Anthony Bardaro Profile picture
May 1 9 tweets 7 min read Twitter logo Read on Twitter
1/8

"artists can no longer appear real on their own" – a perverse notion of centralized platforms becoming gatekeepers for identity/authenticity verification...?

eh, the problem was that anyone thought appearance was reality to being with...

drorpoleg.com/artificial-mon… #AI #LLM ImageImageImage
/2

...that's the idea behind @benthompson's 'Zero Trust Authenticity vs castle-and-moat' analogies, e.g.:

Just because a song looks and sounds like Drake doesn't mean it came from Drake – its authenticity must (obviously?) still be verified 👇

medium.com/adventures-in-… #media Image
/3

...but that's not obvious to everyone:

to whatever extent there's a crisis in the authenticity and verification of (mis/dis)information, it's concentrated among non-internet natives – i.e. Millennials/Zoomers aren't the problem 👇

stratechery.com/2020/zero-trus… #boomers #content Image
/4

...my point isn't inter-generational spats; it's creators/artists/brands growing more empowered than ever, with their owned-and-operated destinations (e.g. O&O websites and to some extent social followings) becoming ever more important primary sources for verification

#AI
/5

...farbeit from @drorpoleg's "it makes the most charismatic people dependent on corporate platforms in order to exist", it goes differently (doubly) for incumbent creators/artists/brands as opposed to new entrants/upstarts 👇

medium.com/adventures-in-… ImageImage
/6

...for more on that dichotomy, see:

🅰️ "differentiated [stars who] are destinations unto themselves" and "broad scale or niche focus" and "discovery" problem (medium.com/swlh/the-athle…)

🅱️ "The Four Winds of Modern Media" (medium.com/adventures-in-…)
/7

...TLDR:

Kids these days (😏) know how to and do verify whether that hot new song is Drake himself; licensed by Drake himself; or generative AI unauthorized by Drake himself – so the content commons aren't dependent on platforms as "artificial monopolies" of authentication Image
🏁/8

...TLDR (cont'd):

but that doesn't mean that platforms cannot and should not facilitate authentication/verification/identification as a service for producers and consumers alike – Trustless Verification can help remove centralized platform risk 👇

...see also:

• weak opinions weakly held regarding LLM libel, safe harbor, and copyright/fair use

• derivative and transformative works

• digital rights management (DRM) and YouTube ContentID

• AI transformer mechanics and the 4 part fair use test

medium.com/adventures-in-… ImageImageImage

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More from @AnthPB

Mar 20
1/7

It's worth adding to these $sivb snippets from @matt_levine and @benthompson – particularly Stratechery's "The End of Silicon Valley (Bank)", which was more nuanced than it sounds:

bloomberg.com/opinion/articl…

stratechery.com/2023/the-death…

🧵👇
/2

...RE The End of Silicon Valley 👇

🅰️ I-95 Belt:
One thing that sank Greater Boston's thriving minicomputer/hardware/tech ecosystem was lack of (local) reinvestment – winners cashed-out vs SV VCs/founders continually reinvest time and money #flywheel

vox.com/2014/12/9/1163… Digital Equipment Corporation (DEC) PDP-7 minicomputer, intr
/3

...The End of Silicon Valley (cont'd)👇

🅱️ SVB Bank Run:
VCs ran-the-gamut fm posterboys to paperboys to cheerleaders to D-linemen – that the outsized impact of a few snowballed to the many isn't signal of SV's downfall as much as classic panic

$sivb
Read 7 tweets
Jun 23, 2022
/1

"The historical linkage between corporate tax rates and investment growth is non-existent [almost zero, but the correlation] between [interest] rates and investment actually has the wrong sign [they're positively correlated]"

#capex #macro #fiscalpolicy Image
/2

"when profits are growing, so does investment [which] also shows a stronger connection with growth expectations – when CEOs expect stronger growth they also are planning higher levels of capex growth"

Image
Read 4 tweets
May 31, 2022
/1

...pursuant to prior myths (), here's another misunderstanding debunked – most recently by the Fed itself (2021):

"the money multiplier...is anchored in an obsolete explanation of how the Fed operates and influences banks"

research.stlouisfed.org/publications/p… ImageImageImageImage
/2

...money multiplier obsoletion TLDR:

· (fractional) reserve rates were a thing until GFC 2008, and obsoletion redoubled during COVID 2020 when reserve requirements were suspended/lowered to zero

· since reserves are now abundant, POMOs and SOMAs can't influence FFR anymore
/3

...money multiplier myths (cont'd):

· in the Fed's modern "ample-reserves regime... IORB serves as a reservation rate, and affects market interest rates [via arb]...influences banks' decisionmaking about setting deposit and loan rates...lending and investment"

#ioer #iorr
Read 5 tweets
May 10, 2022
@fed_speak @cullenroche @profplum99 @EconomPic @MstarETFUS @ritholtz @choffstein 0/7

What are the chances that capital markets distortions are not passive's fault, but rather misattributed/coincidental ('correlation not causation')...?

To wit, some hypothetical questions – the devil's advocacy null hypothesis you've asked for...

@fed_speak @cullenroche @profplum99 @EconomPic @MstarETFUS @ritholtz @choffstein /1

Weren't there a lot of reasons for this empirical increase in valuation multiples, e.g.:

• macro (demographics/disinflation/negative real rates)

• technical (TINA/access)

• sector mix-shift (tech)

• ~idiosyncratic ()
@fed_speak @cullenroche @profplum99 @EconomPic @MstarETFUS @ritholtz @choffstein /2.i

Why isn't increasing equity market implied correlation/comovement (and hence kurtosis) more attributable to rising financialization than specific passive/active share – i.e. stock market is increasingly a macro proxy instead of a collection of idiosyncratic stocks...?
Read 21 tweets
Mar 27, 2022
... Twitter safe spaces are Twitter Communities and Twitter Spaces is Twitter talk and Twitter's edit button is Twitter's Delete Tweet and Twitter's Vine was Periscope but is now TikTok – you're taking notes, right?!

(... I kid because I love you 🐦)

$twtr
... update:

Not exactly, but it's a start 🤷‍♂️

Image
1/11

... some thoughts on "decentralized Twitter" – using Sam Bankman-Fried's thread as a foundation 👇

$twtr
Read 21 tweets

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