Discussion about this post

User's avatar
Donkey Konger's avatar

It should have been self-evident even two years ago that once the mass market was exposed to LLM AIs, many would become entranced. On X, people have repurposed the term "oneshotted" for this [Link to example: https://xcancel.com/_opencv_/status/1946024101715292275#m ]. Ask yourself, who is closer to being described as a crappy stochastic algorithm: chatGPT 5 or a 105-iq urban working (wo)man? Anyone who ever learned game could tell you: both tend to respond really well to a mildly intricate, properly-ordered series of prompts. Given the results experienced by friends of mine who started seeing terrible therapists, it's an honest question: who encourages worse results for the individual human, a glorified autocomplete wordcloud, or an incompetent/evil person given root access to a person's most intimate thoughts?

If you ever went down the game rabbit hole, you may have experienced the vertiginous horror of appreciating humanity laid bare™️. Few things are more alarming than realizing some substantial portion of your fellow humans are manipulable with just a few sly turns of phrase---but don't let me sound superior: I too would trash my career and familial relationships for a charismatic-enough startup CEO promising a credulous-enough path to success.

Expand full comment
Sherman McCoy's avatar

0-Go easy on Mark Reuss. He has a weighty cross to bear!

1-“ AI “unicorns”. Bitcoin zillionaires. People who post their net worth on social media to prove their adherence to a secular religion of cash hoarding.”

Oh, and also people who post their FICO score online! Shoutout to BTSR (real ones know)!

“The financialization of the American economy, while it’s contributed greatly to the supply of feckless millionaires in the country, has also done a lot to break whatever link remained in our collective consciousness between hard work and being rewarded.”

Why is “financialization,” ipso facto, a negative? It’s clear that it is to you, but you have failed to convince me that this is unambiguously the case. Championing “hard work” in lieu of outcomes is like giving a child an “E” for “Effort” on their report card.

For “financialization,” you can substitute “specialization,” in a sense. If a value chain can be pulled apart into its component pieces, wouldn’t it be wise to focus on the more remunerative aspects of the process?

Relatedly, when there are more economic actors participating (i.e., skin in the game, as discussed recently) in a given market, price and value converge as opportunities (i.e., true Alpha) are rapidly competed away. Everyone else who cares to observe can find out what NVDA shares, or Batman GMTs, or crude oil futures, or Bitcoins are worth right now. Even if they’re just looking (i.e., window shopping). Is this not societally beneficial? I could go a step further and make a tongue-in-cheek argument that insider trading is socially beneficial because people would not be deluded into making poor investment decisions: Wouldn’t you be crestfallen if you sold your shares of ACME Corp. for $20 / share today only to learn from the Wall Street Journal tomorrow morning that a Mag 7 Hyperscaler had offered $30 / share to buy ACME Corp. You suffered because someone who knew that information was not allowed to act on it! Obviously insider trading is not just allowed but encouraged in most markets, public equities being the outlier.

I certainly do agree with you that voyeuristic wealth porn has evolved just a little bit since Lifestyles of The Rich & Famous.

Who would most people rather be? A crusty, Old Money beneficiary of inherited wealth who wears old, fraying J. Press OCBDs with repaired elbows, or Wes “Chains on Veins” Watson in his rented Boo-Gatti “Ky-Ron” Pur Sport driving to the mall in Miami while screaming at his followers on Instagram? The vast majority of Americans today seek - or, better said, wish for - outsize wealth not for sense of achievement, personal autonomy, comfort, or ease; rather, they desire it merely to showcase it, to trumpet it to friends, enemies, and frenemies alike on Instagram and TikTok.

Expand full comment
487 more comments...

No posts