446 karma · joined April 3, 2018
Mentioning the mid-1990s' internet boom is somewhat ironic imo, given what happened next. The question is whether "business models mature" with or without a market crash, given that the vast majority of ML money is provided for LLM efforts.
This concept has been studied already extensively, e.g [1] (in 2000!) by people like Rivest and Chaum, who have actual decade-old competence in that field.
[1] https://people.csail.mit.edu/rivest/pubs/pubs/LRSW99.pdf
Data centres are even worse - they need only a handful of staff members while draining incredible amounts of energy and water.
You live in Spain - why not advocate for boosting the energy sector, better grid infrastructure, more renewables, etc.? This would harness a tangible, sustainable strength of your country within the EU and, considering the blackout last month, is definitely something to work on before any tech company or datacentre can settle in Spain ...
Without sacrificing code quality, it only makes coding more productive _if you already know_ what you're doing.
This means that while it has a big potential for experienced programmers (making them push out more good code), you cannot replace them by an army of code monkeys with LLMs and expect good software.
This also goes hand-in-hand with the black-white thinking of a two-party-system.
[0] https://docs.google.com/document/d/1w-HOfseF2wF9YIpXwUUtP65-...
"To ensure the effectiveness of the legal tender of cash, this Regulation applies also to ex ante unilateral exclusion of payments in cash and to the access to cash", where ex ante unilateral exclusion of payments is defined as "a situation when a retailer or service provider unilaterally excludes cash as a payment method for example by introducing a ‘no cash’ sign. In this case, the payer and payee do not freely agree to a means of payment for a purchase;"
In Article 7, the regulation requires that member states monitor this practice and, if it undermines the intention of the legal tender (i.e. merchants must sell you goods for cash), they shall apply "remedial measures".
Also: IANAL, but at least in Germany, implied-in-fact contracts render the contract of purchase "signed" the moment you receive the good over the counter from the merchant. If you haven't payed by then, you are in debt to the merchant and from what I would say, the legal tender rules apply.
[0] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A20...
I expect most digital wallets to be made obsolete by such a measure, because most of the use of a digital wallet as described by the post is easy, nearly free digital transactions by end-users. Everything else can be done using your regular bank account. An ECB-backed alternative to Paypal, Venmo, Cash App et al. would certainly be more trustworthy to citizens and the compulsory acceptance by merchants will artifically solve the chicken-egg problem that most such private companies have.
Ditto for debit cards, which would pose a threat to Visa and Mastercard.
I'm curious what kind of ecosystem will exist around CBDCs.
[0]: https://finance.ec.europa.eu/digital-finance/digital-euro/fr...