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digital daily: Open Source Wisdom

Macro Monday – Open-Source Wisdom. Digital asset opponents can’t help themselves. Prices are down, and opponents see crypto on the road to extinction. Even the ECB opined without a shred of doubt. The history of economic thought questions such proclamations. Hyman Minsky – a Satoshi-like unconventional thinker shunned by convention – argued that speculative ascents are the greatest risk. It is in reckless stages of excess when opponents should yell. Alas, such is the power of momentum, true of intellectuals, not just risk-takers. Ulrich Bindseil, the ECB author, believes that “central banks should eventually react to the digitalization of payments through CBDC issuance…and that they should not give up the important role they had for so long in retail payments.” Central banks are reacting to digital innovations, not driving them. They are reacting to open-source technologies that are available for all to see, use, and build upon. It is difficult for monopolists to relate – their enterprise is built on digging deeper motes, not competitive engagement. And in the spirit of open source, the beta version of OpenAI and its ChatGPT is powerful to explore. Scouring the world of data, OpenAI is a source of intelligence that answers all questions. So, we asked OpenAI: Will bitcoin survive? OpenAI immediately cast shade on the ECB: “Yes, Bitcoin is likely to survive in the long run. This is because it is backed by a powerful network of computers around the world, and is decentralized, meaning it is not regulated by any one government or organization. Additionally, Bitcoin is becoming increasingly popular as a form of digital currency, which is likely to lead to greater adoption and increased stability.” The wisdom of the crowd is now on prominent display.

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