AI Unchained Read_002 - A Coder Considers The Waning Days of the Craft
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Alright fellow psychopaths. I need your help.
For a few weeks now I've been drafting this turn-key response to FinCEN and their absurd proposal for CVC mixing, etc.
I want you to take action and use what I wrote in this proposal to post comments into the register - less than a minute to perform and all the links are in the document.
Accelerate. Take Action. #Bitcoin
https://egodeath.capital/blog/fincen-may-be-violating-your-rights-bitcoin
nostr:npub1hw4zdmnygyvyypgztfxn8aqqmenxtwdf3tuwrd44stjjeckpc37q6zlg0q Read_784 - How FinCEN May Be Violating your Rights
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Censorship Keeps You Safe, Says Establishment | The Tom Woods Show
nostr:npub1hw4zdmnygyvyypgztfxn8aqqmenxtwdf3tuwrd44stjjeckpc37q6zlg0q Read_781 - The Censorship Industrial Complex, CTIL Files 01
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Whereas in isolation, man produces what he needs, in a social system, man produces based on what he expects others to need. He need not meet the full diversity of all his needs through his own labor and can instead direct his labor to the areas of production in which he can excel most at serving others. By specializing in producing a good for a market, rather than producing for your own consumption, it becomes possible to dedicate labor toward the place where it is most productive, not where it is merely necessary. In a market economy, your needs are best met indirectly, by using your abilities to specialize in what you do best and exchanging it for the goods and services produced by others. Specialization is therefore another way of increasing productivity. Beyond just an increase in productivity, trade leads to social cooperation and civilized behavior, as the benefits of being able to engage with society peacefully in a division of labor are very high.
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The fundamental facts that brought about cooperation, society, and civilization and transformed the animal man into a human being are the facts that work performed under the division of labor is more productive than isolated work and that man's reason is capable of recognizing this truth.
- Mises
nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev's Take_076 - Fiat Money's Dark Secret
As long as humans have unmet needs, there will be avenues for directing human labor to meet those needs. No matter how much human productivity increases, human wants can increase further, and human reason can continue to devise better solutions to the problems of scarcity. It can always invent better products, better technologies, and safer production methods and generate new demand. We will never "run out of jobs," because we can always use more humans making more scarce products to meet other humans' ever-increasing wants. Scarcity can never be eliminated, because time is always scarce. Work can never end, and man can only choose which tasks to prioritize. The more tasks he can delegate to machines, the more time he has to perform many of the infinite number of tasks he would like to carry out but cannot because of the scarcity of his time.
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When a man values the future output of the production process, discounted for their time preference and uncertainty, at a higher value than the initial investment required, he is likely to invest and build or acquire capital goods. Should the investment succeed, he can use more of the resources to acquire more capital goods, increasing his profits and productivity further. In turn, as the stock of capital and productivity increase over time, he becomes less uncertain about his financial future, and that lowers his time preference further, encouraging more capital accumulation. As more capital is accumulated across society and time preference declines, the price of capital (determined by interest rates) also declines. This process of lowering time preference and increasing investment can be understood as the process of civilization.
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If they wanted to, all workers could refuse to work for wages and instead form their own producers' cooperatives and wait for years for their pay until the products are sold to the consumers; the fact that they do not do so, shows the enormous advantage of the capital investment, wage-paying system as a means of allowing workers to earn money far in advance of the sale of their products. Far from being exploitation of the workers, capital investment and the interest-profit system is an enormous boon to them and to all of society.
Murray Rothbard
Capital is at risk of being rendered obsolete by the invention of newer products and newer methods of production. Through no fault of her own, an entrepreneur may find her entire investment rendered obsolete when a competitor develops a superior product to hers, or a much cheaper way of making a product. Capital accumulation not only requires the sacrifice of the present for the future, but it also requires the sacrifice of the certain for the uncertain. The capitalist is constantly speculating that her investment will yield a positive return in the future, but she could always be wrong.
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For any capital accumulation to occur, individuals must lower their time preference; they must reduce their discounting of the future enough to provide for it at the expense of the present. This point is worth bearing in mind when economic illiterates rail against capital owners for being parasites on the workers. The sacrifice of present consumption by capital owners in exchange for future reward is economically no different from the sacrifice of leisure by workers in exchange for future reward. Had capital owners actually contributed nothing to the production process, then their consumption of the capital good instead of offering it to the workers would make no difference to the workers' productivity. But ask any worker what would happen to their productivity without capital, and the absurdity of hating capital becomes apparent.
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