Ah yes, the Federal Grift and Scam Agency

It is the same thing from a dollar perspective. They’re pumping all the dollar investment into crypto and AI to drive the strength of dollar high.

Which is extremely ironic for the whole crypto community because the crypto was supposed to be this groundbreaking decentralized currency that can take on the central bank and the dollar (you know, when it crashes). It turns out that crypto is itself being used to fuel the strength of the dollar instead.

Like, what do these people expect when they hand over their dollars to buy crypto (which is now tethered to the dollar)? Where do they think those dollars go?

The greatest trick about finance capitalism is that you can invest in anything that is not productive, like real estate, or crypto, or AI (which has its uses but most investment went into the overhyped nonsense), and you end up with a very lucrative position quickly. Why invest in an industry or company that takes 30 years to see return, when you can get rich from investing in speculative assets less than a year?

Crypto and AI are related in that they're both loosely defined new frontiers that tech corporations desperately want to exist because their existing businesses can no longer grow. Everybody who is a potential customer for facebook, google or whatsapp is already using those services, but the number still needs to go up somehow, so the tech giants are clawing onto anything that could become the "next big thing" so they can capitalize on it and promise more growth to their shareholders.

Cryptocurrency, the metaverse and now AI are all iterations of this cycle. With very vague definitions and the wildest of promises, this is basically the government department of grifting shareholders. Which would honestly be funny if it wasn't also boiling the oceans.

They both use GPUs and consume power to do no useful computation. Should have made him the GPU czar.