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To me, it is remarkable that:

1) Almost everyone on the planet seems to be “using/training” AI to make themselves more efficient without realizing that the improvement comes at the expense of their long term income.

And

2) While doing so, they advocate/reinforce a monetary/political system that pushes prices higher through manipulated money.

And

3) They fail to see the consequences of those 2 diametrically opposed paths.

Shows how many people only think in only first order effects.

#Bitcoin

#Nostr

mykopikid 2y ago

I understand the 1st point but not the 2nd point. How does it lead to the 2nd point?

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Discussion

Ronin 2y ago

It does lead to the 2 point, they are opposite, that's what Jeff is saying. 1) technology like AI,makes everyone more productive, so it makes everything cheaper. 2) The current fiat system demand everything to go up in price. This two points are opposite to each other, the fiat system is not sustainable bc technology is deflationary not inflationary.

Ronin 2y ago

I meant to say it *doesn't* lead to the second point.

Ronin 2y ago

When central banks see that prices are not going up (inflation below 2%), guess what they will do? They will "incentivise" consumption by giving cheap money to everyone(low interest rates/money printer) so prices will be artificially pumped, not bc of economy, more demand, it's your money that has been devalued.

Bitdoc 2y ago

Point 1 causes governments to need to print exponentially more to keep the current inflationary system going ( due to exponential technology growth being a deflationary force). People are using this deflationary technology to survive/make money in this same inflationary system, instead of exiting the system. This leads to reinforcement of the existing system /further manipulation of money (point 2) ironically and an exponential cycle of money printing against an exponentially deflationary force. Thank god for satoshi.