“But it also takes a lot of energy to train a human,” Altman said. “It takes like 20 years of life and all of the food you eat during that time before you get smart. And not only that, it took the very widespread evolution of the 100 billion people that have ever lived and learned not to get eaten by predators and learned how to figure out science and whatever, to produce you.”
So in his view, the fair comparison is, “If you ask ChatGPT a question, how much energy does it take once its model is trained to answer that question versus a human? And probably, AI has already caught up on an energy efficiency basis, measured that way.”
Well another argument they have is the amount of waste that comes with the churn of fiat currency, where we inflate asset values in order to deliberately grow aggregate demand.
The housing bubble for instance was obviously cheap debt, which was used to grow aggregate consumption, by rewarding asset holders thus encouraging them to offload their asset to increase the velocity of money.
On the gold standard the average mortgage was 7 years, which was because there was less need to grow the money supply, because we werent trying to force an inflation target. Massive windfalls werent common, and thus housing wasnt being bid up via the cantillon effect, so was better for society in many ways when consumption wasnt being forced onto people.
The problem was that things started breaking at scale under the gold standard. The great depression happened under the gold standard, and financial institutions had no ability to do anything to fix the mass hysteria.
Yes, the house as an investment vehicle rather than a house is a problem, but it’s not because of fiat currency per se. The population density increasing under a capitalistic system pretty much guarantees that housing becomes a speculative asset regardless of the specifics of the currency system.
Meanwhile BTC has been wildly unpredictable and when it’s at its most hyped, massively deflationary which is also a terrible thing.