There is nothing wrong with your television. We will control all that you see and hear. We can deluge you with a thousand channels or expand one single image to crystal clarity and beyond. We can shape your vision to anything our imagination can conceive. Enjoy ....
The original, from The Outer Limits TV show was:
There is nothing wrong with your television set. Do not attempt to adjust the picture. We are controlling transmission. If we wish to make it louder, we will bring up the volume. If we wish to make it softer, we will tune it to a whisper. We will control the horizontal. We will control the vertical. We can roll the image; make it flutter. We can change the focus to a soft blur or sharpen it to crystal clarity. For the next hour, sit quietly and we will control all that you see and hear. We repeat: there is nothing wrong with your television set. You are about to participate in a great adventure. You are about to experience the awe and mystery which reaches from the inner mind to the outer limits.
As a society, we're fairly vulnerable to groupthink, advertisements, and confirmation bias.
We believe what we want to believe, so it can be very hard to change a belief, even in the face of contrary evidence.
Since the past election cycle, we've seen a massive uptick in distrust toward news agencies, big companies, the government, and basically anyone with a particularly large reach.
To a certain degree, this is understandable and justified. Here is an example of the power of the media focused on a message. Click to watch.
via Courier News
Propaganda has always been an issue, and almost everyone does it; governments, companies, etc. Luckily, it's easier to see today than in the past, but unluckily it's also more pervasive and insidious than before.
It's to the point where if you watch the news you're misinformed, and if you don't watch the news you're uninformed.
The above segment portrays a rosy picture of Amazon's efforts to protect its workers while delivering essentials to the struggling homebound masses. This comes while Amazon has come under massive fire for removing some of its protections.
Honestly, I use Amazon and, in my opinion, this isn't a massive breach of trust. News stations have a lot of time to fill, they often have sponsored content.
That being said, it's something to be cognizant of - not necessarily offended by.
Personally, I believe I am reasonably aware and somewhat immune from propaganda. That probably isn't as true as I'd like to believe.
It used to be true that winners wrote history (think empires, wars, etc.). Now, the one that delivers the most broadcast narratives shapes the emotional and seemingly logical responses to what we perceive to be happening around us.
The result impacts elections, financial markets, buying choices, and countless other areas of our life.
As A.I., Bots, and social media grow, our ability to discern truth from 'truthiness' weakens. It's becoming even more of an issue with AI-based depictions of presidents in both image and video.
It's a great reminder that what you're seeing and hearing is carefully manufactured, and hopefully, it encourages you to get outside your bubble.
I think one of the worst consequences of the past few years is the unwillingness of mass swaths of Americans to listen to voices they disagree with. The internet has already created echo chambers, but it's being exacerbated by vitriol. As a result, I think we're seeing the fringe of both parties move further away from the middle.
What do you think?
A Tech CEO's Thoughts on the SEC, Binance, and Coinbase
Late last year, the FTX exchange collapsed. During the collapse, there was evidence of a Ponzi scheme, overleveraging, and solvency issues. Before it crashed, it was the third-largest cryptocurrency exchange with over a million users. FTX's collapse shook the volatile crypto market, which lost billions at the time, falling below a $1 trillion valuation, and supposedly millions of coins were stolen during the downfall.
This was a massive hit for the mainstream adoption of cryptocurrency. Since then, crypto has been slowly fighting its way forward - and I know many people with interesting opportunities and ventures planned for this space.
Meanwhile, the SEC sued Coinbase, this past week, for potentially operating an unregistered securities platform and brokerage service. The SEC alleged that Coinbase made billions as the middleman between buyers and sellers without giving investors the lawful protections they should as a broker. That lawsuit came only a day after the SEC filed charges against the largest crypto exchange, Binance, for misusing investor funds, operating as an unregistered exchange, and violating many U.S. securities laws.
Here's a quote from Binance's CCO (recorded in the SEC complaint)
It is no surprise that Coinbase's stock price plunged almost 20% due to the news.
I don't want to bog you down with the details of the various cases, but ultimately, Binance was supposed to split their business so that their U.S. company would be subject to U.S. regulations and legally allowed to be an exchange in the U.S. But, instead, there was an improper "comingling" of funds. Binance subverted its controls to allow certain high-value customers to continue trading on the non-U.S. platform.
So, this begs the question ... what does this all mean for cryptocurrencies, exchanges, and the stakeholders?
My Thoughts
These recent enforcement actions suggest that the SEC will target firms it sees as bypassing regulation (either by blurring the distinction between on-and-offshore services or by trading unregulated securities).
This also comes on the back of the various bank collapses in March of this year.
It's clear that regulators are worried about the security of the American taxpayers' money. Both the FDIC and SEC are cracking down.
Just like with the banking issues before, the issues we're dealing with here shouldn't be particularly surprising if you have been paying attention. We're getting mixed messages on how involved and regulated the government wants these securities to be.
Are more regulations required to ensure trust in the American financial system? Or is this a free market where pain and pleasure point out the evolutionary path?
Finally, there's an even more fundamental question ... are cryptocurrencies truly something new (which requires a unique regulatory approach), or are they simply a new medium of pre-existing financial instruments that the SEC already has rules and regulations for?
Initially, some of the attractive aspects of cryptocurrency were its decentralized nature and its potential to have its own rules and regulations separate from a national governing body.
On the other hand, we've seen what happened in the past when other alternative investments, like Hedge Funds, were unregulated.
Currently, two roads are available to cryptocurrency as an industry - and perhaps it can take both. First, it can become subject to all the regulations of its predecessors and become a mainstream and stable option for the masses. Or, it can remain a "fringe" option that subverts the governing bodies around it, forcing its relatively small group of loyalists to deal with the uncertainty and volatility – but maintain the autonomy it can.
What do you think will happen?
Posted at 06:35 PM in Business, Current Affairs, Ideas, Market Commentary, Trading, Trading Tools, Web/Tech | Permalink | Comments (0)
Reblog (0)