Mastodawn

God, this bubble burst is going to be so brutal

@zenhob I cashed out all my tech stocks back in January. I suspect this will be the dot-bomb v2.0, where everyone finally figures out that LLMs and the hundreds of billions of dollars invested would have been better off getting tossed into a dumpster and just lit on fire.

They're impressive chatbots, but not useful for anything of consequence. They can't do math, they can't play games, they get basic facts wrong, they can be manipulated into being complicit in crimes, etc.

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1337 Jun 20

@JustinDerrick @zenhob "The market can stay irrational longer than you can remain solvent." Crypto is still going strong; been around for ~16 years. Tesla's stock is still higher than this same time last year.

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Stel Clementine Jun 20

@1337 @JustinDerrick @zenhob Crypto is a bit of a special case IMO because it's a *purely* abstract asset that's not even pretending to be tied to any physical function. I think about it as a decentralized ponzi scheme that only requires a bit of "get rich quick!" marketing, electricity, and hardware. Until one of those things goes away, the crypto scam will continue.

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Justin Derrick Jun 20

@stelclementine @1337 @zenhob As an IT guy, blockchain and crypto seems interesting, possibly revolutionary -- taking money out of the hands of politicians and bankers, and making it a hard asset like gold, but instantly portable and nearly infinitely divisible -- all made possible and enforced by code.

As someone who breathes, and is consequently concerned about the environment, it's a trainwreck.

Only time will tell what happens to it.

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Aziroshin

@JustinDerrick @stelclementine @1337 @zenhob Politicians and bankers have long moved into crypto. There are no technological solutions to the natural tendency of markets to facilitate centralization.