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Pinboard's profile
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Pinboard

@Pinboard

The light inside is broken, but I still work. The Cadillac of online bookmarking sites. Alleged nocoiner. http://pinboard.in  maciej@ceglowski.com +1 415 610 0231

Lonely street of broken dreams
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Joined July 2009

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    1. Pinboard‏ @Pinboard 15 Feb 2020

      Matt Levine has a funny writeup today of a SoftBank-funded pizza delivery chain that failed after a $375M investment. But this is the dynamic killing innovation in tech. Imagine if you were the one for-profit pizzeria in an environment where everyone else gets stupid moneypic.twitter.com/iA9uL2C5xK

      3 replies 34 retweets 117 likes
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    2. Pinboard‏ @Pinboard 15 Feb 2020

      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

      4 replies 8 retweets 111 likes
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    3. Pinboard‏ @Pinboard 15 Feb 2020

      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

      1 reply 18 retweets 83 likes
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    4. Pinboard‏ @Pinboard 15 Feb 2020

      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

      1 reply 10 retweets 76 likes
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    5. Pinboard‏ @Pinboard 15 Feb 2020

      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/ …

      9 replies 9 retweets 42 likes
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    6. Brandon Downey‏ @bdowney 15 Feb 2020
      Replying to @Pinboard

      https://en.wikipedia.org/wiki/Economic_calculation_problem … is a good discussion. The issue is that if you accumulate enough capital you can be disjoint from consequence for longer than humans can learn lessons. Incredibly large supplies of venture capital are ofc one way this happens.

      2 replies 0 retweets 6 likes
    7. Brandon Downey‏ @bdowney 15 Feb 2020
      Replying to @bdowney @Pinboard

      But another way is that if your corporation has cornered a market or succeeded so well it has basically used scale to have a decades-long money hose attached, then you have the same problem INSIDE the company. Apple, Google, FB, and MSFT all have this problem!

      1 reply 0 retweets 1 like
    8. Brandon Downey‏ @bdowney 15 Feb 2020
      Replying to @bdowney @Pinboard

      With vast amounts of capital, imagine being inside Google and wondering "Which project do I fund next?". Aka, inside our largest corporations they face the very same problem that the communists did.

      1 reply 0 retweets 1 like
      Pinboard‏ @Pinboard 15 Feb 2020
      Replying to @bdowney

      Right, that's the point I'm trying to advance. The socially beneficial situation (lots of small players competing for a large market) is not stable and so requires a big regulatory apparatus to maintain. It's prone to crashes, bubbles, and tends toward monopoly

      4:59 PM - 15 Feb 2020
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      • Sarah Brand Brandon Downey
      0 replies 0 retweets 2 likes

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