Look up crisis theory, the rate of profit tends to fall in capitalist systems. Because each company is driven by competitive self-interest, it is incapable of acting for the good of the whole. You simply cannot devote resources to anything but trying to out-compete your rivals and in doing so the profit for everyone tends lower and lower until you have a crisis.

I don’t believe that is accurate. Beside moons (which don’t orbit the sun), Pluto is the largest and closest dwarf planet.

Chatgpt… please summarize the Gartner hype cycle for a 5 year old

When you have commodity money, the value of the money is derived from the value of the commodity. You don’t get to assign arbitrarily higher values to the money because the market determines the value. But yes, all speculative assets typically have a higher extrinsic value compared with their intrinsic value but I don’t believe that has anything to do with it being a medium of exchange or not. That is just supply and demand.

Gold is a commodity and you can create a currency that is backed by a commodity so you aren’t actually trading the commodity itself.

That is not true, for the vast majority of the history of money it was based on a commodity that was valuable in its own sense. It is only in the last century that we have begun experimenting with currencies that are not pegged to the value of a commodity.

Cryptocurrencies derived their value from being a network of users (metcalfe’s law) so they are more like a commodity money. Thing about something like Meta, which has a valuation in the trillions despite its physical assets not be worth nearly that and its functionality as a website being easily replicated on an alternative platform. The users are what is valuable.

Hmmm anyone remember when Andrew Yang was running for president and said that data was the new oil and that people should own the content they put on social media?

I recently left a WFH only company. The environment was toxic and there was definitely some insecurity on the part of management regarding worker productivity. There was a much larger emphasis on constantly showing to management what you were working on and proving you were using your work day productively.

It was a culture shift I didn’t adapt well to and left.

Same that is my favorite and I don’t think we are alone because its always sold out at the stores while the other plant milks remain untouched.

Absolutely, companies are not going to just decide to implement NFTs in a way that gives more control to users unless it means more money for them. Does change the fact that the technology has that potential, even if it remain unutilized.

Except it’s not ownership, it is digital rights management. Right now DRM is handled by private corporations, not the state, and it generally is anti-consumer. NFTs could be used for DRM in a more pro consumer way.

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Asset Tokenization and Smart Contracts are two things that will be increasingly used in Finance. That is why the recent BIS report on CBDCs included both of those as essential features of a Central Bank Digital Currency.

What Blockchain does is provide these features of a digital currency in a way that doesn’t require a trusted intermediary. This makes Blockchains resistant to censorship in a way that a central bank digital currency can never truly guarantee. It is true that a centralization system like a database or ledger can be faster, more efficient and more secure but that you will always have to trust that provider of that service that they will continue operating in a manner that is congruent with what a user may want.

A recent example of this would be the news that Ubisoft is deleting inactive accounts on Uplay, which is potentially resulting in many users losing access to games they bought on that platform. Were the rights to those game tokenized on a Blockchain or CBDC, the users could potentially redeem that on another platform. Another example would be the case of the user losing his 900 hour character in Red Dead Redemption after Google shutdown stadia. Had that player’s character been tokenized as an NFT he might have the capacity to move it off of stadia and onto another game platform.

Get a little nervous about your Steam Game collection worth 1000s of dollars that is completely locked into Valve’s ecosystem? How about a decentralised, immutable and censorship-resistant record of your ownership of those games? That is what asset tokenization is about and it will become more important in the future as our lives and our assets become more digital.

Then there are multitude of uses for smart contracts which, again, don’t require a blockchain provided you are ok with relying on a trusted intermediary to execute the contract as it was termed. Given that contracts by their nature often involve agreement between organisations or individuals with diverging interests, it almost a certainty that having an immutable, censorship resistant network to run those smart contracts is desirable.

More likely they are expecting this to blow over and people to return to reddit. This isn’t the first-time people have called for a mass exodus and they are expecting it to go like it has before.