Chinese Economics Thread

[AndrewS]

Banning bitcoin mining and restricting video games, are counter to the development of fast GPUs, AI related software and Immersive metaverse, which are the next innovative areas.

The development of fast GPUs, AI is a high priority anyway.

Bitcoin mining has actually diverted some of China's best semiconductor minds into developing world-class, but crypto-specific ASICs (Bitmain etc) which are absolutely useless for any other activity

If that brainpower had been diverted to other areas, it would actually be useful.

Remember that Bitcoin has a long-term value near ZERO because it takes 10+ minutes to complete a transaction block, has very high transaction costs, actually isn't anonymous because you can track the entry and exit banks, plus it can suffer a 51% attack.

There are way better alternatives.

 

[Petrolicious88]

Just 6 months ago people were openly asking if China is still a communist country. I think events in the last few weeks answered that question pretty clearly.

 

[caudaceus]

The development of fast GPUs, AI is a high priority anyway.

Bitcoin mining has actually diverted some of China's best semiconductor minds into developing world-class, but crypto-specific ASICs (Bitmain etc) which are absolutely useless for any other activity

If that brainpower had been diverted to other areas, it would actually be useful.

Remember that Bitcoin has a long-term value near ZERO because it takes 10+ minutes to complete a transaction block, has very high transaction costs, actually isn't anonymous because you can track the entry and exit banks, plus it can suffer a 51% attack.

There are way better alternatives.

Antminer made some AI Chip as well IIRC

 

[AndrewS]

Antminer made some AI Chip as well IIRC

You can't even call them AI chips, because they're so specialised at solving a single computational task which is designed to waste energy.

 

[KYli]

You can't have it all.

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[caudaceus]

You can't have it all.

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That means the base salary is too low. Actually I'd like to know the salary of software engineer in Bytedance Beijing say if you have 3-5 years experience.

 

[caudaceus]

You can't even call them AI chips, because they're so specialised at solving a single computational task which is designed to waste energy.

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AI division of bitmain

 

[KYli]

That means the base salary is too low. Actually I'd like to know the salary of software engineer in Bytedance Beijing say if you have 3-5 years experience.

Around 1 million yuan for Bytedance.

 

[caudaceus]

Around 1 million yuan for Bytedance.

Shit that's like 14 times of GDPPc of China. Translated to US that means 800K USD salary

 

[FriedRiceNSpice]

That means the base salary is too low. Actually I'd like to know the salary of software engineer in Bytedance Beijing say if you have 3-5 years experience.

Base salary in most high paying fields tend to be only a small fraction of total compensation. Most compensation comes in forms of bonuses, commissions, and stock grants, at least in the US.