Two Blips and a Blipín
AI Coding, Golden Turkey agus an Teanga Chripteagrafach
Coding is mostly done with AI
I was talking with two coders there on Thursday evening. They both use AI to write code for them. Either they use Github copilot (a Microsoft product) or they ask ChatGPT (now significantly Microsoft owned as well) to write code and they then copy-paste it over to where they are coding.
The AI isn’t completely accurate, so you need to know what you’re doing. Still, it’s much quicker than writing all the code yourself. One guy said he’ll happily pay $20 per month to ChatGPT for the tool. The other said his company is going to upgrade so they can get Github copilot.
Apparently ChatGPT is the fastest product to ever reach 100 monthly active users. It was launched about two months ago. If you haven’t tried it, you should.
Buying gold is common in Turkey
Given the Lira has suffered a lot of inflation, I asked a Turkish crowd what the locals do? Apparently buying gold is common, in both physical and digital form (where the bank holds it for you). Paying in gold via apps is also possible.
Would it be useful to have access to dollars, said I? We don’t like the dollar.
The Irish language is like crypto
I often ask myself why anyone uses either?
The answer reminded me of a piece I wrote 12 years ago: The World’s Imperceptible Slide Towards Standardisation. My writing seems overly complicated looking back now, but the last four paragraphs are readable!
Hi Gareth,
I haven't specifically heard of PAXG being used. As I understand, there are local gold shares/certificates/derivatives that are provided by fintechs - non blockchain.
BTW, these are just anecdotes here - so definitely painting an incomplete picture. For example I know US dollars are used in Turkey as a way avoid Lira inflation.
Regarding an inflation resistant currency - one approach would be to issue a currency that is backed by and/or pegged to TIPS or Linkers. That means pegging to the government definition of inflation. If one tries to define inflation differently, then the implied interest rate on that currency will come into a complex equilibrium with other assets/currencies on the market. In other words, creating an inflation resistant currency (that differs from government inflation protected securities) is not a free lunch. [not sure if that's adding to your point re Dalio]
Do they use PAXG to pay for stuff in gold in Turkey or is it a different method? Would be interesting to know which is more efficient. I know AVAX is big there. PAXG payments on AVAX rails probably not the worst idea. Gold buying big in India as well, plus Ray Dalio wanting an inflation resistant currency; seems plenty of reason for crypto (PAXG, stablecoins).