I have to think a bit to organize why and advantages and disadvantages of this, so I thought I'd share.

I define "tokenizing shares" as using a distributed blockchain with universal ability to transact as a way to trade shares.

Advantages of tokenizing shares:

* Universal access to fractional trading, not just inside a single trading platform. (Most likely, anyway.)
* Near zero transaction costs outside the spread. There are trading platforms that offer $0 commissions for regular retail customers, but there's still regulatory fees and these could potentially be skipped. (NOTE: There is likely a larger spread on a distributed ledger than a regular exchange, due to slower transactions. See below.)
* Ability to trade 24h
* Access to purchasers that don't want to or cannot use traditional platforms (e.g, crypto fans, people in developing countries). This may be stopped by "Permissioned ledgers", where there contracts that stop the transfer of stocks into a wallet unless it's on a whitelist.
* Resistance to total failure (due to the distributed nature of the setup)

Changes with good and bad sides:

* Slower trades; expect max speed of milliseconds rather than 1us
* Thus, a loss of the ability to do HFT (High Frequency Trading), which means that we lose the information transmission and market making ability of HFTs, but we also lose their ability to do front-running and decrease their ability to cause flash crashes and similar
* Loss of ability to shut down the trading. This remove an abusable tool of power, but it also lose a tool used to stop bad situation (like flash crashes), which is used to deal with bad market situations (like flash crashes due to trading software bugs), to avoid insider trading when major news is about to hit, and to deal with regulatory concerns.
* All trades are final. In the regular market, trades can be reversed by the courts or banks if done quickly (clearing in the US is in one business day, in Europe it's mostly two business days); in an anonymous, immediate clearing system based on a final distributed ledger, trades can't be reversed. This removes some types of risk, but adds in risks of theft (as we've seen with cryptocurrency) and makes mistakes more difficult to reverse.

Disadvantage if both on a regular exchange and a blockchain:

* The slower trades on the blockchain will lead to latency arbitrage. To avoid losses from price sniping, the blockchain market has to have wider spreads. Market makers will also typically provide limited liquidity in the slower market, to minimize the amount of loss the times they do get sniped.

Disadvantages of stocks on a blockchain in general:

* The distributed nature of the blockchain will allow frontrunning: A retail investor place an order in a market, and a frontrunning company with faster routing setup will then buy the stock elsewhere at a lower price, and re-sell it to the investor at the higher price. If there are distributed validators for transaction order, frontrunners may instead use techniques to bribe the validators (e.g, they may run validators themselves, and have their purchase jump the queue). The net result of both is that instead of negative spread going as profit to the retail investors, it goes to the frontrunners.
* It provides larger liquidity pools for criminals and terrorist organizations to do money laundering; e.g. Russia may be able to move billions around outside sanctions (though there are protocols in place that try to stop this)

Disadvantages for this particular blockchain at this time, for the companies that are resistant to getting on it:

* It is cheap to say no now, and they can't say no later
* There is little time to evaluate
* There is likely some level of legal risk

That's a quick attempt to sort my thoughts - they're not strongly researched for this particular blockchain, though I did a couple of searches to fill in details that I wasn't certain about.

That's nowhere near true. The current system is administered by regulated entities that have a decent amount of information about most owners. Are there ways to play the system? Yes. But it's nowhere near the same level of anonymity and flexibility as making stocks into tokens that can be freely transferred to anonymous accounts.

> Also, it was pretty racist with the whole English thing.

The "whole English thing" is about having someone that it is possible to communicate with in English. I'm fairly sure they would be OK with speaking English through a translation system, as long as it didn't get in the way of the communication.

Also, as someone that is from a non-English-speaking country: Somebody that isn't able to operate in English is unlikely to be able to do good open source work. English is the language that is used to communicate about programming globally, and anybody that does not tap into that communication is at a very large disadvantage. The overall situation is unfortunate, and it can be argued that the situation is systemically racist - but it isn't individually racist to require the ability to operate in English. Fortunately, AI tools are continually making it easier to operate in languages you don't speak, so this disadvantage will become less and less of a problem.

I don't know if you're a russian bot or some deluded idiot, but it amuses me to do a breakdown of your post.

NATO turned what was originally intended to be a mostly peaceful show of force like the temporary invasion of Georgia into a war of attrition.

First of all the "peaceful show of force" "temporary" invasion of Georgia involved a few hundred dead in the first two days, and another 5000+ civilians killed in the ethnic cleansing after that, all for a land-grab to seize control of territory covering half of Georgia's coastline that Putin wanted.

Secondly, the "peaceful show of force" "temporary" invasion of Ukraine involved hundreds dead, ballistic and cruise missile attacks on all of Ukraine's largest cities, and Putin publicly admitting the goal of overthrowing the Ukrainian government... and that's just within the first 36 hours. Within two and a half months Russian officials began admitting the intent to permanently annex parts of Ukraine, proceeding with a constitutional amendment a few months later claiming to annex vast territories that Russian had not remotely taken control of, and which Russia is not remotely capable of capturing. Donetsk alone has a population of over a million, two million if you include the metro-area. Russia spent months and many thousand of lives to capture, and later lose, villages in the range of low tens of thousands.

Remember WWI when the lines were pretty much static for years and then suddenly it was all over?

Yes, I remember. As I recall it wasn't exactly "sudden". As I recall... Russian casualties were around five million killed, wounded, or captured, the Russian economy was collapsing, Russia was running out of food, and Russian literally lost it's own capital to civilian rebellion. A few months later the Russian government collapsed and surrendered vast territories including Finland, Estonia, Latvia, Lithuania, parts of Poland and Ukraine to Germany and its allies (known as the Central Powers). Right about that point the U.S. joined the war reinvigorating the Allied Powers. Germany&friends knew they couldn't win a protracted war. They attempted a quick win, and, in short, they failed. The Allied powers steadily beat them down, with the allies eventually breaking through the lines and progressively liberating territory. With the Allies steadily advancing and the war obviously lost, German forces began rebelling and Germany surrendered.

That's what's happening here. Russia has most of Donbas plus a buffer zone in some other regions that directly border Russia. Ukraine is throwing men at the front lines for Russia to kill but is running out. Territory held is largely irrelevant compared to the number of men killed and weapons destroyed.

So much to unpack there, but it's amusing how you cite "territory held is largely irrelevant" given that the tide has turned and Ukrainians are now the ones breaking through lines and liberating territory from Russian occupation. It's not much yet, but all the map trackers show the reversal. Russia is now officially loosing more territory than they gain. Russia WAS slowly gaining small bits of land, largely through sending meat waves of untrained ill equipped soldiers at Ukrainian lines until the Ukrainians ran out of ammo and had to fall back. However now 7 out of 10 Russians killed are killed by drones. The "no man's land" between the two sides is now many kilometers wide. Any Russian trying to advance gets hit by a drone. Russia has also losing on average 1 air defense system every day, and rapidly depleting. Russian supply lines are getting pummeled by drones. Russian refineries are getting pummeled by drones, with progressively worsening fuel shortages for both the military and for the increasingly rebellious population. Cheap advanced Ukrainian drones are taking out expensive crappy Russian drones, including Russian's new jet-drones. Practically every country on earth is asking Ukraine for their military drone tech, the Russians can't remotely match it. Russian's economy is also fucked, but that topic pretty needs a separate book to cover.

Interesting side notes on weapons destroyed. Russia is destroying it's aircraft almost as fast as Ukraine is, between incompetence and maintenance failures and friendly fire shooting down their own aircraft. Also the nation that is the biggest donor of tanks to Ukraine is... Russia. Ukraine captured countless Russian tanks intact because the Russian military is so abysmal incompetent and corrupt. And as I mentioned, Russian air defense units are depleting. The war is now approaching 5 years, longer than the entirety of WW1. Ukraine is a small fraction of Russia's size, and Russian is literally losing and headed towards another soviet-union-style collapse. The biggest shock to the world of this entire war is just how worthless Putin has made Russian military, through systemic corruption and systemic incompetence.

Polls show the Ukrainian population isn't interested in surrendering. They are defending their homes. It's simple, the war will end when all the soldiers go home. When Russian soldiers go back to their homes in Russia, and when Ukrainian soldiers go back to their homes in the currently occupied parts of Ukraine. Although that's not likely to happen until Putin either expires or is overthrown. Not only is he fanatical enough to drive his country to collapse in the attempt, he knows if he did end the war in failure he'd get killed or overthrown for it.

Anyway, pointless reply to a bot or a useful idiot. But maybe some random passer-by will find some bits interesting. I don't know about the rest of the world, but mainstream US news rarely mentions the Ukraine war anymore, and certainly not in any detail.

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You have a medium memoruy. I remember how USENET was, prior to the web forums you complain about. Reddit has blocked the possibility of a real discussion forum that works for complicated topics, locking in a short term popularity contest with ever-shifting "hot topics".

The compute cost for DeepSeek V3 was $5.6M. Training costs for traditional US frontier labs model is about $70 to $200M+, with estimates of up to $1B+ to train the next generation models. It's expensive, but it's not even in the ballpark of "There is no viable economic model to do so." Google revenue in Q2 was $1.32 billion *per day*. $1B is trivially less than a day; $5.6M is just 6 minutes of revenue.

The cost problem is in the compute buildout and the subsidized compute to capture users.

> It remains to be seen if even using their models can be profitable,

I presume we can stipulate there exists some tasks that are cheaper to do using an LLM than doing it "by hand". As a such, using an LLM model can be profitable. To me, it is also obvious that the business of serving an LLM model can be profitable. There's large benefits to being able to get tokens quickly, and you can expect people to pay for that, even if we presume they could run the model locally with no maintenance overhead. There's even cases where using the cloud is cheaper than you can serve locally at all - I saw one guy that measured his added cost of electricity when his computer ran a specific LLM, and it was more expensive to run it locally than to buy tokens from the cheapest inference provider for the same model, presumably because they had better hardware and cheaper electricity.

I love a term a friend of mine used to use when talking about AI: "Narrowly superhuman" (before "superintelligence" got to be a thing).

AI is narrowly superhuman. It is able to do specific things that used to be defined as a "hallmark of intelligence" much better than a human. The easiest one? Summing numbers. It's both faster and more precise than a human.

AI gets more and more such areas it can do better than a human.

If we define "Superintelligent" to be "A computer system able to do absolutely everything we can somehow call intelligence better than any human", we will *never* have superintelligence. The things we define as intelligence will be in conflict; we'll land at the system being better at one at the cost of another.

I'm in favor with being careful about this development. But "prohibiting the development of superintelligence" isn't an option. It's already here.

Dividing the yearly US spend on Internet advertising by the number of people in the US that has Internet access gives $900-$970 spend per person per year, or $75-$81 per month.

Please choose the option you want:

1. I want to pay about $75 per month per member in my family into the ad auctions to not see any ads. Ie, keep the infrastructure, but let you opt to pay your share through money rather than attention.
2. I want to prohibit ads, and accept that everybody will have to pay for the sites they want access to, that there will be much fewer services, that there will be much higher transaction costs, and that the poor will have much less ability to access services. (Microtransactions won't solve this, due to the need for trust evaluation of same.)
3. I want some combination of 1 and 2, where some sides of ads are prohibited so it is possible to buy my way out of them at a lower price,. I accept that this will result in the loss of some services and lower access to others for the poor.
4. I want legislation that makes Internet ad blockers work more consistently. I accept that this just shifts the attention cost to other people, and have me getting the benefit without paying the cost.
5. I want to remove Internet ads and subsidize the sites through taxes.
6. I want to increase the requirements of Trust and Safety checks and format restrictions for ads, potentially accepting higher overhead (in what goes to content vs infrastructure) for less annoying/bad ads. I accept that doing this creates significant advantages of scale for ad networks.
7. Other, please describe, including where costs gets shifted with your proposal.

The above are my best attempt at listing possible options and their correct caveats. In most situations, I find ads annoying (who doesn't). Unfortunately, they are the main money highway of Internet content.

DISCLOSURE: I used to work for Google, where I rang infrastructure for stopping bad ads/advertisers and for removing fake clicks. I've also been interested at the use of sub-cent microtransactions to pay for content since the 1990s, though I've become disillusioned as I've learned more about the attention economics involved. Approving individual microtransactions has a higher attention cost than dealing with the ads, and bulking them per-site (through micro-subscriptions) will limit the number of sites that can have content.

Every time people hear what it actually involves is outrage and opposition, at least all the way back to when Intel first announced that they wanted to hardcode identity numbers inside CPUs in 1999. But the corporations involved have been relentless, and have sunk countless billions of dollars steadily forcing it forwards, and building front organizations to obfuscate and whitewash it.

With Windows 11, Microsoft was finally able to FORCE Trusted computing hardware into every new computer. Not just every new Windows computer, but every computer.

Every new Intel PC CPU has built in Trusted Computing enforcement hardware. Every new AMD PC CPU has built in Trusted Computing enforcement hardware. Every new ARM PC CPU has built in Trusted Computing enforcement hardware. The only processor lines that DON'T have it are the microcontrollers.

There are some unlocked smartphones available, but as far as I can determine it's literally impossible to buy a smartphone that doesn't have hardware trusted computing built in.

I specified that enforcing Trusted Computing at the internet access level is still a long term goal, they couldn't get away with it today. However they are well on the way to success. Virtually all new hardware supporting trusted computing, all the front groups rolling out standards and systems, and as it gets incorporated into things everyone is going to increasingly running into situations where they get locked out of stuff if they're not Trusted Computing compliant. Streaming already restricts you to the worst quality if you're not compliant, and it's only going to get worse as pre-Win11 computers fade out and as more things require it.

I'd hardly call exact date of birth "low information content".

And yes this does reveal exact date of birth, regardless of the bullshit obfuscation that it supposedly only reports age range. The server simply tracks the reported result every time the user connects, and on some specific day the result CHANGES to announce their date of birth.

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This is based on SLSA (Supply-chain Levels for Software Artifacts), brought to you by the same fuckers making Trusted Computing and the TMP (Trusted Platform Module). It's part of the same shitstack to prohibit you from altering your software and to lock you out of your own files, and to send spy reports out over the internet so you can be cut off if you "fail" the Trusted Computing check.

The software can use a TPM's (Trusted Platform Module) Sealing function to encrypt your data such that it's impossible to access your own data if the software is modified. It can then pass control over that data only to software updates that carry a signed security certificate from Broadcom (or any other company using this system).

It is no longer open source, your system no longer works as you can no longer access your Sealed data if you change so much as a single letter of the code. Even recompile unaltered code won't work, unless you magically manage to get your build environment absolutely identical to the company's build environment and get byte-for-byte output. Even that may be impossible with the newer levels of non-deterministic compiler optimizations.

Also, with TMP's Remote Attestation feature can be used to transmit your machine's software configuration over the internet, so that you can be cut off if your system doesn't match Broadcom (or other company's) cryptographically signed certificate.

And then of course there's Network Access Control (NAC) / Trusted Network Connect (TNC). In the long term, the goal is for ISPs to use NAC/TNC to interrogate your computer for Trusted Computing compliance, and deny you any internet access whatsoever if your machine isn't compliant. Software with this sort of "security" certificate would pass inspection, while any attempt to alter the code would be detected as "tampering". You then get "quarantined". What "quarantine" means is that you are denied internet access - with the exception that you do get very restricted access which can only be used to download the approved software to "fix" your computer into Trusted Computing compliance.

OK, which particular aspect of the LLM learning do you think doesn't exist in the human brain? Backprop exists (and the other training methods the brain uses has similar effects), embeddings more or less exists and seems to be very similar to the LLM embeddings (shown by brain activation in various areas linearly matching with embeddings) - see e.g. High-level visual representations in the human brain are aligned with large language models (Adrien Doerig et al, 2025), and speech/text generation by humans has similar error patterns as for LLMs.

They obviously don't learn in the EXACT same way, but there's also clearly a lot of bits that are the same, and I'm fairly sure nobody knows how much is similar yet, particularly not weighted by importance.
 

Garbidgecollect surfaces etc...

Oh yes im pissed off that proton and cedega are in the news but im not and there dead ans burried. Looking at some of the changes made to direct3d it seems steam os requires that apps dont count activex instization and it wouldnt suprise me if it forced software nulling of buffers because thease some things that make strict directx 3d slow and by passing them gives substantial performance increases unfortunally someone put me in a cardboard coffin before i was able to roll this out when i wrote dirextx9 for vanilla wine many moons ago. So, im going to revisit direct3d with levels of strictness vs performance with some of the features being able to be rolled out across the entire activex architecrure in wine. I also wrote a text literal pdf importer and some other funky stuff along the way so you should soon be able to edit pdfs with a text editor instead of current vecror implementations the lengths someone has gone to to prevent the release of this are outstanding so hopefully its as disruptive as direcrx9 for vanilla wine was back all those years ago. If you find my corpse somewhere you know why.