anthony_r

Sorry for off-topic but notice how long this page is and yet how fast it loads. Why is it so hard to pull off elsewhere on the Web.

It's probably because he doesn't understand that something that works only once in a lifetime, or even only once in a few generations, can actually be a very desirable trait from evolution/survival point of view. We (and all lifeforms really) are full of such traits, they're a burden 99% of the years and a blessing in that cursed 1% slice.

Not that it's necessarily fun to have those traits (Selfish Gene etc.), but calling them "irrational" is often plain wrong. If you fail to explain something that doesn't mean it's not useful (or "irrational"), it might be your "rationality" that's too limited.

To simplify a bit: the key difference between our thinking is that you think tbills and base money are different things. I think they're the same thing - because they are guaranteed to be always convertible from one into another, at unlimited quantities.

True. I think that looking for example at the NIIP (US claims on foreign assets - foreign claims on US assets) or the trade deficit (how much the foreigners lend to the entire country [govt+private]) are much more important long term than any of the govt internal accounting numbers, such as the size of the Fed balance sheet.

Yes there are also "genuine" things on the CB's balance sheet. But notice how small they are, except in some weird cases (like the SNB, the Swiss National Bank, which hoards a ton of equities).

My overall point was that the central bank, the public pensions system and the treasury are all a part of the federal government. When they "trade" with each other and maintain separate balance sheets that really means very little. What's the large scale difference between a tbill and base money if the Fed maintains an open market operations center and guarantees to trade them in unlimited quantities (repo and reverse repo) to keep them priced 1:1 to enforce their monetary policy? I mean I know you cannot take a tbill to a drugstore, but you can trade it back to a spendable private bank account balance in an instant, and you will always be able to.

There's a lot of misunderstanding about what is currency and what is debt.

All modern currency is debt. All of it. The amount of debt created and the amount of new money created is equal, because x=x for all x. It's just that simple - there isn't a difference.

There are the printed bills (that everyone has access to), there's the digital base money printed by the Fed that you keep hearing about, it's the liabilities side of their balance sheet (that only select large financial institutions have access to), then there are govt bonds and govt-guaranteed bonds (Mortgage-backed securities) (which again everyone has access to, but they're impractical for day-to-day conduct of business; they're extremely liquid though, you can convert them by the hundreds of millions to bills/base money by a single phone call). But all of this is money, just different types / quality of money.

Operations such as QE are just a means of conversion between the types of money. For example since 2008 we have continuous conversion of high quality bonds (govt and govt-guaranteed) into base money (the top quality money). All of it is still a government liability, since the Fed is a part of the government.

Similarly, the Social Security buying Treasury bonds is just an internal government operation. Pension liabilities are just like government bonds (it's a promise to deliver money at a later point in time), if you fund a pension liability with tbonds you're just doing some internal reshuffling within the federal government books. No actual funding takes place, i.e. no one is delaying their personal (or corporate or nonprofit) consumption in exchange for a future payoff.

If you don't believe me then please try to explain why hasn't Japan experienced a double or triple digit inflation. They are so much more advanced in the "central bank money magic".

PS. I'm using "quality" to refer to types money to simplify a bit, the more accurate first order approximation term would be "duration". Then there are further technicalities such as coupon structures, whether or not the coupons depend on the CPI (TIPS), whether or not they exist at all and maybe you just get a lump base money sum at the end, etc.

PS2. I've skipped the (actually larger) private credit. Yes, bank credit and the bond market also create money, though definitely lower quality than anything discussed above. Private credit is allowed to disappear at any given point in time. The Fed is currently not allowed to touch private credit whatsoever (this might change if the Congress decides so), they very briefly violated their own rules in March of 2020 by doing a weird type of deal with the Treasury (which is allowed to deal in the private credit, as the Treasury is allowed to spend; buying a bond that later defaults is effectively spending). And by the way: their announcement of an intervention in the non-govt guaranteed credit markets was the exact bottom of the covid market panic.

That moment when you realize that a multiplayer game is actually also a distributed database :)

How do you make a third-party pedestrian to sign the waiver?

This is very useful in hard to reach areas, examples: Prudhoe Bay in Alaska or Uyuni salt flats in Bolivia. You can go there yourself, no one is stopping you, but there's no infrastructure and basically no people for hundreds of miles. And I doubt it will ever change unless the infrastructure gets developed in those areas.

I know :)

That's the "Clueless" section of that essay.

It's not a rationalization, it's a description of reality. Play the hierarchy game or find joy elsewhere, there's no other way really.

Because doing the bare minimum is a reasonable thing to do. You will not be rewarded for more work unless you play the hierarchy game. The Gervais Principle: https://www.ribbonfarm.com/2009/10/07/the-gervais-principle-...

You missed the second part: work on it for a year, declare it well scoped and on track then move on to greener pastures, dumping the actual work on some juniors.

Best part about the people that do such things is that they may not even realize they do it!

Came here to say exactly that. You can also do this, thought it looks a little worse it allows for even more flexibility, such as complete decoupling of Impl from A across different files:

  // Forward declaration of Impl. What does Impl do?
  // You're not allowed to know.
  class Impl;

  class A {
  protected:
    Impl* mImpl;
  };

I've been using this trick but for a different reason - to reduce the number of #include statements in header files that are included a lot themselves.

B - eight - s

Discord B8s = Discord Baits?

You're trying to pull a YouTube Red here?

> More than that, github was floundering economically

I do not think we actually know that. Was there any release of any financial data?

Also, part of the "beauty" of the modern "tech" giants is that they manage to find alternative sources of revenue, in some cases (notably Google and Facebook) completely replacing the old school user subscription revenue. By and large people seem to be OK selling their data for either a price reduction or complete price removal for services. It is what it is.

Lol, like Microsoft paid the billions to give it out now for free. Besides, do you want your index funds to do well? Because that's exactly where the proceeds go to.

You're right, but this kind of stuff is actually much more rare in "tech". Google, Microsoft, Facebook, Apple were all quite profitable (GAAP) at their IPO time, which was also earlier than today's standards. Look up the old S-1s if you want to verify. It is very common in biotech, though.

If you want to play creative - sure. About survival - I mean, would you think using Google Maps for driving instructions is cheating? What about those cheater self-driving cars, damn them! Back in my day we used to walk uphill both ways, etc.

Besides, it's mostly for multi-player. Playing this game single-player is only the beginning.

GitHub: https://github.com/cabaletta/baritone

Step 1: install Baritone

Step 2: type "#mine iron_ore"

https://github.com/cabaletta/baritone

https://youtu.be/CZkLXWo4Fg4?t=80

I always wonder why so few people know about Baritone. It can do so much: move the player, clear areas, mine ores and other blocks, construct simple surfaces such as roads or even paste complicated Schematicas layer by layer. Perhaps it takes away too much of the fun.

How about decrypting the messages on the device and then sending them for ad classification to a remote service? Sounds like a no-brainer.

Let's inverse the question: please provide a list of companies that would be OK to target, according to you.

Exactly, it wouldn't necessarily change the demand, but would hopefully reduce the supply (by raising costs). Being a legal entity has much lower cost of funding and much lower cost of operations than being an illegal entity. Otherwise most entities/corporations would not bother to be legal, which is clearly not the case.

Depreciation and thus CAPEX over time is definitely a real charge, and so is stock based compensation from the point of view of the shareholder (think of the largest in history stock grants to a single person, that is the legendary Elon's stock grants; to quote a famous show - "this guy fucks"). It's not easy to beat the accuracy of GAAP income unless you know the company / sector in great detail and can introduce custom modifications. Going "yolo adjusted-EBIDTA stonks" and simply removing charges to increase "income" is rather optimistic/stupid.

But yeah, it is starting to look okay if not good. I was (well technically still am, but the position is tiny now) one of the shorts in TSLA, but I am done with that, didn't quite work :)

Either the customer or the investor. All of the current Tesla capital comes from the investors.

They've just started breaking even now, and it can take a while to cover all the past costs. As of the latest 10-Q the accumulated deficit (sum over all past earnings) is -$3.6B. The total capital raised from investors is well over $15B.

He got a lot of speeding tickets, look up the famous old mugshots. That's not something easy to obtain from inside an office.

The man knew how to party, even if not too much :)

Cute. But this so much doesn't belong here.

Yup, it's literally just "being bearish". If you want to see people "being bearish" or "being bullish" just flip on the CNBC or something and listen.

You either claim that the interest rate (or various risk premia) are too low, or that the estimates of future profits (for whatever reason, higher COGS, higher cost of labor, higher taxes, under-measured depreciation and higher capex, natural calamities, lower GDP and thus lower revenues, or really any other reason) are too high.