okwubodu

Out of curiosity, how did you notice this?

This is likely the biggest disconnect between people that enjoy using them and those that don’t. Recognizing when GPT-4’s about to output nonsense and stopping it in the first few sentences before it wastes your time is a skill that won’t develop until you stop using them as if they’re intended to be infallible.

At least for now, you have to treat them like cheap metal detectors and not heat-seeking missiles.

Within individual files I tend to create a mental index of names and purposes from top to bottom before tracing, which usually helps avoid redundant jumping or branching so deep it becomes difficult to keep track.

Not the opposite. The full group referenced here is “US citizens and certain non-US citizens whose permission to live in and work in the United States does not expire," and they went after SpaceX for discrimination against the latter (refugees and asylees, specifically).

I think it’s fair. When a clone of your product is funded by the same entity that rejected yours, it's only logical to assess the differences that do exist.

Had she said “as a first-time founder,” I doubt the victim card argument would be raised.

I agree. My point is that calling them a security is consistent with the SEC’s position on what makes a digital asset a security.

Just as there actually are people who really do want the tokens just to cover gas fees and not for resale.

To be clear, I think Celsius committed actual fraud. I just want to talk about one particular point here.

> So the burden of proof seems to be on the claim that they're the same, or that it's a meaningful analogy.

I have a pair of “Dear Summer” Off-White x Nike Dunk Lows, the last collection released while Virgil Abloh was alive. The SNKRs (Nike) app randomly selected active users for the chance to purchase them; necessary, because they were guaranteed to sell out instantly. At the time of purchase nobody had any clue what the shoes would look like, nor which "n of 50" colorway they would get. We were presented with a picture of the shoebox, a size selection, a buy button, and a countdown timer. However, it's not far off to say that despite this, every single person (remember, only active users got this notification) that initially purchased the shoe did so knowing there was absolutely no chance that a limited edition Off-White/Virgil Abloh/Nike shoe would sell for less than a 100%+ premium over retail on the aftermarket. Completely risk-free, assuming $180 wouldn't hurt your pockets in the near term.

Under the SEC's reading of the Howey Test that omits the word "solely," the purchase of these shoes constitute

1. An investment of money (check)

2. In a common enterprise (check. Let's be honest, the majority of pairs sold hit the resell market immediately. Forman, 421 U.S. at 852-53 may not be applicable.)

3. With the expectation of profit (check, check, check) to be derived from the efforts of others (the ongoing reputation and marketing efforts of everyone involved),

making them unregistered securities.

Naturally, this means Nike has to "come in and register," for every limited supply drop, StockX and GOAT have to register as securities exchanges, and only accredited investors are allowed to purchase at retail. Anything else is clearly a violation of The Law.

All of this is perfectly reasonable because, "the law is clear, we’re obligated…to enforce the law as Congress passed it and how the courts interpret it," as Chair Gensler put it.

This is functionally an extension of Instagram. It’s no more standalone than, say, Messenger.