It's a somewhat annoying to me as well, but I'm now able to read it and take the valuable content without getting hung up on those repetitive phrases. It also forces me to not simply copy/paste. I read the LLM output, think about it, comprehend it in my own voice internally, and then I write what I want/need by hand, so it ultimately comes out in my own style and I don't propagate the LLM output onto others needlessly.
TBH, while I may find the output style somewhat infomercial-ly, I don't really get the hatred. ChatGPT IS NOT AN ACTUAL PERSON. Like why do people care so much? Like you said, I just ignore the "persona" phrases, and just use ChatGPT (or, used to anyway, before switching to Claude because OpenAI leadership can suck it) to get information and answer my questions.
Seriously, though, just stop using ChatGPT in any case, there are very good reasons to boycott it and there are other alternatives. Not saying the alternatives are saintly, but they're not as awfully duplicitous as OpenAI.
Because people just copy/paste that shit pretending it's their own or turn their own human writing into reproduced llm text so you don't even know if they even mean what's written
I think the true genuinely-love-programming type of people will increasingly have to do what so many other people do, and that's separation of work and personal enjoyment. You might have to AI-architect your code at work, and hand code your toy projects on the weekend.
Employees get options at common stock prices. The valuations you see, like $12bn, are for preferred stock. So no employees got stock priced at $12bn, but all of them get paid at a $5.15bn valuation.
Not saying they did well, but depending on the 409a valuations, they still might have made money.
Edit: friends, if you’re going to downvote please leave a comment as to why. It’s okay to disagree! There’s a lot of misleading FUD in these discussions about equity. It’s helpful for everyone to hear those sides.
Their options should be priced lower, but the common stock isn't valued according to the $5.15B. They raised $300M at $12B and $425M at $7.4B, which are both under water, so those shareholders will use their liquidation preference to get paid at least 1x. Assuming those rounds owned 7% of the company, there is at most $4.4B left for the remaining 93% of shareholders. That's about 8% less. If they deducted fees, legal services, or retention packages or had worse liquidation preferences or more underwater rounds, then it gets even lower.
More specifically, when employees are granted options contracts the strike price of those contracts is based on the last valuation of the company prior to the grant. If all is going well and the valuation is increasing those options are also increasing in value. Here we have a sale which values the company lower than the prior valuation. Recent option grants will likely be underwater, earlier grants would still be profitable.
> The valuations you see, like $12bn, are for preferred stock.
No, the valuation is for the whole company, all of its shares, preferred and common. How this value is distributed among shareholders depends on the deal, but generally there is a “seniority”, roughly: creditors (debt holders) are paid first, preferred shares next, then common shareholders last. This order can be negotiated as part of the sale.
> So no employees got stock priced at $12bn, but all of them get paid at a $5.15bn valuation.
It’s just not possible to know what each individual employee’s outcome is. We don’t know how much of that 5.5 billion will be left over for common shareholders including the employees. Note that employees have received salaries so their overall outcome is greater than zero dollars, but perhaps their total compensation outcome is lower than they hoped for the time they put in.
> Not saying they did well, but depending on the 409a valuations, they still might have made money.
Yes, some might have and some might have not. We just don’t know without more details.
Edit: singron’s answer (sibling comment) attempts to model the employee outcome in a rough but reasonable way.
The way they get to $12.5bn is multiplying the preferred share price by the total outstanding shares. But the common shares, while still included in that calculation, are not worth the same amount of money.
They have a different strike price for options that is set via a 409a.
It’s possible that employees got, at the peak, grants with strike prices at a $2bn 409a valuation. We don’t know. What we do know is that no employee ever got grants with a strike price of a $12.5bn valuation. That’s just not how this works.
productivity is such a nebulous concept in knowledge work - an amalgamation of mostly-qualitative measures that get baked into quantitative measures that are mostly just bad data
And in a business you can easily measure total profit and divide by total hours worked.
When you try and break it down to various products and cost centers is where it comes unstuck. It’s hard to impossible to measure the productivity of various teams contributing to one product, let alone a range of different products.
On the contrary. I like agile for when you don’t know exactly what you’re building but you can react quickly to change and try to capture it.
Moving fast and breaking things, agile.
On the other hand. When you know what you want to build but it’s a very large endeavor that takes careful planning and coordination across departments, traditional waterfall method still works best.
You can break that down into an agile-fall process with SAFe and Scrum of Scrums and all that PM mumbo jumbo if you need to. Or just kanban it.
Knowing exactly what you want to build is pretty rare and is pretty much limited to "rewriting existing system" or some pretty narrow set of projects
In general, delaying infrastructure decisions as much as possible in process usually yields better infrastructure because the farther you are the more knowledge you have about the problem.
...that being said I do dislike how agile gets used as excuse for not doing any planning where you really should and have enough information to at least pick direction.
If someone comes to you and says: "I want to build a platform that does WhizzyWhatsIt for my customers, it has to be on AWS so it's mingled with my existing infrastructure. It needs to provide an admin portal so that I can set WhizzyWhatsIt prices and watch user acquisition make my bank account go brrrrrtt. It needs the ability for my quazi-illegal affiliate marketing ring to be able to whitelabel and brand it as their own for a cut of the profits."
This is obviously satire but there's a clear ask, some features, from there you know what you need to have to even achieve those features, what project management process would you employ? Agile? Waterfall? Agile-fall? Kanban? Call me in 6 months?
Probably waterfall stuff that have actual clear functions and integrations (if you can extract all that system gets and what it does with it there is no reason to agile it) then slowly get thru the current mess, documenting it at each step while trying to replace it with something better.
Replacing existing system (and especially one you didn't write) is pretty much always the hardest case.
This is why I think it's strange that Coinbase is considered a crypto company. It is/was a Ruby on Rails web app. Almost like calling the CME Group an agriculture company.
Well in any normal market yes. But when Blackrock with UBS is considering bailing out Credit Suisse, along side many other bank failures, which somehow are now all “oh this happens all the time and is business as usual” something seems to have me concerned.
Haseeb Qureshi said recently on his Chopping Block podcast that it was a not-so-secret secret that FTX was the least profitable exchange of any of the major exchanges, so even if they were generating a lot of revenue they weren't making much profit on it.
I'm one of those people. I've programmed in a lot of languages, but it wasn't until I was introduced to Go that programming actually become fun rather than more or less a job. Everything about the language just immediately clicked for me, and suddenly I wasn't thinking about the language, but rather what could I build (and I felt like I could build almost anything at that point).
Go is about efficient compilation, efficient execution, and ease of programming.
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