> Since the interior state of another being can only be understood through interaction, no objective answer is possible to the question of when an “it” becomes a “who”
A large language model can in theory be understood at an algorithmic level by reverse engineering. If the algorithm turned out to be a giant lookup table, it's an "it". If the algorithm contained an obvious model of self, it's a "who".
I was not able to visualize images. When I first heard about aphantasia, I reasoned that since I could have vivid dreams, I must have the hardware to see.
Then I started training myself, first by visualizing basic 2D shapes, then letters, then 3D letters ... eventually I was able to conjure up complex images at will, just like in a vivid dream.
Some time later, it occurred to me that by doing this, I likely stored more data than necessary in my tiny little brain, so I spent more time to untrain myself, by deliberately ignoring images when they pop up.
Now I can no longer conjure up images. My dreams have become more abstract. It has become harder for me to remember faces. On the other hand, I have generally found life easier to process and understand. I feel wiser than my younger self.
The simple answer is that if a stock is expected to never pay any dividends, it's intrinsic value is zero.
Note that from shareholders' perspective, paying dividends is economically equivalent to share buyback, plus some tax considerations, so there are exceptions.
Crypto is not hard to value. Valuation is the estimation of the present value of future free cash flows. Since most crypto tokens produce negligible free cash flows relative to their market cap, they have approximately zero intrinsic value relative to their market price.
Note that the article is misleading as the rule doesn't require the disclosure must be made to the government first.