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.

No, in this case, the real problem is that most employees would expect a superbowl ring to come from a third party vendor. And as such, they'd expect the domain name to be a third party domain name.

These gotcha games suck, but they're necessary. And it's not just email, it's phone calls, it's social engineering, it's fake paper invoices, it's fake AI voices, it's deep fake live videos, etc.

And yes, automate your defenses, automate as much as possible, but that's not enough. Every day, there is a new scam out there, or a new vector of attack, that automation doesn't take into account yet. It's a never-ending list of problems that requires never-ending education.

And yes, let's not make fun of people, but let's assume that people are going to make mistakes (even after having been trained), so let's continue to do penetration testing (in addition to all the other precautions we take and all the defensive automation we create).

Yes, enforcement can take place *after* a police report has been made. Because if a crime has been committed, there is a process to follow and there is a criminal to catch.

After all, if a hidden camera is found, it could have been planted there by a host, or by an employee, or by a contractor, or by a previous guest, or may be the camera could have been planted by someone trying to make a fake allegation (for instance a local competitor, or a guest who's trying to extort the host)

Who knows? It's the same thing with hotels. Hotel rooms have been found with hidden cameras in them also. If you find a hidden camera in your hotel room, you do not contact their headquarters first, you do not tell the front desk first, you contact the police first! The police can secure the evidence. The police can record what happened. The police can even try to catch the perpetrator.

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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Secret recordings should be a police issue, not an AirBnB one. It's not like AirBnB can inspect a location like the police can. And it's not like AirBnB can prosecute a case. This is a matter for the local justice system.

Or am I missing something?

I fly 200ish flights a year so figure 70-80 nights away.

2025 was 100% hotels but 2019 was about 80% Airbnbs.

Airbnb will never get my business back. Ever. The professional scammer hosts are so good at finding a way to nail me for a fee. Iâ(TM)ve taken perfect check out video and still had to spend hours fighting fees.

Airbnb allowed making guests do it.

They lost so much money to hotels theyâ(TM)re banning hosts from requiring it.

Yeah, this is really weird.

If I had a colleague who was accused of that, I wouldn't be drafting any letter of support unless some higher ups were forcing my hand.

First, I'd paste it into notepad just to make sure.

The Meta Rayban glasses have a light when it's active. Now granted, many people do pay a mobile repair person to permanently disable that light. But personally, I think the people that do not disable that light shouldn't be penalized. And for that reason, I think the law is badly written.

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.