Conventional reality always lacks any intrinsic reality, even conventionally.

Let us turn to the first thesis. Earlier we saw that both the Vaibhāṣika and Sautrāntika argue that only ultimately intrinsic reality (svabhāva) enables things to perform a causal function (arthakriya). The Svātantrika Madhyamaka rejects this, and it instead argues that things are causally efficient because of their conventionally intrinsic reality (svabhāva) or unique particularity (svalakṣaṇa). The Prāsaṅgika Madhyamaka, however, rejects both these positions, and argues only what is convention