Disclaimer: This is an ongoing story and I am not privy to any facts beyond what I read on the internet like everyone else, note this is all alleged activity and everything said here is strictly for entertainment and informational purposes. There are a lot of topics that seem academic and semantic but that have really big real-world implications. One of those is the St. Petersburg Paradox and … [Read more...]
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Insurance Makes Wealth Grow Faster
The traditional view of insurance is that it is a “win-lose” proposition. There are three reasons that insurance would exist: Asymmetric information - one party knows something that the other doesn’t.Irrationality - one party (typically the insurance purchaser) is dumb.Risk aversion - the buyer of insurance knows they are making a losing bet, but are willing to do this as a way to be more … [Read more...]
A Big Little Idea Called Ergodicity (Or, The Ultimate Guide to Russian Roulette)
This is a big article. Download it as a beautiful PDF to read later! You will also get access to my popular Interesting Times newsletter where I share links to similar articles, tools and lots more. One of the most frequent questions I get from readers is “How do I win at Russian Roulette?” I’m sure you can relate. You’re standing in the dairy aisle at the grocery … [Read more...]
A Blockchain Explanation Your Parents Could Understand
Shrek: Ogres are like onions. Donkey: They stink? Shrek: Yes. No. Donkey: Oh, they make you cry. Shrek: No. Donkey: Oh, you leave em out in the sun, they get all brown, start sproutin’ little white hairs. Shrek: No. Layers. Onions have layers. Ogres have layers. Onions have layers. You get it? We both have layers. Donkey: Oh, you both have LAYERS. Oh. You know, not everybody like onions. … [Read more...]
Markets Are Eating The World
For the last hundred years, individuals have worked for firms, and, by historical standards, large ones. That many of us live in suburbs and drive our cars into the city to go to work at a large office building is so normal that it seems like it has always been this way. Of course, it hasn’t. In 1870, almost 50 percent of the U.S. population was employed in agriculture. As of 2008, less than 2 … [Read more...]
The Best Intermediate-ish Crypto Resources
In my post on the Getting Started With Cryptocurrency, I laid out what I would recommend as a 101 curriculum from understanding Bitcoin and cryptocurrency technology. Consider this the 201 list. I’ll start with long-form articles and series, then more academic papers and finish with project-specific whitepapers. Longform Articles Fundamental Challenges With Public Blockchains by … [Read more...]