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Vax Results, Biden Boosters, Delta, and the Mask Charade

19 Thursday Aug 2021

Posted by pnoetx in Coronavirus, Public Health, Uncategorized, Vaccinations

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Aerosols, Antibody Response, Biden Administration, Case Counts, City Journal, Covid-19, Delta Variant, Follow the Science, Hope-Simpson, Hospitalizations, Israeli Vaccinations, Jeffrey H. Anderson, Jeffrey Morris, Mask Mandates, Moderna, mRNA Vaccines, Pfizer, Randomized Control Trials, Reproduction Rates, The American Reveille, Transmissability, Vaccinations, Vaccine Efficacy

If this post has an overarching theme, it might be “just relax”! That goes especially for those inclined to prescribe behavioral rules for others. People can assess risks for themselves, though it helps when empirical information is presented without bias. With that brief diatribe, here are a few follow-ups on COVID vaccines, the Delta wave, and the ongoing “mask charade”.

Israeli Vax Protection

Here is Jeffrey Morris’ very good exposition as to why the Israeli reports of COVID vaccine inefficacy are false. First, he shows the kind of raw data we’ve been hearing about for weeks: almost 60% of the country’s severe cases are in vaccinated individuals. This is the origin of the claim that the vaccines don’t work. 

Next, Morris notes that 80% of the Israeli population 12 years and older are vaccinated (predominantly if not exclusively with the Pfizer vaccine). This causes a distortion that can be controlled by normalizing the case counts relative to the total populations of the vaccinated and unvaccinated subgroups. Doing so shows that the unvaccinated are 3.1 times more likely to have contracted a severe case than the vaccinated. Said a different way, this shows that the vaccines are 67.5% effective in preventing severe disease. But that’s not the full story!

Morris goes on to show case rates in different age strata. For those older than 50 (over 90% of whom are vaccinated and who have more co-morbidities), there are 23.6 times more severe cases among the unvaccinated than the vaccinated. That yields an efficacy rate of 85.2%. Vaccine efficacy is even better in the younger age group: 91.8%. 

These statistics pertain to the Delta variant. However, it’s true they are lower than the 95% efficacy rate achieved in the Pfizer trials. Is Pfizer’s efficacy beginning to fade? That’s possible, but this is just one set of results and declining efficacy has not been proven. Israel’s vaccination program got off to a fast start, so the vaccinated population has had more time for efficacy to decay than in most countries. And as I discussed in an earlier post, there are reasons to think that the vaccines are still highly protective after a minimum of seven months.

Biden Boosters

IIn the meantime, the Biden Administration has recommended that booster shots be delivered eight months after original vaccinations. There is empirical evidence that boosters of similar mRNA vaccine (Pfizer and Moderna) might not be a sound approach, both due to side effects and because additional doses might reduce the “breadth” of the antibody response. We’ll soon know whether the first two jabs are effective after eight months, and my bet is that will be the case.

Is Delta Cresting?

Meanwhile, the course of this summer’s Delta wave appears to be turning a corner. The surge in cases has a seasonal component, mimicking the summer 2020 wave as well as the typical Hope-Simpson pattern, in which large viral waves peak in mid-winter but more muted waves occur in low- to mid-latitudes during the summer months.

Therefore, we might expect to see a late-summer decline in new cases. There are now 21 states with COVID estimated reproduction rates less than one (this might change by the time you see the charts at the link). In other words, each new infected person transmits to an average of less than one other person, which shows that case growth may be near or beyond a peak. Another 16 states have reproduction rates approaching or very close to one. This is promising.

Maskholes

Finally, I’m frustrated as a resident of a county where certain government officials are bound and determined to impose a mask mandate, though they have been slowed by a court challenge. The “science” does NOT support such a measure: masks have not been shown to mitigate the spread of the virus, and they cannot stop penetration of aerosols in either direction. This recent article in City Journal by Jeffrey H. Anderson is perhaps the most thorough treatment I’ve seen on the effectiveness of masks. Anderson makes this remark about the scientific case made by mask proponents:

“Mask supporters often claim that we have no choice but to rely on observational studies instead of RCTs [randomized control trials], because RCTs cannot tell us whether masks work or not. But what they really mean is that they don’t like what the RCTs show.”

Oh, how well I remember the “follow-the-science” crowd insisting last year that only RCTs could be trusted when it came to evaluating certain COVID treatments. In any case, the observational studies on masks are quite mixed and by no means offer unequivocal support for masking. 

A further consideration is that masks can act to convert droplets to aerosols, which are highly efficient vehicles of transmission. The mask debate is even more absurd when it comes to school children, who are at almost zero risk of severe COVID infection (also see here), and for whom masks are highly prone to cause developmental complications.

Closing Thoughts

The vaccines are still effective. Data purporting to show otherwise fails to account for the most obvious of confounding influences: vaccination rates and age effects. In fact, the Biden Administration has made a rather arbitrary decision about the durability of vaccine effects by recommending booster shots after eight months. The highly transmissible Delta variant has struck quickly but the wave now shows signs of cresting, though that is no guarantee for the fall and winter season. However, Delta cases have been much less severe on average than earlier variants. Masks did nothing to protect us from those waves, and they won’t protect us now. I, for one, won’t wear one if I can avoid it.

NFT Assets, Artists, and Con Games

08 Saturday May 2021

Posted by pnoetx in Art, Corruption

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000 Days, Aeriel, Asset Inflation, Beeple, Beeple Crap, Blockchain, Carbon Offsets, Christie’s, Copyright, Crypto-Currency, Digital Racehorses, Ergreifungen, Everdays: The First 5, Face, Federal Reserve, Jerry Garcia, Jerry Garcia Foundation, Katy Perry, Long Con, Metakoven, Metapurse, Mike Winkelmann, NFTs, Non-Fungible Tokens, Remodern Review, Richard Bledsoe, Roper, Royalties, Shill, The American Reveille, Tokenomics

The art world is buzzing about “non-fungible tokens” (NFTs), or digital files in which ownership is secured by blockchain technology. As the name suggests, such a crypto-asset can exist only as a whole piece. That’s unlike crypto currency, which is infinitely divisible and, well, fungible. NFTs are diverse in their features and functions, and various kinds of art are now being traded as NFTs: digital images, GIFs, and audio clips, for example.

Beeple Crap

A digital artist named Mike Winkelmann, otherwise known as Beeple, makes digital “Beeple-crap”, as he calls it, like the giant “Xi-bot” shown above. He has successfully monetized the digital images he’s posted on his web site over the last 13 years, and in a coup de grace, he recently aggregated all those images into a one-file mashup NFT for which a buyer paid $69.3 million in Ethereum (less a substantial fee to Christie’s auction house). And Beeple isn’t the only one making big bucks on NFTs!

Beeple’s “collage” is available for anyone to see or copy on the web. It’s called “Everdays: The First 5000 Days”. But precisely what are the rights now held by the buyer of “5000 Days”? Apparently, they are limited to the satisfaction of knowing digital proof of ownership is his, and whatever that smug feeling might be worth on potential resale! In fact, Beeple himself retains the copyright to 5000 Days, so it’s not as if the buyer is the only guy who can ever print a high-resolution copy. But here’s what Beeple says the buyer got:

“The biggest thing he actually bought is a relationship with me to promote his purchase. He and I are very aligned. I want to see this artwork go up in value. He wants to see the artwork go up in value, which benefits me. So the idea that he bought nothing is kind of misleading.”

The buyer, known as Metakovan, is the founder of Metapurse.fund, a highly influential player in crypto ventures and NFTs. But Metakovan’s purchase of 5000 Days is not his first collaboration with Beeple. They already had a significant “relationship”, and this transaction obviously won’t be their last.

If this smells a bit like a con game to you, you’re not alone. Don’t get me wrong: Beeple does produce art … very striking images, in fact. They might not be your cup of tea, and many are a bit cartoonish, but Beeple has computer skills and a real creative streak. He also has a knack for self-promotion unequalled, in relative terms, by perhaps any of the old masters or impressionists.

I’m perfectly happy to know there is a vibrant market in anything people call art. Whatever floats your boat, baby! However, I have trouble believing that long-term growth can occur on top of this kind of “valuation” without an escalating monetary inflation. Between the Federal Reserve’s open-spigot policy of near-zero interest rates and the advent of crypto-currencies with supply limits, dollars are getting cheap. Asset markets, still denominated in dollars, usually receive more than their fair share of bidding as excess dollars accumulate on balance sheets. So the outlook might be bright for NFTs as an asset class, such as it is.

Art In the Ersatz

The most regrettable thing about NFTs like 5000 Days might be what they reflect about the state of the art world itself. Richard Bledsoe of the Remodern Review has a lively take on 5000 Days and NFTs as a new stage in the long decline in the quality of what is called art. Bledsoe is no fan of contemporary art, which he argues has been enabled by elites who have successfully corrupted the art market.

I’m no expert, but I generally view contemporary art as less ambitious and requiring less skill than earlier forms. I think that’s easy to prove (see here and here), but it’s outside the scope of this post. I have wondered whether the emergence of contemporary art was impelled by the tremendous increase in prosperity during the late 19th and 20th centuries and the attendant expansion in the market for original art. Artists such as painters and sculptors, whose labor productivity did not greatly benefit from technology growth (we can argue about the last several decades), might have adjusted to this reality by focusing on simpler and more abstract forms. This is a digression, but it’s surely worthy of a much longer treatment. 

There’s no accounting for tastes, of course, and while I like some contemporary art, I’m definitely sympathetic to Bledsoe’s views. As for NFTs, he quotes from his book, “Remodern America: How the Renewal of Art Will Change the Course of Western Civilization”:

“Billions are being spent on unskilled and intangible contemporary art. Just like in the good old days, many of the suckers are the newly rich or globalists looking for social credibility and a fast buck. There’s a lot of money laundering and tax evasion in the equation as well.

How does the art world convince well-heeled fools to part with their money, when they are offering so little real value in return? Simple. The art market follows the tried and true methods honed by generations of confidence tricksters: the elaborate pantomime known as the long con…”

Don’t You Let That Deal Go Down

Bledsoe gives a brief sketch of the mechanics of the “long con” and how it’s practiced in the art market. He describes players such as the “Shill” (a promoter who avoids revealing a personal stake), the “Face” (a celebrity whose presence helps to “guarantee buzz will exceed rationality), and the lastly the “Roper”:

“… whose affluence leads to influence, a savvy and powerful individual whose participation gives credibility to the whole enterprise. What is ignored is how much moguls like this manipulate the market to serve personal interests, using insider trading, shady financing and backroom deals to inflate the value of their own collections.

In any other industry, common practices of the establishment art market could probably lead to criminal charges. But in the unregulated free-for-all of the art world, it’s very hard to bring these cases of potential white-collar crime to justice, and the victims here are less than sympathetic. After all, the buyers are people who have so much money it’s meaningless to them. Who cares if a bunch of billionaires are getting ripped off?”

All of these players seem well ensconced in the world of promoting NFT art: Beeple in particular, and the “art experts” at Christie’s, Beeple’s celebrity pals (OMG! Katy Perry!!), and finally Metakovan’s stature as an authority on NFTs and “tokenomics”. By the way, his considered opinion is that 5000 Days is “worth a billion dollars”. Well, okay then!

Carbon Indulgences

Another insane aspect of NFTs and the crypto-currencies used to buy them is the pushback over the carbon footprint of crypto-currency mining. This is discussed briefly by Bledsoe as well. While the electricity used in mining is significant, the amount attributable to any given transaction is minuscule. Yet now, sales of high-value NFTs are accompanied by the purchase of carbon credits. Read this description of an auction to be held for a piece of art created by Jerry Garcia on a Mac in 1990. It says “… carbon offsetting to be provided by a company called Aerial.” Now, Jerry Garcia was a talented visual artist on canvas and on his early Mac, not to mention his considerable magic as a guitarist and songwriter. God bless his family, and no offense to the Garcia Foundation, but they were perfect suckers for what has quickly become a standardized virtue signal or buy-off. The fact is that carbon offsets generally don’t have an impact for many years, and there are doubts as to their efficacy in permanently reducing carbon when the time comes.

Redeeming Potential

While the artistic value of NFTs like 5000 Days can be debated, my doubts about their value as assets center around the lack of real ownership rights conferred to buyers. Work is underway, however, on new NFT standards that would allow an NFT buyer to collect royalties, which would obviously carry real value. So, for example, a musician or band could immediately monetize a recording’s future royalties by selling it as an NFT. No one should have qualms about that, and good for the musicians.

I believe other kinds of NFTs have real value, in principle, such as the digital racehorses discussed in this article. Apparently, virtual horse races have already achieved a degree of popularity. These crypto-horses actually win prize money and collect stud fees, based on their digital bloodlines. Another example: NFTs can be concert tickets, electronic possession of which entitles the bearer to a particular seat at the venue; or, an NFT might remain in your “digital wallet” as a season ticket to sporting events. Among the claimed advantages over “normal” electronic ticketing is security, and NFT tickets live on as tradeable memorabilia as well.

Conclusion

It’s still early days for crypto-currencies and especially for NFTs. I can’t object to a free individual spending their hard-earned crypto-wealth on crypto-art like 5000 Days. Unfortunately, the market for NFT art does seem to embody aspects of a confidence game. And like Richard Bledsoe, I’m a skeptic when it comes to most contemporary art. However, there are circumstances under which the value of NFTs can be compelling, and the development of more “use-cases” will increase the value of digital currencies. New NFT standards and applications might well revolutionize certain industries. Continuing asset inflation instigated by central banks, and especially the Federal Reserve, will cause the dollar value of crypto-assets to rise. Big institutions like investment banks are starting to jump on the crypto bandwagon as well. So, while some NFTs might be short-term plays and might even be dangerous swindles, crypto and NFTs in general should not be dismissed as an asset class.

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