Posts Tagged ‘technology’

LinkSwarm For August 18, 2023

Friday, August 18th, 2023

San Diego tries enforcing the law, a sampler of the lies Obama told about his life, Blade-Runners take on Big Brother’s cameras, a nuke rises in Texas, and a Cthuloid horror swims the chilly waters of Antarctica. It’s the Friday LinkSwarm!

  • San Diego tries “this one weird trick” to deal with homeless problem: Enforcing the law.

    Police began enforcing San Diego’s controversial new camping ban Monday, and although officials said they’ve so far focused only on Balboa Park, the new ordinance combined with other enforcement of laws long on the books has already made notable changes in the encampment landscape.

    The “Unsafe Camping Ordinance” allows officers to force people off public land if they’re sleeping within two blocks of a school, shelter, trolley station, waterway or park “where a substantial public health and safety risk is determined.”

    Capt. Shawn Takeuchi, head of the city’s neighborhood policing division, said his five-member team did arrest several homeless people Monday by Balboa Park, but only for existing warrants.

    Others were given a warning, he said. If any of the same people are found illegally camping a day later, they’ll get a ticket even if they’ve moved locations.

    Nobody in Balboa Park accepted offers for shelter Monday, the captain added. Enforcement will continue to focus on schools and parks in the near future, and officials declined to say where the team might move next.

    Do you think Austin’s government might start enforcing the city’s camping ban? Of course not. Then how are they supposed to rake off the graft? (Hat tip: Instapundit, who offers some takeaways worth highlighting:

    1. The homeless respond to policy and incentives like anyone else. The mere announcement of a future camping ban (plus some enforcement of other existing rules) rapidly cleared out major problem areas.
    2. The provision of shelter or housing is neither necessary nor sufficient to accomplish these clear-outs. Of the people asked to leave Balboa Park on the first day of enforcement (issuance of warnings), none accepted offers of shelter.
    3. The NGOs that have colonized the homeless problem have neither the incentive nor the knowledge to solve it. The head of one shelter was confused by the magical disappearance of his potential clients. “Where did they go?”

  • Harvard law professor Alan Dershowitz explains why the latest Trump indictment is a joke.
  • Charles F. McGonigal, a former FBI agent pushing the Russian collusion fantasy pleads guilty to Russian collusion. (Hat tip: Instapundit.)
  • Hunter Biden’s tax charges dismissed, but only as a prelude to filing more serious charges against him.
  • Biographer David Garrow reveals some of the many things Obama lied about.

    There is a fascinating passage in Rising Star, David Garrow’s comprehensive biography of Barack Obama’s early years, in which the historian examines Obama’s account in Dreams from My Father of his breakup with his longtime Chicago girlfriend, Sheila Miyoshi Jager. In Dreams, Obama describes a passionate disagreement following a play by African American playwright August Wilson, in which the young protagonist defends his incipient embrace of Black racial consciousness against his girlfriend’s white-identified liberal universalism. As readers, we know that the stakes of this decision would become more than simply personal: The Black American man that Obama wills into being in this scene would go on to marry a Black woman from the South Side of Chicago named Michelle Robinson and, after a meteoric rise, win election as the first Black president of the United States.

    Yet what Garrow documented, after tracking down and interviewing Sheila Miyoshi Jager, was an explosive fight over a very different subject. In Jager’s telling, the quarrel that ended the couple’s relationship was not about Obama’s self-identification as a Black man. And the impetus was not a play about the American Black experience, but an exhibit at Chicago’s Spertus Institute about the 1961 trial of Adolf Eichmann.

    At the time that Obama and Sheila visited the Spertus Institute, Chicago politics was being roiled by a Black mayoral aide named Steve Cokely who, in a series of lectures organized by Louis Farrakhan’s Nation of Islam, accused Jewish doctors in Chicago of infecting Black babies with AIDS as part of a genocidal plot against African Americans. The episode highlighted a deep rift within the city’s power echelons, with some prominent Black officials supporting Cokely and others calling for his firing.

    In Jager’s recollection, what set off the quarrel that precipitated the end of the couple’s relationship was Obama’s stubborn refusal, after seeing the exhibit, and in the swirl of this Cokely affair, to condemn Black racism. While acknowledging that Obama’s embrace of a Black identity had created some degree of distance between the couple, she insisted that what upset her that day was Obama’s inability to condemn Cokely’s comments. It was not Obama’s Blackness that bothered her, but that he would not condemn antisemitism.

    Snip.

    Perhaps the most revealing thing about Jager’s account of her fight with Obama, though, is that not one reporter in America bothered to interview her before David Garrow found her, near the end of Obama’s presidency. As Obama’s live-in girlfriend and closest friend during the 1980s, Jager is probably the single most informed and credible source about the inner life of a young man whose election was accompanied by hopes of sweeping, peaceful social change in America—a hope that ended with the election of Donald Trump, or perhaps midway through Obama’s second term, as the president focused on the Iran deal while failing to address the concerns about rampant income inequality, racial inequality, and the growth of a monopoly tech complex that happened on his watch.

    The idea that the celebrated journalists who wrote popular biographies of Obama and became enthusiastic members of his personal claque couldn’t locate Jager—or never knew who she was—defies belief. It seems more likely that the character Obama fashioned in Dreams had been defined—by Obama—as being beyond the reach of normal reportorial scrutiny. Indeed, Garrow’s biography of Obama’s early years is filled with such corrections of a historical record that Obama more or less invented himself. Based on years of careful record-searching and patient interviewing, Rising Star highlights a remarkable lack of curiosity on the part of mainstream reporters and institutions about a man who almost instantaneously was treated less like a politician and more like the idol of an inter-elite cult.

    Snip.

    Progressive theology is built on a mythic hierarchy of group victimhood which has endured throughout time, up until the present day; the injuries that the victims have suffered are so massive, so shocking, and so manifestly unjust that they dwarf the present. Such injuries must be remedied immediately, at nearly any cost. The people who do the work of remedying these injustices, by whatever means, are the heroes of history. Conversely, the sins of the chief oppressors of history, white men, are so dark that nothing short of abject humiliation and capitulation can begin to approach justice.

    It goes to say that nothing about the terms of progressive theology is original. It is the theology of Soviet communism, with class struggle replaced by identity politics. In this system, Jews play a unique, double-edged role: They are both an identity group and a Trojan horse through which history can reenter the gates of utopia.

    Read the whole thing to see all those facts about Obama that the media ignored…including his fantasies about having sex with men.

  • Yuan hits 16 year low against the dollar.
    

  • The origins of the global warming scam.

    Members of the IPCC, such as Pedro Moura-Costa (above) and Gareth Philips, had major conflicts-of-interest. They owned, created and/or worked for businesses — such as Ecosecurities and SGS Forestry — that would directly profit from the report’s conclusions.

    In fact, the IPCC panel members’ companies were positioned to earn millions of dollars from the report. But the mainstream media did not report these conflicts and instead piled on the “global warming” and “carbon offset” bandwagons.

    Solar energy portal Ecotopia reported that members of the IPCC “…had vested interests in reaching unrealistically and unjustifiably optimistic conclusions about the possibility of compensating for emissions with trees… [and] should have been automatically disqualified from serving on an intergovernmental panel charged with investigating impartially the feasibility and benefits of such ‘offset’ projects.”

  • Social Justice strikes again: Woke Hawaiian Official Stalled Release Of ‘Revered Water’ Until It Was Too Late To Save Maui.”

    According to accounts of four people with knowledge of the situation, M. Kaleo Manuel, a Native Hawaiian cultural practitioner and DLNR’s deputy director for water resource management, initially refused West Maui Land Co.’s requests for additional water to help prevent fires from spreading to properties managed by the company. Manuel eventually released water but not until after the fire had run its course.

    His office has not yet commented on the delay of water resources.

    How much damage could have been prevented with the extra water is not yet known. However, the question of “Why?” needs to be addressed in the wake of one of the worst natural disasters in Hawaii’s history. Though bureaucratic red tape might be the most obvious suggestion, a recent interview with M. Kaleo Manual offers some interesting and disturbing insight. Manuel waxes philosophical on “water equity” (“equity” being a pervasive woke buzzword) and an ancient “reverence” of water as god-like. He uses these beliefs to support his rationale for keeping tight controls over Hawaiian water supplies; not as a resource to be used, but as a holistic privilege offered by the government.

  • Economist who named BRICS says the idea of a common BRICS currency is “embarrassing.”

    “It’s just ridiculous,” [Lord Jim O’Neill] told the Financial Times in an interview on Monday. “They’re going to create a BRICS central bank? How would you do that? It’s embarrassing almost.”

    The economist spoke ahead of the 15th BRICS summit next week, where the nations will meet to decide whether to expand membership to other countries and may also float the idea of the common currency.

    (Hat tip: Stephen Green at Instapundit.)

  • “Blade Runners” take out new London monitoring cameras. (Hat tip: Instapundit.)
  • What’s the matter with Sweden?

    The following story was related to me by a former Governor of Minnesota, who was of Norwegian descent. A number of years ago, a Norwegian dignitary (the Prime Minister, I think) visited Minnesota. Talking to our governor, the Prime Minister tut-tutted about Minnesota’s crime rate, saying that there was much less crime in Norway. Minnesota’s governor replied, “We don’t have a crime problem with our Norwegians, either.”

    That anecdote came to mind when I read, in the London Times, “Sweden’s slide from peaceful welfare state to Europe’s gun-killings capital.”

    Today, Sweden is Europe’s capital of gun homicide. Last year, according to the Swedish national council for crime prevention, 63 people were shot and killed: more than double the European average and, per capita, multitudes higher than London or Paris.

    … The effect on Swedish society has been striking. As well as the lives lost, the violence has brought down a government, changed laws and policies, and become the biggest talking point in a country that once prided itself on its reputation as a peaceful welfare state.

    Violent crime will do that, although, to be fair, Sweden’s homicide rate is considerably lower than ours. But it is now significantly higher than homicide rates in quite a few other European countries, including Norway. Why is that? Have Swedes suddenly started getting violent? No.

    It has also kicked the hornet’s nest of integration. Today, one fifth of all people living in Sweden were born outside the country.

  • Dow Chemical is planning to build a small nuclear reactor to power their plant in Calhoun County. Good for them. The TRISO-X fuel they’re using sounds like it will be a pebble bed reactor design.
  • “Target Sales Dipped in Last Quarter Due to Pride Backlash.”
  • Is Adobe sell AI-generated stock art based on artist’s work?
  • Jihadi dumbass kills himself while cleaning his gun.
  • William Friedkin, RIP.
  • Enjoy contemplating this horrifying Cthuloid abomination swimming in antarctic waters.
  • A guide to the things considered disrespectful when working in a Japanese office. Like “going home on time.”
  • Is there any UK tradition more glorious than tossing hot pennies off a high building for the joy of seeing poor people burn their hands grabbing them?
  • “Country Music Industry Confused By Man Actually From Country Making Actual Music.”
  • “Prince Immediately Regrets Waking Rachel Zegler With A Kiss After She Starts Ranting About The Patriarchy.”
  • Good boy!
  • Mark Zuckerberg Has Been A Very Bad Robot Boy

    Thursday, July 27th, 2023

    Meta, AKA “The Artist Formerly Known As Facebook,” announced that they just lost $21 billion on their Reality Labs division, AKA the Metaverse, AKA the worst virtual reality environment since January 2022.

    Meta’s second-quarter earnings showed that Reality Labs, its virtual and augmented reality development business, has lost a staggering $21.3 billion since January 2022 — and executives warned the bleeding will only get worse.

    The unit recorded $276 million in Q2 sales this year — down from the $339 million it drew in during Q1, underscoring how VR and AR technology has yet to infiltrate the mainstream.

    The losses were wider than analysts expected, though CFO Susan Li suggested in the report that Meta will continue to invest in the tech, which is used to power the metaverse.

    “For Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and investments to further scale our ecosystem,” Li wrote.

    Just last month, Meta unveiled its Quest 3 headset for $499, which Mark Zuckerberg touted as “the first mainstream headset with high-res color mixed reality,” though it’s unclear how successful the tech has been so far.

    Hint: Not at all.

    Just how do you lose $21 billion? That’s a burn rate of over a billion a month. You could hire a mountain of developers and engineers for that money, maybe 100,000 or so of them even at California salary rates. Wikipedia (usual caveats apply) says Occulus only had 17,00 employees in 2022. Meta only paid $2 billion to acquire Occulas (which became Reality Labs) in the first place. Hell, you could fund over 200 startups at $100 million a pop, and it would still be more likely for any one of them to be profitable than Reality Labs.

    Usually you have to be a politician to lose that much money. I wonder if Reality Labs losses might be covering up losses in other divisions. Or if the money is getting siphoned off to somewhere else entirely…

    Earlier this month, Meta found itself on the defense in a copyright infringement lawsuit filed by stand-up comic Sarah Silverman and authors Christopher Golden and Richard Kadrey, who alleged that Meta’s artificial intelligence-backed language models were trained on illegally-acquired datasets containing the authors’ work.

    The suit against Meta points to the allegedly illicit sites used to train LLaMA, the ChatGPT competitor the company launched in February.

    Naturally, anything involving large corporations ripping off science fiction writers attracts my attention, and I used to bump into Kadrey back when I was on the SF con circuit. The same firm is also suing on behalf of Paul Trem­blay and Mona Awad.

    There probably needs to be some sort of regulation on how much AI generated content can come from any particular living creator. If I feed an AI all of Paul McCarthy’s songs, and ask it to produce a new one based on those, is it copyright infringement?

    I suspect a number of lawyers are going to be getting a lot of money off AI in the near future…

    Low-Calorie LinkSwarm Substitute

    Friday, July 7th, 2023

    This week’s been a bear…

    …and I’ve just run out of time to do a decent LinkSwarm. Instead, in honor of police finding Hunter Biden’s cocaine unexplained cocaine of unknown origin at the White House, here’s a video of Norm MacDonald doing cocaine jokes, followed by a mini-LinkSwarm.

  • Russian ammo dump blows up real good.
  • Peter Zeihan: Scottish independence is a suicide pact.
  • RedHat is trying to paywall open source code. Penny wise and pound foolish.
  • “DC Police Say They May Never Discover Who Left Bag Of Cocaine Labeled ‘Property Of H. Biden’ At White House.”
  • Protip for professional sports teams: Don’t hold Dog Night and Fireworks Night on the same night.
  • China’s Slacker City

    Saturday, May 6th, 2023

    Remember how a bunch of young Chinese just decided to give up and let it rot? Recently, a whole bunch of them have decided to make Dali in Yunnan Province their own slacker city.

    Takeaways:

  • “Recently a city has become popular because it has been occupied by young people who want to lie flat. It’s Dali, a historical and cultural city in Yunnan province, southwest China, with a population of about 650,000. It has few factories in the area, and tourism accounts for a large share of the municipality’s revenue.”
  • It’s built around a large lake.
  • “A few video bloggers who are secondary landlords in Dali city claim that an army of 100,000 people lying flat have gathered and have occupied the city.”
  • “Here 350 yuan a room per month.” That’s a bit over $50.
  • “The cost of living in Dali is 8,000 Yuan a year. That is $1,162.”
  • “Young people [in China] see no hope for their future and choose to lie down. Their motto is no buying a home, no car, no marriage, no baby, no consumption.”
  • Chinese woman: “It isn’t that I don’t want to have children. I can’t afford it. Housing is so stressful! Without a home, I’m afraid to get married. The cost of having a baby is high. There’s no money or time to raise them, and women’s work is easily affected by childbirth.” All things that help contribute to China’s disasterous demographics.
  • “I’m a leek. I resigned myself to my fate, but I won’t drag a child down to this mess.” “Leek” was a buzzword five or six years ago for someone the Chinese government regarded as a disposable worker/consumer. Sort of like “cog in the machine.”
  • “Before the lying flat people converged on the city of Dali, it had already become a gathering place for digital nomads,” i.e. people who can work remote jobs from anywhere with a decent Internet connection.
  • For the past 20 years, the professional software engineer has been synonymous with young and rich in China. They’re the 996th Generation, who work from 9 AM to 9 PM, 6 days a week, sacrificing their health, but also enjoying the dividends of China’s dotcom boom over the last 20 years. But now China’s Internet industry has entered an era with State-Owned Enterprises (SOEs) in, private companies out, where even big tech companies are being nationalized. The overall economy is slowing down, regulatory bans are proliferating, and the epidemic is exacerbating this trend. Engineers are at increased risk of losing their jobs, and their income and benefits are reduced from time to time. Engineers who have lost their jobs will join the ranks of those who are lying flat. They usually have nothing to do, spending most of their time on the internet playing games and chatting, consuming two packs of instant noodles a day.

  • “The employment market in Shanghai is very bad right now…what is scary is that there are no jobs for you to work again. Private companies are closing their doors, going bankrupt.”
  • As always, it’s hard to determine just how widespread “lying flat” is among young Chinese. If the videos are anything to go by (a big “if”), they all seem considerably cleaner and better behaved that America’s ranks of tent-dwelling, drug-addicted transients. And many seem to be actually renting space for their tents.

    At 9:50 in, you see that cyberpunk dystopian scene of hundred of young video blogger “hosts” broadcasting from their own tiny spaces under a bridge. “Why are there so many young people in China working as online hosts? It’s not that it’s glamorous, it’s more of a helpless attempt under the current job hunting predicament.” Supposedly this happens in multiple Chinese cities, though evidently streaming locally in rich areas like Shanghai brings higher “tips.”

    What a life…

    Square Zero

    Thursday, March 23rd, 2023

    Dwight sent over this Hindenberg Research piece on Block AKA Square AKA Cash App.

    Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping. The “magic” behind Block’s business has not been disruptive innovation, but rather the company’s willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics.

    There’s also a negative side.

    Even the summary is pretty breathtaking in the rang of allegations:

  • Most analysts are excited about the post-pandemic surge of Block’s Cash App platform, with expectations that its 51 million monthly transacting active users and low customer acquisition costs will drive high margin growth and serve as a future platform to offer new products.
  • Our research indicates, however, that Block has wildly overstated its genuine user counts and has understated its customer acquisition costs. Former employees estimated that 40%-75% of accounts they reviewed were fake, involved in fraud, or were additional accounts tied to a single individual.
  • Core to the issue is that Block has embraced one traditionally very “underbanked” segment of the population: criminals. The company’s “Wild West” approach to compliance made it easy for bad actors to mass-create accounts for identity fraud and other scams, then extract stolen funds quickly.
  • Even when users were caught engaging in fraud or other prohibited activity, Block blacklisted the account without banning the user. A former customer service rep shared screenshots showing how blacklisted accounts were regularly associated with dozens or hundreds of other active accounts suspected of fraud. This phenomenon of allowing blacklisted users was so common that rappers bragged about it in hip hop songs.
  • Block obfuscates how many individuals are on the Cash App platform by reporting misleading “transacting active” metrics filled with fake and duplicate accounts. Block can and should clarify to investors an estimate on how many unique people actually use Cash App.
  • CEO Jack Dorsey has publicly touted how Cash App is mentioned in hundreds of hip hop songs as evidence of its mainstream appeal. A review of those songs show that the artists are not generally rapping about Cash App’s smooth user interface—many describe using it to scam, traffic drugs or even pay for murder…
  • “I paid them hitters through Cash App”— Block paid to promote a video for a song called “Cash App” which described paying contract killers through the app. The song’s artist was later arrested for attempted murder.
  • Cash App was also cited “by far” as the top app used in reported U.S. sex trafficking, according to a leading non-profit organization. Multiple Department of Justice complaints outline how Cash App has been used to facilitate sex trafficking, including sex trafficking of minors.
  • There is even a gang named after Cash App: In 2021, Baltimore authorities charged members of the “Cash App” gang with distribution of fentanyl in a West Baltimore neighborhood, according to news reports and criminal records.
  • Beyond facilitating payments for criminal activity, the platform has been overrun with scam accounts and fake users, according to numerous interviews with former employees.
  • Examples of obvious distortions abound: “Jack Dorsey” has multiple fake accounts, including some that appear aimed at scamming Cash App users. “Elon Musk” and “Donald Trump” have dozens.
  • To test this, we turned our accounts into “Donald Trump” and “Elon Musk” and were easily able to send and receive money. We ordered a Cash Card under our obviously fake Donald Trump account, checking to see if Cash App’s compliance would take issue—the card promptly arrived in the mail.
  • Former employees described how Cash App suppressed internal concerns and ignored user pleas for help as criminal activity and fraud ran rampant on its platform. This appeared to be an effort to grow Cash App’s user base by strategically disregarding Anti Money Laundering (AML) rules.
  • The COVID-19 pandemic and nationwide lockdowns posed an existential threat to Block’s key driver of gross profit at the time, merchant services.
  • In this environment, amid Cash App’s anti-compliance free-for-all, the app facilitated a massive wave of government COVID-relief payments. CEO Jack Dorsey Tweeted that users could get government payments through Cash App “immediately” with “no bank account needed” due to its frictionless technology.
  • Within weeks of Cash App accounts receiving their first government payments, states were seeking to claw back suspected fraudulent payments—Washington State wanted more than $200 million back from payment processors while Arizona sought to recover $500 million, former employees told us.
  • Once again, the signs were hard to miss. Rapper “Nuke Bizzle”, made a popular music video about committing COVID fraud. Several weeks later, he was arrested and eventually convicted for committing COVID fraud. The only payment provider mentioned in the indictment was Cash App, which was used to facilitate the fraudulent payments.
  • We filed public records requests to learn more about Block’s role in facilitating pandemic relief fraud and received answers from several states.
  • Massachusetts sought to claw back over 69,000 unemployment payments from Cash App accounts just four months into the pandemic. Suspect transactions at Cash App’s partner bank were disproportionate, exceeding major banks like JP Morgan and Wells Fargo, despite the latter banks having 4x-5x as many deposit accounts.
  • In Ohio, Cash App’s partner bank had 8x the suspect pandemic-related unemployment payments as the bank that processed the most unemployment claims in the state, even though the latter bank processed 2x the claims as Cash App’s, according to data we obtained via a public records request.
  • The data shows that compared to its Ohio competitor, Cash App’s partner bank had nearly 10x the number of applicants who applied for benefits through a bank account used by another claimant – a clear red flag of fraud.
  • Block had obvious compliance lapses that made fraud easy, such as permitting single accounts to receive unemployment payments on behalf of multiple individuals from various states and ineffective address verification.
  • In an apparent effort to preserve its growth engine, Cash App ignored internal employee concerns, along with warnings from the Secret Service, the U.S. Department of Labor OIG, FinCEN, and State Regulators which all specifically flagged the issue of multiple COVID relief payments going to the same account as an obvious sign of fraud.
  • Block reported a pandemic surge in user counts and revenue, ignoring the contribution of widespread fraudulent accounts and payments. The new business provided a sharp one-time increase to Block’s stock, which rose 639% in 18 months during the pandemic.
  • As Block’s stock soared on the back of its facilitation of fraud, co-founders Jack Dorsey and James McKelvey collectively sold over $1 billion of stock during the pandemic. Other executives, including CFO Amrita Ahuja and the lead manager for Cash App Brian Grassadonia, also dumped millions of dollars in stock.
  • With its influx of pandemic Cash App users, our research shows Block has quietly fueled its profitability by avoiding a key banking regulation meant to protect merchants. “Interchange fees” are fees charged to merchants for accepting use of various payment cards.
  • Congress passed a law that legally caps “interchange fees” charged by large banks that have over $10 billion in assets. Despite having $31 billion in assets, Block avoids these regulations by routing payments through a small bank and gouging merchants with elevated fees.
  • Block includes only a single vague reference in its filings acknowledging it earns revenue from “interchange fees”. It has never revealed the full economics of this category, yet roughly one-third of Cash App’s revenue came from this opaque source, according to a 2022 Credit Suisse research report.
  • Competitor PayPal has disclosed it is under investigation by both the SEC and the CFPB over its similar use of a small bank to avoid “interchange fee” caps. A Freedom of Information Act (FOIA) request we filed with the SEC indicates that Block may be part of a similar investigation.
  • Block’s $29 billion deal to acquire ‘buy now pay later’ (BNPL) service Afterpay closed in January 2022. Afterpay has been celebrated by Block as a major financial innovation, allowing users to buy things like a pair of shoes or a t-shirt and pay over time, only incurring massive fees if subsequent payments are late.
  • Afterpay was designed in a way that avoided responsible lending rules in its native Australia, extending a form of credit to users without income verification or credit checks. The service doesn’t technically charge “interest”, but late fees can reach APR equivalents as high as 289%.
  • The acquisition is flopping. In 2022, the year Afterpay was acquired, it lost $357 million, accelerating from 2021 losses of $184 million.
  • Fitch Ratings reported that Afterpay delinquencies through March 2022 had more than doubled to 4.1%, from 1.7% in June 2021 (just prior to the announced acquisition). Total processing volume declined -4.8% from the previous year.
  • Block regularly hypes other mundane or predatory sources of revenue as technological breakthroughs. Roughly 31% of Cash App’s revenue comes from “instant deposit” which Block says it pioneered and works as if by “magic”. Every other major competitor we checked provides a similar service at comparable or better rates.
  • On a purely fundamental basis, even before factoring in the findings of our investigation, we see downside of between 65% to 75% in Block shares. Block reported a 1% year over year revenue decline and a GAAP loss of $540.7 million in 2022. Analysts have future expectations of GAAP unprofitability and the company has warned it may not be profitable.
  • Despite this, Block is valued like a profitable growth company at (i) an EV/EBITDA multiple of 60x; (ii) a forward 2023 “adjusted” earnings multiple of 41x; and (iii) a price to tangible book ratio of 13.1x, all wildly out of line with fintech peers.
  • Despite its current rich multiples, Block is also facing threats from key competitors like Zelle, Venmo/Paypal and fast-growing payment solutions from smartphone powerhouses like Apple and Google. Apple has grown Apple Pay activations from 20% in 2017 to over 70% in 2022 and now leads in digital wallet market share.
  • In sum, we think Block has misled investors on key metrics, and embraced predatory offerings and compliance worst-practices in order to fuel growth and profit from facilitation of fraud against consumers and the government.
  • We also believe Jack Dorsey has built an empire—and amassed a $5 billion personal fortune—professing to care deeply about the demographics he is taking advantage of. With Dorsey and top executives already having sold over $1 billion in equity on Block’s meteoric pandemic run higher, they have ensured they will be fine, regardless of the outcome for everyone else.
  • That’s just the high level summary. There’s a whole lot more detail in the report.

    I have never once used Cash App. I have an ancient Square Reader floating around in a bag somewhere, but I never actually ran any transactions on it. I do have PayPal, because I pretty much have to in order to buy or sell on eBay (though I’ve gotten to the point I do almost no selling there). I don’t even use Apple Pay, despite having a MacBook Pro and iPhone.

    Speaking of fees, here Louis Rossmann rants about how Square refuses to return fees for refunds:

    Anyway, if you’re using Square or CashApp, maybe it’s a good time to look into alternatives…

    The Latest, Greatest Russian Vaporware Coming To Ukraine

    Saturday, January 28th, 2023

    Once again, Russia has announced its latest Wunderwaffe is coming to Ukraine, which ZeroHedge treats seriously, because ZeroHedge.

    Western media outlets flooded the airways with hope for Ukraine this week as the US prepares to send 31 main battle tanks to the wartorn country in Eastern Europe to counter Russian aggression ahead of spring. What wasn’t highly publicized is that these M1 Abrams are a modified version and will be stripped of “secret” uranium armor.

    Following the news of NATO-made tanks set to flood Ukraine, the former head of Russia’s space agency Dmitry Rogozin told the Russian newspaper Pravda that “Marker,” a new robo-tank, will be able to ‘destroy Western tanks, including American Abrams and German Leopards.’

    Rogozin explained the robot tank automatically recognizes and attacks Ukrainian equipment, including NATO tanks, all because of its artificial intelligence system and machine learning technology.

    “The combat version of the Marker robot has an electronic catalog in the control system that contains images of targets both in the visible and in the infrared range,” he said.

    The director of the Air Defense Museum, retired colonel Yuri Knutov, told Lenta.Ru, a Russian newspaper, “the robot can thus identify NATO-made tanks” and will be “armed with a machine gun and an anti-tank missile with a range of up to about six kilometers.”

    Honestly, all of this is pretty hilarious stuff.

    Machine learning and artificial intelligence are real disciplines, and Russia doesn’t entirely lack technological and programming talent. It’s entirely possible that you could develop and effective autonomous battle-tank driven by AI that can adequately detect between friend and foe given lots of money, lots of time, honest, hands-off project management, and sophisticated, iterative, trial-and-error proving over a decade or more of time.

    All things Russia isn’t going to have or do. If they could adequately identify friend from foe on the battlefield (especially given how much kit Ukraine shares with Russia), then they’d already be using such technology to prevent the numerous, documented friendly fire instances Russia has suffered from. And training AI to do that is something like six orders of magnitude harder than training troops to do it.

    And we all know Russia sucks at training its own troops as well.

    Russia’s military is so demonstrably backwards that they can’t even have their army and air force communicate with each other in real time for combined arms operations. And yet we’re supposed to believe that they’ve developed cutting edge autonomous battlefield AI?

    Pull the other one.

    Russia has a long history of vaporware, and Russia’s previous attempt at field trials for a semi-autonomous AFV in Syria was a hilarious disaster. And it was plagued by bog-standard mechanical failures. Autonomous driving is a whole lot harder.

    There’s a small possibility that they’ll get this thing into the field and immediately start blowing away its own troops, but a far more likely outcome is that it never sees the field at all, just the latest case of Russian Wunderwaffe vaporware.

    Why Commies Couldn’t Do Semiconductors

    Sunday, January 15th, 2023

    Asianometry has an interesting video up about East Germany expensive, strenuous efforts to catch up to the west in semiconductor manufacturing technology.

    Spoiler: They didn’t.

    Some takeaways:

  • “In the late 1980s, the German Democratic Republic, or East Germany, went all in on the monumental task of domestic semiconductor production. This semiconductor obsession failed, and the billions of marks spent on it eventually bankrupted the country’s failing economy.” I think he oversells the role the semiconductor push had on bankrupting the economy; everything in late commie East Germany was failing (just like the rest of the Warsaw Pact), they suffered a credit crunch for investment due to tightened western restrictions, couldn’t export Soviet oil as profitably due to the Reagan/Saudi created oil glut, and also were running into hard currency shortages to but the components their manufacturing sector needed to keep exporting.
  • The East German Uprising of 1953 kicked off what would be a persistent, and ultimately existential problem, for the GDR: Emigration. Throughout its history, its best and smartest people consistently sought a way out to the West. To convince its people to stay, the SED [Sozialistische Einheitspartei Deutschlands, AKA Socialist Unity Party of Germany] promised a better future through the use of technology. More than the Soviets, East Germany leaned on information technology as a pathway towards economic vitality and a glorious socialist future. The Party’s elites saw themselves locked in a technology race with the capitalists to see who can build a better society. Leader Walter Ulbricht called for an “industrial transformation” with the ultimate aim of “catching up with and surpassing capitalism in terms of technology.” A thriving computer industry was crucial towards making this ideology work. And in order to produce these superior computers, East Germany needed to learn and master microelectronics technology.

  • “Less than four years after the Americans invented the germanium transistor, East Germany moved quickly to build their own line of first generation semiconductors. In 1952, development work began at the VEB Works for Electrical Components for Communications Technology, or WBN, in the town of Teltow near the city of Berlin. This put them about even with West Germany. The FRG’s first semiconductor factory came about in 1952, built by Siemens.” Indeed, this is very early to get into the semiconductor game. It wasn’t until 1957 that Fairchild Semiconductor, widely considered as Company Zero for America’s semiconductor industry, was founded.
  • “WBN suffered from a lack of cooperation between its industrial and academic sides. The production teams lacked discipline, hands-on experience, and did not appreciate the scale and difficulty of the task they were facing. In one incident, the team dumped hot ashes right outside a factory window where they were producing a pilot run of semiconductors.” Ouch! A very uncleanroom…
  • “The state failed to give their young semiconductor team the resources it should have gotten. Administration – their chief accountant, in particular – seemed to care very little for semiconductors. When the team asked for money to purchase felt slippers to prevent static charge buildup in the clean room, their chief accountant denied the request.”
  • The Soviets didn’t help. “Despite being the GDR’s primary political backer, the Soviets were strangely wary. In 1958, two WBN staff members traveled to the Soviet Union to do technical exchanges. A year later, they came back complaining of limited cooperation. Much of what the Soviets had developed was created for military use. Thusly, the Soviets were concerned that transferring that to the East Germans would leak via scientists defecting to the West.”
  • They tried to get information from the U.S., but Cold War tech transfer policies were already falling into place. They had better luck in the UK. “Through the contacts of Arthur Lewis, a British Labour Party politician, the delegation saw plants owned by British Philips, Siemens-Edison, and British-Thompson-Houston. The latter is a descendant of the Vickers Company that sold oil equipment to the Soviets in the early 1900s. Just thought that was a nice connection. This visit was very successful. The East Germans learned a whole lot about industrial level semiconductor manufacturing. They even managed to purchase equipment for low-frequency transistors, a trailing edge technology.”
  • Despite that, the gap grew wider: “In 1958, WBN produced 100,000 germanium diodes, transistors, and rectifiers. Worse yet, some 98% of what they produced eventually needed to be discarded throughout their entire working lives.” Classic commie quality. “That same year in 1958, the United States alone produced 27.8 million transistors. Two years later in 1960, the US grew that production capacity five times over to 131 million.”
  • “Erich Apel, head of the Economic Commission of the Central Committee Politburo and an economic reformer – wrote in late April 1959: ‘Compared to … the American, Japanese, and West German industry, we lie in a state of backwardness that can scarcely be estimated … this backwardness will not decrease through 1961 at least, but will instead grow. Another inspection in 1960 identified more items of backwardness in semiconductor production. Workers tended to use rules of thumb rather than their instruments to measure. The various factory lines did not cooperate with one another.”
  • “Interestingly, when reporting these results to the Economic Commission of the Central Committee Politburo, that inspector softened his results. In his notes to state authorities, he said the GDR was 5 to 6 years behind. But in his analysis to the more politically charged Economic Commission, he cut it in half, 3 to 4 years.” Commies always institute thermoclines of truth to avoid being purged.
  • The brain drain to the west continued. The solution: The Berlin Wall. “For semiconductors however, the Wall pinched off what little technology the GDR had imported from the West.” The solution was to suck up even more to the Soviets, and to spy harder.
  • In 1963, the aging Walter Ulbricht launched a new initiative – called the New Economy System of Planning – to bring more market elements to the GDR economy. Now industrial groups, not bureaucrats, can actually decide how money can be spent. The reform also elevated the status of technology sectors like semiconductor manufacturing in the economy. R&D spending increased by over a third from 1959 to 1963. In 1965, nearly 40% of the electronics that the GDR produced by value were semiconductors – 82 million marks out of 223 million marks in total. Four years later in 1969, that number grew four-fold. Many of these transistors went into new consumer technical goods like radios, TVs and fridges. In 1971, semiconductor production reached 535 million marks by value. That year, East Germany began producing their first integrated circuits, some 10 years after Texas Instruments did it.

  • “Strange inequalities in policy planning meant that color televisions were widely available, but consumer items like toothbrushes and toilet paper were in short supply.” Communist planning at its finest!
  • One day in 1967, the Minister of Electrical Engineering and Electronics showed up to an East German electronics firm with a suitcase full of integrated circuits from TI. He told them to copy them exactly. The Ministry for State Security – better known as the Stasi – had been engaged in scientific and technology espionage since the 1950s – mostly related to atomic engineering and other sciences. Then in 1969, the Stasi’s Scientific and Technical Sector was reorganized and expanded with the goal of acquiring military technologies. After Honecker came into power in 1971, the Stasi’s job shifted from acquiring scientific knowledge to specific technologies – mostly via informants in the West who found and handed the goods over to East Germany. One such informant was Hans Rehder, a physicist working for the West German firms Telefunken and AEG. He handed over technical secrets for over 28 years and was never caught.

  • “Western companies knew about this copying of course. In one famous example, a GDR chip analyst looking at a stolen chip from the US firm Digital Corporation saw a message n Russian, roughly translating to: ‘When do you want to stop to swipe. Own design is better.'”
  • Stasi intellectual theft kept them from falling further behind, but couldn’t close the gap. “Because the Stasi were spymasters not technical experts, they frequently asked for the wrong item. Their methods of laundering the technology before passing it on made it harder to understand how to use it. Tightening embargoes from the West also interfered with industrial development. Stolen Western products got progressively older and more expensive to acquire. The embargoes gave other countries the chance to scam the Stasi, adding mark-ups frequently in the range of 30% to 80% to even 100%. This drained the East Germans’ already limited R&D budgets.”
  • “The wholesale copying also undercut the country’s ability to export its goods abroad. The Stasi did not want other countries to see what they had managed to acquire. And had they tried anyway, sales would have been blocked on patent infringement grounds. And finally, semiconductors were getting to the point that East German technicians struggled to replicate them. As early as 1976, an IC’s physical form no longer yielded secrets on how to produce them.”
  • “In 1981, with the GDR still about 7-10 years behind the West in microelectronics development, Erich Honecker announced a ten-point program to produce the majority of its semiconductors domestically by 1985. The 1970s were rough years for the GDR. Tighter export bans. The Oil Crises of the 1970s. Heavy borrowing from the West. Declining productivity and worsening competitiveness. It was all weighing heavily – grinding the country’s economy to a halt. Gerhard Schürer, head of the State Planning Commission, convinced Honecker that investing in semiconductors would bring the country out of its economic morass.”
  • They even struck a deal with Toshiba.

    In exchange for 25 million marks, Toshiba – a long running technology  partner with the GDR – would furnish the GDR with designs for their 256 kilobyte memory chips along with instructions on how to produce them. At the time, 256-kilobyte was leading edge stuff. The GDR was still struggling to produce 64 kilobyte memory. This would have been a game-changer. But in 1987, Toshiba got caught selling submarine propeller equipment to the Soviet Union. Huge scandal back then. Afraid of getting caught again, Toshiba offered the Stasi a 95% refund to destroy the evidence. [Spy Gerhardt] Ronneberger agreed. So in July 1988, he got the money back and dissolved the chip designs in a vat of acid in front of Toshiba’s people. But never trust a spy! Those were just copies, produced for exactly that purpose.

  • Finally in September 1988, Zeiss General Director Wolfgang Biermann triumphantly presented Erich Honecker with the first samples of that 1 megabit chip – the U61000. Honecker said that the chips were “convincing proof that the GDR is maintaining its position as a developed industrial country.” This technical “triumph” was the bitterest of them all. In semiconductors, prototypes mean nothing. Production means everything. Dresden produced just 35,000 chips throughout the entirety of 1988 and 1989 with a yield of 20%.

    To say this was “piss poor” would be an understatement. Those are ruinous, “fire everyone” numbers for actual semiconductor manufacturers.

    They planned to scale up to 100,000 1 megabit chips each year. Toshiba alone produced that many in a single day. Two months later in November 1988, the leading edge moved once more. Toshiba began shipping its 4-megabit DRAM in high volume, seeking to produce a million chips a month by March 1989.

  • Then history happened. “By then, the East German economy was in shambles,  scheduled to default on its debts by early 1990. It never even got there. In May 1989, Hungary opened its borders with Austria and East Germans swarmed through there en route to West Germany. Later in November 1989, a year after its one megabit technical triumph, the Berlin Wall fell.”
  • East Germany stole as many designs as they possibly could, but they couldn’t steal the intellectual expertise behind the numerous process tweaks, nor the furious swarm of technological innovation drive by Silicon Valley’s capitalist high risk/high reword startup culture that drove Moore’s Law for decades.

    Top-down communist command economies never had a chance to keep up.

    Joe Rogan Interviews Peter Zeihan (Part 2: China, Cartels and Drug Wars)

    Tuesday, January 10th, 2023

    Here’s Part 2 of my coverage of Joe Rogan’s interview with Peter Zeihan. (Part one is here.)

    First up, covering familiar ground for BattleSwarm readers, why China is screwed.

  • The rich world was a population column from [as opposed to a pyramid] 1945 to 1992, and with the end of the Cold War, the developing world became a column in 1992 until now. The problem is that this is all temporary, because birth rate keeps dropping. People keep living older and your column eventually inverts into an open pyramid upside down. And now you no longer have children, you no longer have a replacement generation at all, and there aren’t enough people in their 20s and 30s to buy everything, and there aren’t enough people in their 40s and 50s to pay for the retirees. So this decade was always going to be the decade that most of the advanced world moves into mass retirement, and the economic model collapses, and next decade was always going to be the decade that that happened to the developing world.

  • “The Chinese have jumped the ship and this is their last decade, too.”
  • “We now know that they’ve lied about their population statistics and they’re they over counted their population by over 100 million people, all of whom would have been born since the one child policy was adopted. So this is one of those places where they’ve got more people in their 60s and their 50s and their 40s and their 30s and their 20s.”
  • “Mao was concerned that as the country was modernizing, the birth rate wasn’t dropping fast enough, and that the young generation was literally going to eat the country alive. So they went through a breakneck urbanization program which destroyed the birth rate, at the same time they penalized anyone who wanted to have kids, and both of those at the same time have generated the demographic collapse we’re in now.”
  • The male to female sex ratio in China was bad before, and now it’s obviously worse.
  • “Without young people, we’ve seen their labor costs increase by a factor of 14 since the year 2000, so Mexican labor is now one-third the cost of Chinese labor. Their educational system focuses on memorization over skills, so despite a trillion dollars of investment in a bottomless supply of intellectual property theft, they really haven’t advanced technologically in the last 15 years. Mexican labor is probably about twice as skilled as Chinese labor now, even though it’s one-third the cost.”
  • “They’ve consolidated into an ethnic-based paranoid nationalistic cult of
    personality, and it’s very difficult for the XI Administration to even run it, because it’s not an administration anymore no one wants to bring Xi information on anything.”

  • The Biden Administration has adopted the Trump Administration’s trade policies on China.
  • “They now have tech barricades that prevent the Chinese from buying the equipment, the tools or the software that’s necessary to make semiconductors. In fact, [Biden] went so far as to say any Americans working in the sector have to either quit or give up their American citizenship. Every single one of them either quit or was transferred abroad within 24 hours.”
  • “They’re completely dependent on the U.S Navy to access international trade, they are the most vulnerable country in the world right now. And based on how things go with Russia, we’re looking at a significant amount of raw materials falling off the map, specifically food and energy, and the Chinese are the world’s largest importer of both of those things. So there’s no version of this where China comes through looking good.”
  • “Say what you will about the Russian economy (it’s corrupt, it’s inefficient, it’s not very high value-add), but it’s a massive producer and exporter of food and energy. You put the sanctions that are on the Russians on Beijing and you get a de-industrialization collapse and a famine that kills 500 million people in under a year.”
  • “Even if the Chinese were able to capture Taiwan without firing a shot, it doesn’t solve anything for them. They’re still food importers, they’re still dependent on the United States, they’re still energy importers. And even if they take every single one of those semiconductor fab facilities intact, they don’t know how to operate them, because they can’t operate their own, their own are among the worst in the world.”
  • “One of the fun things about Russia versus China right now is that the Russian information security is so poor that American intelligence is literally listening on everything, but in China we can hear into the office but there are no conversations happening.” I suggest taking both these revelations with a few grains of salt. Maybe Zeihan has great sources in the intelligence community, or maybe Zeihan’s great sources are lying.
  • Plus more on how Xi has killed or exiled any possible challenger to his power, and how they’re now having a massive Flu Manchu outbreak. “Their overall health is worse than ours, diabetes as a percentage of the population is higher, they don’t have a critical care system like we have, and their hospitals are really their only line of defense.”
  • Next: Why EVs are a disaster.

  • “All kinds of people think I’m full of shit!”
  • Rogan: “What is your perspective on EVS?” Zeihan: “They’re not nearly
    as good on carbon as people think. Most of the data that exists doesn’t take into the fact that most of this stuff is processed in China where it’s all coal doesn’t take [into account] the fact that most grids they run out are also majority fossil fuels. And that extends the break-even time for carbon from one year to either five or ten based on what model you’re talking. Cyber trucks are far worse than EVs, but the bigger problems we’re just not going to be able to make them much longer.”

  • To electrify everything “We need twice as much copper and four times as much chromium and four times as much nickel and ten times as much lithium, and so on. We have never, ever, in any decade in human history, doubled the amount of a mainline material production in ten years, ever, and we need all of this by 2030. No, it’s just not technically possible.”
  • Zeihan says California’s mandates for phasing out gasoline by 2035 aren’t quite as bad as they seem, as the bureaucracy has the ability to move the goal posts if they prove to be unfeasible. Pardon me if I’m not sold on the beneficent rationality of California’s hard left bureaucracy.
  • Speaking of things I’m skeptical of:

    There is a fascinating discussion happening in the environmental community right now, because they’re being confronted with reality. So California and Germany have very similar Green Tech policies, but the Germans have spent three times as much as California, but are only getting about a fifth as much power. I don’t know if you’ve ever been to Germany, but the sun doesn’t shine in Germany. And now, with the Russians on the warpath and their clean-ish energy from natural gas going away, they’re going back to lignite coal in force. It was already their number one source of power. The idea that Germany’s green is ridiculous, because they rely on really, really dirty coal, now especially. But there’s now a conversation going on between the German environmentalists and the Californian environmentalists about why California, in relative terms of doing so well at this, while Germany is not. And the answer is simple geography, but that’s never been part of the conversation in the environmental community before. Now it is. They should have had this conversation 15-20 years ago, but they’re having it now. And as soon as they come to the conclusion, unwillingly but they’ll get there, that we have to choose where we put our copper and our lithium and our nickle, EVs are not going to make the cut.

    This assumes that California environmentalists are susceptible to the sweet voice of reason, and that modern environmentalism isn’t half religion and half scam. “It is difficult to get a man to understand something when his salary depends upon his not understanding it.” California’s Democratic power establishment has shown an amazing propensity to impose radical solutions that bring obvious and immediate harm to people that are not them. Why should they worry about forcing other people to buy pricey EVs when they already have theirs?

  • Next up: The drug war, both here and in Mexico.

  • Rogan starts by noting that marijuana legalization in California led to cartels planting massive amounts of weed in national forests, and suddenly guys who were game wardens are now wearing tactical gear and carrying machine guns.
  • “I think the mafia is a great example for why you shouldn’t look for the silver bullet [of drug legalization], because, yes, that in the 1920s during prohibition, was one of the big reasons it got going, but the mafia didn’t waste any time in diversifying and neither have the cartels.”
  • “They’ve gotten into cargo theft and kidnapping and avocados and limes and real estate and local government.”
  • “Now the attractiveness of gutting them of some of their primary income. Should we look at that? Of course! But it’s not so simple as removing one and it just all stops.”
  • “The challenge we’re seeing in Mexico right now is that the, uh, the air quotes “good” cartel the, one that saw drugs as a business, is being broken up. If you remember El Chapo—” Rogan: “That’s the good cartel?” Zeihan: “Sinaloa cartel, yeah. He thought of himself as a Korean conglomerate president. So it was like ‘We smuggle drugs. That’s our business. You don’t mess with things that mess with the business. You don’t trip the old lady, you don’t steal her purse, you don’t shoot at the cops. These are people who live where we operate, we want them to be on our side, so maybe even throw a party every once in a while. You focus on the business.'”
  • “The replacement cartel is Jalisco New Generation, They’re led by a former Mexican military officer who thinks that rather than don’t shit where you sleep so that the people on your side whenever you move into a town, you shoot it up. You do kick over the old lady, you do take her purse, you make the people scared of you, that’s the point of this. Drug running is a side gig.”
  • “We are here to be powerful, and drug running is just one of the ways we make that happen. And he has taken the fight to every cartel and the Mexican government, and they’re in the process of trying to break into the United States.”
  • “El Chapo and the Sinaloa became the largest drug trafficking organization in America under the Obama Administration. And one of the reasons our birth rate went down, so far so fast is they basically either co-opted or killed American gangs. So they killed the people who were doing the killing. Not a lot of Americans got killed after that.” I think he meant to say murder rate.
  • “All of the other cartels control the access points in the United States, but
    Jalisco New Generation now is challenging every single one of them trying to break through. And if they do, and they bring their business acumen, if you will north of the border, they’re going to start killing white chicks named Sheila in Phoenix and then we’re gonna have a very different conversation.”

  • “Sinaloa they co-opted the Hispanic gangs, especially the Mexican gangs, because there wasn’t a language barrier there, and they really targeted and gutted a lot of the African-American gangs. They took over drug smuggling and distribution from them to deny them income and then they just shot a lot of people…it was pretty much completed by the time we got to 2013.”
  • “Look at the violent crime rates in the United States, they’ve been trending down really significantly since about 2004 and the drop from 2004 to roughly 2014 was amazing. That’s largely Sinaloa.”
  • And now all the cartels are fighting and the murder rate in Mexico is skyrocketing.
  • He’s not a fan of legalizing cocaine:

    Also says that cartels are now laundering money via marijuana dispensaries using the federal reserve.

    And he’s not a fan of Crypto:

    Bonus: “Maxine Waters is not exactly the brightest person in congress.”

    Firefox Bungles Windows List In Update

    Saturday, December 31st, 2022

    I use Firefox as my browser, and the latest version (108.0.1 (64-bit) for MacOS) has managed to screw up the windows list system. (I use windows for individual web pages when hooked up to my large monitor, but tabs when I’m using my MacBook Pro by itself.) Firefox has managed to screw up two different things with this release:

    1. For just about every version back to the dawn of time, Firefox lists windows in the order you open them. For the way I work, I usually have Gmail as my first opened window, my Books Wanted List in the second, and Bookfinder in the third, then a whole bunch of other windows, depending on what I’m working on. Well, now Firefox lists them alphabetically. Worse still, I see no way to change this behavior in preferences.
    2. Before, when you accessed the window list, it was the same no matter which Firefox window you opened it from, and it showed all your windows. Now, Firefox only shows you the windows that were open when you opened this window. That means older windows will only bring up a much smaller windows list that excludes the windows opened subsequently. And honestly, I’m not 100% it works that way for every window, as there seem to be exceptions. So they only way to see a list of all your open browser windows is to find the most recently opened window. Which is no longer listed at the bottom of the list. (You can also get a list of all open Firefox windows in the Firefox Task Manager, which I always have open,as its useful for tracking down memory hog windows.)

    Maybe some people asked for the ability to alphabetize windows in the list, but I doubt anyone wanted that as an unchangeable default, and I’m pretty sure no one asked for the inconsistent listing.

    If anyone know how to revert this behavior to the previous default settings, let me know…

    FTXed Up

    Wednesday, November 16th, 2022

    Let me start out by explaining how cryptocurrency works: You exchange your money for digital strings of numbers based on math you don’t understand, for one of the following reasons:

    A. You believe those digital strings of numbers will be worth more money at some point in the future.
    B. You want to buy drugs online in a theoretically untraceable manner (said theoretical untraceability being a key property of the math you don’t understand).
    C. You want to place your money beyond the reach of your national government.

    There are exceptions to the above (say, you’re mining your own cryptocurrency, or you know enough math to understand exactly the mathematical properties of how blockchain-based cryptocurrency works), but I’m going to guess that one of the three above use cases apply to 95% people using cryptocurrency.

    I’m somewhat sympathetic to C, and even understand how A might be tempting (hey, crypto has dropped so much I might buy a couple thousand worth of Dogecoin, just for the hell of it, as a pure speculation play), but cryptocurrencies as a whole are not a proven store of worth on par with, say, a bar of gold, a share Apple stock, or a

    Is cryptocurrency money? Sort of.

    Cryptocurrency offers something that sometimes acts like money, offers anonymity like money, and offers an alternative to government-backed fiat currencies. Instead of being backed by the full faith and credit of the federal government, cryptocurrency is backed by the full faith of millions of technologically savvy individuals who believe the math is sound.

    The math may indeed be sound, but that didn’t save it from the loss of investor confidence of the Crypto Winter we’re now experiencing. And that winter is absolutely slamming the business models of people who sought to make crypto more like other forms of money.

    Enter Sam Bankman-Fried and FTX, whose crypto empire just collapsed.

    Here’s the 99 second summary.

    Here’s the story in a bit more depth.

    Amid all the jubilation and gloating by Joe Biden, Chuck Schumer and pals over the Democrats’ better-than-expected showing in the midterms comes a disturbing story that may explain something about how they won such a curious election.

    Biden’s second-biggest donor, cryptocurrency billionaire wunderkind Sam Bankman-Fried, a k a SBF, saw his business file for bankruptcy days after the election, but not before pumping $40 million into the Democratic Party to spend on “get-out-the-vote” and other shadowy ballot-harvesting mechanics for the midterms.

    The shambolic 30-year-old whiz kid, once said to have been worth $16 billion, had spent $10 million helping get Biden elected in 2020.

    SBF’s mother, Stanford law professor Barbara Fried, also is co-founder of left-wing political action committee Mind The Gap, which has raised a reported $140 million to help Democrats win elections through the same “get-out-the-vote” grift.

    Tree. Acorn. Distances.

    A more unlikely billionaire you could not find — and of course his money was built on thin air. A math genius with poor social skills, SBF reportedly lived in a “polycule” — a polyamorous relationship with multiple people — in a luxury penthouse with about 10 co-workers in the tax haven of the Bahamas, where his collapsed crypto exchange FTX was headquartered.

    Otherwise, he was sleeping on beanbags in his office, eating vegan fries and, according to his own Twitter feed, popping amphetamines and sleeping pills to regulate his chaotic sleeping habits.

    Just the sort of person you want to entrust billions in currency to!

    Now Reuters is reporting that between $1 billion and $2 billion of customer funds have vanished from FTX, conveniently after the Democrats safely spent his money.

    At last report, SBF and his mysterious co-founder, Gary Wang, were being held “under supervision” by Bahamian authorities after reportedly planning to flee to Dubai, according to fintech publication Cointelegraph.

    It is a stunning fall to earth. The financial media and big investors have feted the young billionaire as a saint who shunned earthly pleasures like Lamborghinis and Rolexes, but lived only to give away all his money and make the world a better place.

    He was the most famous millennial adherent of a cult known as “Effective Altruism,” which originated at Oxford University, found fertile ground in Silicon Valley — and now has gone down in flames along with him.

    “Indulgences! Buy your Social Justice Indulgences here!”

    EA is a disguised form of socialism, because all the “good” that is done just happens to match up perfectly with the left’s obsessions, whether climate change, social justice, equity, banning meat or his favorite, “pandemic preparedness.”

    In a Nas Daily online video, an awkward Bankman-Fried was featured this year as a role model of altruism for young people: “Sam is not a traditional billionaire because he believes in the concept of ‘earn to give’ … Next decade he will probably give away more than $10 million … He wants to get rich in order to impact the world and change it.”

    Some detail snipped.

    The sinister neo-socialists at the World Economic Forum (WEF) loved SBF so much, they made FTX a “corporate partner” — but that page on the WEF website has vanished in the last 48 hours, leaving an error message.

    Venture capital firm Sequoia was a big backer, investing over $200 million in SBF, a lot of which he then invested back in Sequoia, whose chairman and managing partner Michael Moritz is a big donor to the Dems as well as to anti-Trump hate group the Lincoln Project, and reportedly is a neighbor of Nancy Pelosi in San Francisco.

    It’s like a Voltran of Globalist Grift!

    One important part the Post piece leaves out is how Alameda Research, Bankman-Fried’s other firm, was trading billions of dollars from FTX accounts and leveraging the exchange’s native token as collateral, according to a source.”

    Embezzling, Ponzi scheme, security and exchange violations…it’s a rich, cross-hatched tapestry of fraud.

    Here’s Joe Rogan on the Brokeman-Fraud scandal:

    And here’s Ben Shapiro:

    Every generation gets the Bernie Madoff it deserves…