The Multitasking Myth
The Multitasking Myth
3.11 | “The devil you know is better than the devil you don't." - A proverb
News and Numbers
Markets this Week:
S&P 500 is up 1%.
NASDAQ 100 is down 1%.
Bitcoin-USD is trading flat.
Ethereum-USD is down 2%.
Headlines from this Week:
Meta And Microsoft Release Llama 2, a collection of AI language models, free for commercial use and research
Google, Amazon, Microsoft, Meta and ChatGPT-maker OpenAI sign White House pledge to identify AI-generated images with watermarks.
Amazon announced plans to bring its palm-payment technology, dubbed Amazon One, to all 500-plus Whole Foods locations in the US by the end of this year. This means customers can hover their hand over an Amazon One device at checkout to pay with the card linked to their Amazon account and automatically apply savings.
Finance
By Vlad Estoup, B.Comm. (Finance); working in Ethereum cybersecurity
Printing Money and Inflation: Decoding the Political Narratives
Statistical Fact: 80% of US dollars in circulation were printed in the last 3 years.
Over the past century, we have seen governments worldwide print money in staggering amounts. This fiscal policy is often triggered by events like economic downturns, war, pandemics, or other crises. With every money printing cycle, the corresponding inflation rates inevitably skyrocket, effectively devaluing the currency in the process. Interestingly, these instances of inflation are often explained and justified through various political narratives.
Fiscal Policy, Money Printing, and Inflation
Before delving into the political narratives that surround inflation, let's first understand how governments printing money leads to inflation. In essence, inflation is an increase in the general level of prices for goods and services over time, causing purchasing power to fall. A government might decide to print more money to stimulate the economy, cover budget deficits, or service national debt, especially during crisis periods.
However, increasing the money supply doesn't always mean an equivalent growth in economic output or production. This disparity results in more money chasing the same amount of goods and services, which inevitably drives prices up, leading to inflation.
Decoding Political Narratives
Now, onto the political narratives. When inflation rates rise, government leaders often employ specific narratives to justify this economic effect. The intention is to contextualize and, often, rationalize the situation to the public.
One prevalent narrative is the need to fund wartime efforts. During periods of war, governments often resort to extensive money printing to cover the costs of military endeavors and maintain the economy. This has been witnessed in major conflicts, including World Wars I and II, where governments worldwide printed money excessively, leading to massive inflation. The justification given for such actions is typically centered on national security, where the costs of the war effort are portrayed as necessary for defending the nation and its citizens.
Another common narrative is dealing with global crises, such as pandemics. The COVID-19 pandemic is a prime example, where governments across the globe launched massive stimulus packages to keep their economies afloat, largely funded by printing more money. The rationale offered is that such unprecedented measures are essential for protecting the livelihoods of citizens and supporting businesses during such trying times.
Finally, narratives often focus on the need for economic growth and recovery. In times of economic downturns, governments might engage in quantitative easing - the process of injecting more money into the economy - to encourage spending and investment. This, in turn, is expected to stimulate economic growth and recovery. The accompanying inflation is then justified as a necessary side effect of reviving the economy.
Looking Ahead
While these narratives do carry some truth, it's crucial to note that printing money is not a sustainable solution to economic issues. Over the long term, it erodes the purchasing power of a currency, leading to inflation or even hyperinflation in severe cases. This inevitably impacts the average citizen, as their savings and earnings decrease in value.
Understanding the connection between money printing, inflation, and political narratives can help us better comprehend economic trends, government policies, and their potential impact. It is up to us, as informed citizens, to hold our leaders accountable for their actions and push for more sustainable and fiscally responsible solutions to our economic challenges.
This is not financial advice and you should always do your own research before investing in any securities or cryptocurrencies.
Sci-Tech
By Keyann; Software Engineer in Web3
Behind the Scene (BTS) in Blockchain
When I tell people I work in blockchain, crypto enthusiasts are always enamoured by me and what I know, as if I can give some insight that may help them pick coin better.
Truth is, being in the industry, I get pretty desensitized to what I know or what the prices are, so there’s nothing I can think of. I spend my days coding and looking at white papers and documentation that would give most people headaches or put them to sleep. Additionally, I’m not in any serious executive position with exposure to serious information.
That said, I understand the intrigue from crypto enthusiasts because I remember what it was like for me to be an amateur investor in crypto, not fully understanding the ecosystem. There’s a fairly opaque black box to the technicals for those that aren’t immersed, which gives you a lot of uncertainty when investing. You try to look at threads, read charts, analyze marketing websites and coin market cap stats to guide your investments, but ultimately, you don’t know if it’s all a scam or if you’re genius.
But when I put myself in that perspective, I can see what I have learned that makes me a little less uncertain when investing. So here’s some big takeaways from what I’ve seen:
Development activity in blockchain is the highest it’s ever been. If you look at Github repos for many popular frameworks, you can see that they’re higher now than when Coinbase or OpenSea came out. In my view, it’s inevitable that we’ll see a new app that will take the ecosystem by storm and bring about a new wave of adoption.
Corporate and institutional adoption is the highest it’s ever been. There are more fortune 500 companies with web3 strategies or banks looking into CBDCs than there has ever been.
Of the thousands of coins on Coinmarketcap, I’ve really only heard and seen like 10 or 20 be mentioned in the context of software development. Ethereum, Bitcoin, Polygon, Filecoin, The Graph, Solana, Flow, Optimism, Avalanche, Ripple, UniSwap, Polkadot, Aave, Decentraland, Sandbox, and ApeCoin. It makes sense these are the tokens that could actually see the most demand.
A rising tide lifts all ships, which is to say every coin that’s around rides the wave of a bull market. So it’s more practical to not choose coins that won’t be around than the one that will see the highest gain. There have been many cases like Luna, FTX, and others, where people lost of lot of money, and there’s not really a guarantee that it will moon again. There are so many shady projects. Even some of the ones I mentioned could be shady, and I wouldn’t know. I just know they seem truly relevant in the development ecosystem, in the sense that it’s you’re bound to encounter them if you’re building software in the space.
The easiest way to follow the previous point is to invest in truly decentralized projects. It’s ok to have a small bag in centralized projects if you want, but if you’re not invested in decentralized projects then you’re missing the whole point of blockchain. Bitcoin and Ethereum are essentially the only truly decentralized projects. They may not see the highest gain, but almost certainly are not going anywhere.
This is not investment advice and you should always do your own research before investing in any securities or cryptocurrencies.
Paradigm Shift
By Roman Kuittinen-Dhaoui, BBA, CPHR Candidate; working in Human Resources
Hedonic Adaptation
The idea of multitasking refers to the ability to handle multiple tasks simultaneously. It is often believed that multitasking can lead to increased productivity and efficiency. However, research in cognitive science and psychology suggests that multitasking is, in fact, a myth or an illusion. The human brain is not designed to handle multiple tasks simultaneously without a significant loss of productivity and accuracy.
Here are some reasons why multitasking is considered a myth:
Attention Switching: When we attempt to multitask, we are not truly doing multiple tasks simultaneously. Instead, our brain rapidly switches attention between tasks. Every time we switch focus from one task to another, there is a "switching cost," which includes time and cognitive resources required to reorient ourselves. This constant switching reduces overall efficiency and increases the likelihood of errors.
Reduced Performance: Studies have shown that when people multitask, the quality of their work suffers. They tend to make more mistakes, retain less information, and produce lower-quality outputs compared to focusing on one task at a time.
Cognitive Overload: Juggling multiple tasks can lead to cognitive overload. The brain can only process a limited amount of information at once, and trying to handle too much at the same time can lead to mental exhaustion and decreased cognitive performance.
Increased Stress: Attempting to multitask can be stressful for the brain. As we try to manage several tasks simultaneously, our brains release stress hormones like cortisol, which can negatively impact our ability to concentrate and think clearly.
Inefficient Task Completion: When we multitask, it takes longer to complete each individual task compared to focusing on one task at a time. This is because of the time lost in switching between tasks and the need to mentally readjust to each new task.
Lack of Depth: Multitasking often results in shallow engagement with tasks. Deep understanding and creativity require focused attention and sustained cognitive effort, which is compromised when attempting to multitask.
Negative Impact on Learning: Multitasking while studying or learning new information can hinder memory retention and long-term learning. The brain needs time to process and consolidate new information, which is impeded by constantly switching between tasks.
In certain situations, people may feel they are multitasking effectively, such as listening to music while doing household chores. This is because some tasks can be automated or require minimal cognitive effort, allowing us to perform them simultaneously with other activities. However, when it comes to tasks that require active thinking, problem-solving, or complex decision-making, true multitasking is not possible without sacrificing quality and efficiency.
To be more productive and focused, it is better to adopt strategies like prioritizing tasks, time blocking, and single-tasking, where you dedicate focused attention to one task at a time. This way, you can achieve higher quality results and maintain better overall mental well-being.
(Head)Space
Being Overwhelmed
Everyone gets overwhelmed at times; it’s a good and a bad thing! This week I was overwhelmed by work and life projects.
On the negative side, when I’m overwhelmed, I find it challenging to focus and I’ll find myself mindlessly scrolling through social media to distract myself from the unpleasant and/or daunting task at hand. The sheer volume of responsibilities and the feeling of being stretched thin lead to reduced productivity and performance. I experienced symptoms of burnout, such as emotional exhaustion and feelings of detachment, which impacted my overall well-being and satisfaction with work/life.
On the positive side, I was overwhelmed at work because I’m taking on challenging tasks and in life I’m taking on new tasks. While it is stressful initially, it also provides an opportunity for personal growth and development. Overcoming these challenges leads to increased resilience, problem-solving skills, and a sense of accomplishment as I make progress and accomplish these goals.
I’m know that I’m not excellent at switching tasks rapidly so I structure my work and life to tackle one problem at a time. Lazer-like focus on one then then on to the next. Hence, I pick up one ball, juggle it, then put it down to pick up another ball, juggle it, and so forth. I have parallel activities in motion at the same time but I’m concentrated on one thing at a time.
Company of the Week
Unity
Unity Software Inc. is a renowned company operating a cutting-edge platform that empowers developers with a game-engine and real-time tools for creating 3D & 2D experiences, like video games, animations, and other content. By leveraging this platform, users can effortlessly create, execute, and capitalize on interactive 2D and 3D content for a wide range of devices, including mobile phones, tablets, PCs, consoles, and augmented and virtual reality technologies.
Unity has a partnership with Apple for their new mixed reality headset, the Vision pro, to combine VisionOS with Unity’s PolySpatial technology to deliver and power vision pro apps. Unity also hosts a marketplace for web3 tools, making it a powerful solutions for decentralized virtual experiences as well.
The company was founded in 2004 and is headquartered in San Francisco, California.
Written by: Vlad Estoup, Keyann Al-Kheder, and Roman Kuittinen-Dhaoui