Economics Ethics Fintech Science Technology

Gold, Viruses, Tuna, Bitcoin, Law, Go

The unique thing about gold is that it doesn’t get used up. The main way we consume the yellow metal is by storing it, say in vaults or by wearing it as jewellery. Compared to how we use an industrial metal like copper, this sort of usage is very safe. Copper parts in machinery, for instance, are dissipated by abrasion and wear. But gold just sits there, untouched.

Nor does gold depreciate. Unlike most materials, it is almost indestructible. Copper corrodes, steel rusts, wood rots, and concrete crumbles. But a gold coin from 200BC is still perfectly lustrous.

Nor does the yellow metal suffer from technological obsolescence. Gold keeps doing the same thing it has done for thousands of years.

And obviously we don’t eat the stuff.

The fact that viruses have only a tenuous claim to being alive, though, hardly reduces their impact on things which are indubitably so. No other biological entities are as ubiquitous, and few as consequential. The number of copies of their genes to be found on Earth is beyond astronomical. There are hundreds of billions of stars in the Milky Way galaxy and a couple of trillion galaxies in the observable universe. The virions in the surface waters of any smallish sea handily outnumber all the stars in all the skies that science could ever speak of.

Back on Earth, viruses kill more living things than any other type of predator. They shape the balance of species in ecosystems ranging from those of the open ocean to that of the human bowel. They spur evolution, driving natural selection and allowing the swapping of genes.

And for what purpose? Bluefin is neither a staple nor a necessity. It’s a luxury. The person who dines on North Lake’s bluefin may want to connect to the people who caught it and the ocean it came from, but they are also buying a trophy, just as surely as Captain Jack did when he shelled out $3,000 for his charter experience. The word trophy comes from the Greek tropaion, a “monument of an enemy’s defeat.” It is, by definition, a spoil of war. North Lake’s relationship to bluefin tuna has always been adversarial. Fishermen are said to “fight” the fish, and they are celebrated as heroes when they win this unequal battle, armed with technologies that make the finding and killing ever more efficient, despite diminishing financial returns and the dwindling size of the catch. Commercial cod and lobster fishermen have also long seen themselves in competition with bluefin—hungry giants that feed on the same fish they needed to fatten up their catches.

This vision of wild creatures as targets of conquest or competition to be eliminated may have made some sense when human beings felt their everyday lives to be at the mercy of the natural world. But in the Anthropocene, the environment is often at our mercy, even when the ways we alter it ultimately harm our own species. Not only do humans en masse have the means and numbers to fish out entire species, we also have the power to change migration patterns by destroying habitat and warming ocean waters.

Bitcoin has already made significant ground on gold — going from whitepaper to over $200 billion in market capitalization in under a decade. Today, the market capitalization of above ground gold is conservatively $9 trillion. If we are right about using a gold framework to value bitcoin, and bitcoin continues on this path, then the bull case scenario for bitcoin is that it is undervalued by a multiple of 45. Said differently, the price of bitcoin could appreciate 45x from where it is today, which means we could see a price of $500,000 U.S. dollars per bitcoin.

All of this does not factor in the possibility of bitcoin displacing some portion of the $11.7 trillion dollars of fiat foreign exchange reserves held by governments. Foreshadowing this, at least one publicly-traded U.S. corporation has begun holding bitcoin as a treasury reserve asset. If central banks start to diversify their foreign fiat holdings even partially into bitcoin, say 10%, then 45x gets revised upward towards 55x or $600,000 USD per bitcoin, and so forth.

About the only existing law governing space is the Outer Space Treaty of 1967. But the treaty focuses almost entirely on what nation-states can and cannot do (e.g., deploy nuclear bombs, seize celestial bodies). It’s virtually silent on what private companies or individuals can do—which suddenly seems like a glaring loophole given the rise of private space companies like SpaceX, which recently transported its first astronauts to the International Space Station. These private vessels are far murkier in a legal sense.

To be sure, a clause in the Outer Space Treaty does require nations to monitor their own citizens in space, which works fine when astronauts are few. But when hundreds or thousands of people reach orbit, that will become increasingly untenable. And so far, most crimes in remote places like T-3 have involved the citizens of one country alone (e.g., one Russian attacking another).

In the case of Korea, there are about 380 professional players certified by the Korean Baduk Association, and about 50 top players can be considered tournament players. Last year, the top player in Korea earned about $1 million US dollars from tournaments alone, while the 10th player earned about $120,000 US dollars.

The development of superhuman Go AI has impacted the professional Go world in many different ways. Here, I want to highlight three areas, one that affects both types of players, one area for tournament players, and one for teaching players.

View and Listen

Video on takeoff and flight sequences of insects spanning 8 different taxonomic orders captured at 3,200 fps! – usually ignored when we see in nature.

Sand art in a different dimension

Interesting conversation by Steven Levitt and Steven Pinker on language, cognition and various topics of interests.

Michael Sandel on why meritocracy sounds like a good idea in principle, but not a good idea to practice? – Need to practice the dignity of work.

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