Look in any healthy industry and you'll see profitable businesses at a variety of scales. The mom-and-pop spaghetti joint coexists with Sbarro, the hipster cafe with Starbucks. But in tech right now, there's only oligopoly and venture-funded moon shots. And Pinboard—use Pinboard
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In 2014, I described a dynamic called "investor storytime", arguing that the business model of the Internet had become playing Scheherazade to gullible rich people. Now Levine has charted its further descent into a self-conning feedback loop where everyone becomes a true believerpic.twitter.com/D3qEzHMQy9
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The entire point of a market economy is to break such feedback loops of self-delusion by forcing a point of contact with reality. It works on a similar principle as elections. If you never have to earn a profit, or win votes, then you'll spiral off into self-indulgent insanity
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Young people look at startups literally throwing electric scooters into the ocean and say "for shame, capitalism!". But they're describing a failure of central planning. Capitalism involves top hats and the efficient allocation of resources.https://www.surfer.com/features/please-stop-throwing-bird-scooters-in-the-ocean/ …
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Zume seems to have spent far more of its money on ad buys (they *blanketed* the peninsula in signs), mailers, etc, than actually investing into pizza operations The quality of the pizza itself steadily declined until it went under
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