With most of currency being digital, this change of reserve ratio requirements has almost no effect in the way banking and economy works. Added a Wikipedia reference which has more references to empirical studies.
“ Many economists and bankers now realize that the amount of money in circulation is limited only by the demand for loans, not by reserve requirements.”
Japanese central bankers figured out a way of creating money for purposes that are good for society. Like AI, Quantum computing or bio technology and any other hyped up stuff you see on internet.
There were many bad consequences in the past because of money created that way.
With the way SoftBank is giving away money, it looks like “smart credit guidance” is still happening with out any public policy or public awareness.
Aim of Academic institutions conducting research is for the benefit of humanity. Their principles are to hire the highly qualified people irrespective of their nationality or religion. It’s a merit based hiring.
There is no secret conspiracy here to bring down wages of researchers. Some people just do it for the likes.
This post was amusing to me for so many reasons. The author did this for his personal project, cheers to him for his passion to try out new technology.
This is roughly similar to what happens in technology teams all across the business units.
Manager 1: We are streamlining all our product offerings to a Kubernetes container cluster. Why you ask? We want to modernize our stack and we want to attract best talent.
Manager 1 and the team collects the rewards
...... few months later
Manager 2: We reduced the cost of operations by x% by simplifying operations. Aka rolling back to something other than Kubernates.
Manager 2 Collects the rewards
Every time, there is a detailed intelligent write up about what we are going to do and what we did and how awesome it was.
Believe it or not, internet has a way of influencing the really smart people with branding and advertising driving them to a form of resume driven development.
Kubernetes to developers is like what Axe body spray is to teenagers.
Just use Axe Deodorant and women will be all over you.
It makes more sense if Bitcoin is viewed as an insurance rather than an investment or a commodity.
It's an insurance against the whole world falling apart. Why would the whole world of finance fall apart? Same reason Roman empire fell part and lost its significance.
Long back 1000$ was a lot of money, later a million $ was a lot of money and then billion $ was a lot of money. In today's news, people are describing events in trillion $ costs. If you extrapolate this trend, money as we know will be losing its value exponentially.
Bitcoin is a money system that is defined very clearly in terms of quantity, creation process and exchange etc. This is a good minimum viable product. It definitely has value just like a commodity. It also has people working on improving it as if it were an ipo'd company.
Just like language and law, bitcoin is a product of "spontaneous order" and our knowledge of traditional finance may not have enough mental tools to value it like another financial product. Some people certainly value it more than other people. Over a long period of time take span of 100 years, it becomes easy to imagine having a bitcoin like digital currency with standardized rules for money creation not controlled by any single party.
I would classify this as "Self help" advice based on personal experience. Over all its very good advice to learn to collaborate with others.
There are so many persuasion filters here "Partner at Ycombinator", "Co-Founder", "Director", "Apple", "High Achiever writer in general". With this many strong credentials, it would be very very difficult to critically read such advice and then think of alternative ideas.
"If you don’t retrain your model based on input from the crowd, you’ll never converge on truth." This is true for machines.
Other high achievers believe in the alternate version.
"Reasonable men adapt to the world around them; unreasonable men make the world adapt to them. The world is changed by unreasonable men." Edwin Louis Cole
"truth is my goal. Controversy is my gym. I'll do a hundred reps of controversy for a 6 pack of truth" - Kanye west.
"Your life goal should be not to win any particular game, rather to win the sum of all games." This metaphor of everything is a game really really works well for certain people. I personally witnessed it.
It would be a sad life if you turn everything you do in life as a game where you need to compete with others to win and never question the nature of the game itself.
"Do what you love" is an over all long term approach that sustains your energy and focus for long term.
Most ideas of high achievers are very contradictory, in general its a good idea to listen to so many of them and pick something that meets your style.
It does a good job of explaining how trust evolved in the world and now that we are comfortable using computers to organize our lives, it makes sense to have a global ledger to keep track of "karma" we owe each other.
That short bio has no qualifications enough to write a book on effective engineering especially making claims like guiding people to become 10x engineer.
I find it difficult for a person with valid credentials in real life support this content marketing fraud.
First let me look up the author. Let me also just say that I have nothing against this author. I respect his entrepreneurial spirit and I believe he has a great future. But I deeply believe this sales page here is just plain wrong https://www.effectiveengineer.com/book and I strongly feel that experienced people like myself have to speak up when situation calls for it. It is fundamentally sleazy thing to do to other younger minds seeking proper guidance in the tech valley.
First things I noticed. This person has not stayed at any company for more than 3 years. No strong engineering role titles like architecture or design or scaling roles. Mostly soft engineering roles like testing and growth hacking. as a 30 year experienced person like yourself ask yourself. What kind of serious engineering product can one build in that time period at a company with that roles and how many? In many respectable companies I worked for, a person with this experience level cannot even hire/fire people, interviewing someone is not same as hiring.
Next look at the the github profile vs quora profile.
You can notice, this person is more of a content writer compared to code writer. What sort of engineering skills and expertise do you notice about the author that makes him write a sales page like this?.
Just like how I said it before, this is an effective nonsense garbage content marketing. The author has no qualifications to be writing a book on effective engineering. It is an insult to people who do actual engineering.
This person is milking his past job experience role at brand name companies to an irresponsible extent. This is not illegal but a very sleazy thing to do.
To people who really care about this topic, please get a good mentor in and around your workplace. Just do not fall for this click baits and gossip about tech companies does not make you effective anything. Engineering skill takes a lot of practice and patience, I am afraid there are no secrets and shortcuts.
I see what you are trying to do here. But please go read the sales copy of the book. Everything in that copy is a symptom of "moral decay" in the tech valley.
Which one did you purchase? "The master package" to become effective engineer.
It makes bold claims like it will make you 10X engineer and it some how guides you to figure out which technologies you need to work that will succeed in the future and keep reading, you will find more gems in there. The whole content is preying on the vulnerable.
We have had great advice in the tech industry so far like, "put customer first" or "think lean" or build beautiful products etc but this is the first classic that says to put yourself first and work on things that elevate you at the expense of the team and company and more narcissistic gems bundled with gossip from engineering teams with famous name companies.
I seriously doubt anyone who is looked upon for guidance by others would suggest something like this.
adios while I read the "Tactial Toolkit" to become effective engineer.
You may be right. Only the people who bought that “tactical toolkit” from that sales page are effective engineers. Everyone else may just not be up to it.
We used to call engineers who do tasks that elevate themselves at the expense of rest of the team as bad team players. Now the advice here is to do high leverage tasks.
The whole premise of the content appears to be a “get rich quick” scheme. The most vulnerable people in the industry are the young people looking for guidance and advice from older generations. The sales copy is clearly exploiting their insecurity by suggesting somehow there is a shortcut and by knowing these secrets for a small price, you too can be a 10x engineer.
Hope what ever you did works for you. I am probably not your prospective customer. I found the whole sales copy very deceptive. You are selling "Tactical Toolkit" to be effective engineer.
I understand your perspective about engineers undervaluing marketing and sales skills, but I think it's an example of short term thinking. Credibility is a currency, internet never forgets and I would never build credibility like this because I do not know how this will limit my future possibilities.
“ Many economists and bankers now realize that the amount of money in circulation is limited only by the demand for loans, not by reserve requirements.”
https://en.wikipedia.org/wiki/Money_creation#Credit_theory_o...