
Well it’s third world problems, but the specific event I had in mind was when Russia froze all it’s citizen’s foreign assets in 2022 in an attempt to save it’s own currency from plummeting. This left a lot of people stranded, myself included. I did eventually get mine out, but the law, as far as I know, is still in place, so I tend to think it was purely by luck and some mistake on the bank’s side. Others didn’t have it that lucky, I’ve heard of people being fined as much as $400 for just trying. But, it’s just one case, I believe there’s lots of other places where you just can’t trust the government with money - African, South American, Central Asian countries first come to mind. Even Canada had a scandal where they froze COVID protesters assets - I don’t support the cause, but I don’t think the government should have power over dissenters assets either.
Sure, offshore accounts and physical assets can work in those cases too, but it can be challenging to get a hold of them as an ordinary citizen. Crypto circumvents that by being uncontrollable by design and widespread enough that I can exchange it in some back alley in one place and then again in another with less risk and overhead than any other way.
Ah, that all makes sense. I live in the US, so I’m looking at it from that lens.
don’t think the government should have power over dissenters assets
Agreed, but this is a thorny problem. Clearly the government has a legitimate cause to freeze some assets in some cases (obvious example: US govt freezing Osama bin Laden’s accounts). This becomes an abuse-of-power question, then. Unfortunately, we as humanity don’t have a good answer to it.
third world Russia
Technically, Russia would be second world :)
I do think cryptocurrencies fall short of the promise/hype with the exchange problem – either there’s a big bank-like clearinghouse that the government can target with freeze orders, or you’re in “You have to know a guy who knows a guy” territory when it comes time to actually use the cryptocurrency. I can’t pay my mortgage by transferring Bitcoin or Ethereum to my bank.
Not in my area, unfortunately. We do have a couple of local competitors still. But, even though I hate it with passion, I rarely bother checking with them because they have so few drivers it is almost never the case they can even find me a car, never mind price-match the offer, and I usually have shit to attend and no time to babysit multiple apps waiting for one.
Anonymous and untraceable internet traffic tool for paedophiles, data thieves and occasionally a journalist living under an oppressive regime. But mainly paedophiles.
I used Tor once out of curiosity. Wanted to know what kind of stuff I could run into. I FAFO. I don’t use Tor anymore.
fake money for criminals is just money in general, at least some crypto currencies don’t allow for tracking
The problem is that, as something that is used first and foremost as a speculation vehicle, crypto can’t really be a true currency replacement. The amount of deflation, and instability, crypto see, due to the design, basically prevents it from ever being a true replacement for contemporary money.
Now, having a block chain credit system that’s availability is not derived in the way that current crypto is could very well be one. Just not what we are being offered now.
crypto can’t really be a true currency replacement
Its been increasingly popular among the unbanked, as it grants a lot of the functions of the modern financial system at a marginally lower cost than check cashing companies and payday lenders without requiring the participant to be considered “credit worthy” by the transacting institution.
You can have a digital wallet and make digital transactions and you don’t need to carry a giant wade of cash on you all the time, even if a traditional financial institution wouldn’t touch you. That’s a boon for crooks, sure. Its also a boon for people working in the gray market - migrant laborers sending money home to family, state-legal pot/mushroom dealers who don’t have federal sanction and can’t use normal banks, gig workers and other contractors, international workers and businesses needing a universal currency to trade against. And its a boon for the working poor, particularly folks who don’t have a physical bank nearby.
Because the currency has material benefits for the unbanked (and therefore legally vulnerable) population, it becomes a popular place to ply scams and grifts and other dirty financial tricks precisely because you know the people you’re fleecing will have no legal recourse after the fact. But that’s the parasitic nature of second class citizenship.
You’re not vulnerable because you’re using crypto nearly so much as you’re vulnerable because you’re denied access to traditional banks and courts.
I am aware of this, still doesn’t make it a viable replacement for traditional currency
at least some crypto currencies don’t allow for tracking
The blockchain explicitly tracks transactions between wallets.
Jesus fucking Christ this is cynical.
It’s really bad out there. Cynicism is at levels I never imagined growing up in more optimistic times. We are surrounded by wonders and have all the opportunities to reshape our world into anything imaginable but we all collectively decided to sit inside, read how other people are miserable, and internalize that misery so we’re also miserable, even though all we’ve done is read about other people’s feelings.
Our species’s default mode is to be cynical and lazy and I hate it.
I think it’s more absurdist than cynical, but is cynical really a problem here?
We’re running 21st-century technology on a 13th-century economic operating system. It’s bound to produce some outlandishly antisocial results.
As a developer and tech enjoyer, there are some inventions in the past 30 years that I can’t imagine living without.
But there are also some horrific economic systems and social dynamics that have taken hold in large part due to inventions of the past 30 years. Some effects that are so bad I’d gladly hit the snooze button on some of the tech to delay it until we figure out the social/economic side first.