If someone made a movie with Donald Trump as president and the whole AI slop in 2010, people would not like it because how unrealistic it is.

Leave it on long enough to fully kill FB, Insta, X, etc. THEN shut it down. We're like 1/2 way there already

I'm guessing by fiat you mean government issued currency that is not backed by precious metals but by faith and credit of the issuing government.

They call it fiat because a government just declares how much of it there is.

Blockchain tokens are also fiat in this sense, it's just that the protocol makes the declaration instead of a government.

The other notable difference is that I can buy things with USD or other government currencies. I can't with blockchain tokens. I mean technically I can but they have to be converted first and the popular ones are mostly depictionary so you're deeply disincentivized from using them as currency.

The value of USD comes from people taking it in exchange for goods and services, and the US government taking it as payment for taxes. The value of a Bitcoin comes from people giving you USD for it under the assumption that they can sell it for more USD later. Like a stock, but without the incidental fractional ownership of a corporation with actual capital.

It's a cool concept though, and peer-to-peer digital payment is a good thing, but it cannot function as a store of value without a connection to the material world.

Well that's not true, is it. The values are insane, but sometimes insane situations occur, for a while, until the bubble bursts. Until it does, money is money, and people will spend it on things.

I am at a loss to what that would even look like. The bubble popping would mean the admission of AI (LLMs) not having a viable path to usefulness or return, so then what would a bail out even be? Money? To what end, the bubble would have burst and the idea of AI (LLMs) being anything but a money pit would be what makes the bubble burst in the first place. Unless they can show a path to profit (they can't) then the bubble will burst in time or continue in an endless zombie state where they just pretend that somehow AI (LLMs) are the future while burning capital. If it does go into a zombie state (as so many other things in the us market are becoming) then the whole market will just slowly fail as the "hype" turns into disappointment. The only reason that the zombie state would be preferable is that entities need to invest their money somewhere and maybe some other thing in the market can take AI (LLMs) place, but even then why bother bailing out anyone?

I think they're too big to bail out at this point

Also, no one wants US bonds right now, so we couldn't borrow our way out of it even if we wanted to. We'd just have to print like a trillion or more dollars all at once

I wanna say you're wrong, because AI is absolutely not an essential service - like say a water or power company failing would be (or arguably banks). But knowing how deeply the AI tech bros have sucked up to and supported Trump I have to sigh and agree with you that they will probably be rescued from their own stupidity by the taxpayer.

I think you're part right. I think they'll attempt a bailout, but I don't believe Trump's appointments and the administration they're creating have the skill to plan or execute a bailout (or admit to failure enough to identify that they need one in a timely manner)

They're more likely to ram the economy full speed into rock bottom, then blame an outgroup ("the Democrats did this") and pretend nothing could have been done.

they'll try to get bailed out but you would have to bail out so many companies it's not feasible. you cant just bail out one of these companies. they all propped their stock value up on each other, so unless you bail out every company in the tech sector, there will still be trillions of market cap wiped out.

this is a good thing though. it will mostly only affect those who are overly invested in ultimately unprofitable tech, and the rest of us will be able to buy cheap stock for companies affected like Google and Amazon that will be hit massively but obviously are not just gonna go out of business. it's similar to the covid drop. sucked for rich people but for the average person it wasn't a massive issue and even had money making opportunities attached to it as these big companies scrambled.

okay lmao

Is it becoming useful yet?