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paulg's profile
Paul Graham
Paul Graham
Paul Graham
Verified account
@paulg

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Paul GrahamVerified account

@paulg

paulgraham.com
Joined August 2010

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    Paul Graham‏Verified account @paulg 27 Jun 2017

    Markets don't work for everything. Truth is one place where they fail.

    1:15 AM - 27 Jun 2017
    • 389 Retweets
    • 1,015 Likes
    • (((hræfn))) David BOO!th Kogan Jennie Rigg-or Mortis Acczone Systems Joseph Fahey Steve DeWald Colin Charles Rules of survival game ㅤ
    38 replies 389 retweets 1,015 likes
      1. New conversation
      2. Paul Graham‏Verified account @paulg 27 Jun 2017
        Replying to @paulg

        There is a bigger market for lies than the truth, because lies are so much less constrained.

        13 replies 75 retweets 269 likes
      3. Paul Graham‏Verified account @paulg 27 Jun 2017
        Replying to @paulg

        When the truth is boring, lies can be exciting. When the truth contradicts your beliefs, lies can confirm them.

        13 replies 125 retweets 339 likes
      4. Paul Graham‏Verified account @paulg 27 Jun 2017
        Replying to @paulg

        But while spreading more lies by introducing more market forces into journalism, the internet has also made it easier to find the truth.

        8 replies 47 retweets 166 likes
      5. Paul Graham‏Verified account @paulg 27 Jun 2017
        Replying to @paulg

        The result will be increasing knowledge inequality. The deluded and the well-informed will both become more so.

        30 replies 115 retweets 475 likes
      6. Laurens Gunnarsen‏ @MathPrinceps 27 Jun 2017
        Replying to @paulg

        The search for truth is time-consuming. The leisure it demands is increasingly a luxury good. And this is by no means entirely accidental.

        2 replies 6 retweets 37 likes
      7. 1 more reply
      1. New conversation
      2. stucchio‏ @stucchio 27 Jun 2017
        Replying to @paulg

        Markets work for truth. If you pay for truth, the market will give it to you. Hedge funds and other gamblers pay for and receive truth. 1/

        1 reply 1 retweet 17 likes
      3. stucchio‏ @stucchio 27 Jun 2017
        Replying to @stucchio @paulg

        Markets work for tribal cheerleading and comforting lies also. Consumers want this and pay with attention. Journalists serve this market. 2/

        1 reply 0 retweets 13 likes
      4. stucchio‏ @stucchio 27 Jun 2017
        Replying to @stucchio @paulg

        A better way to phrase it is "mainstream doesn't demand truth." Which is true, and a problem with mainstream culture. Very diff problem. 3/3

        1 reply 1 retweet 17 likes
      5. 1 more reply
      1. Ale Resnik‏Verified account @AleResnik 27 Jun 2017
        Replying to @paulg

        it's not a market. Both truth and lies are free.

        0 replies 0 retweets 6 likes
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      1. New conversation
      2. Sourabh Banthia‏ @SourabhBanthia 27 Jun 2017
        Replying to @paulg

        Blockchains can change that ;)

        2 replies 0 retweets 5 likes
      3. Matt Parrilla‏ @mattparrilla 27 Jun 2017
        Replying to @SourabhBanthia @paulg

        How?

        1 reply 0 retweets 0 likes
      4. Sourabh Banthia‏ @SourabhBanthia 1 Jul 2017
        Replying to @mattparrilla @paulg

        what constitutes as "truth" defined in transparent protocol similar to bitcoin... something like @Join_Civil

        1 reply 0 retweets 2 likes
      5. 1 more reply
      1. Andrew Prystai‏ @aprystai 27 Jun 2017
        Replying to @paulg

        Adam Smith taught ethics semester b4 wealth of nations at oxford b/c markets need trust to work. Lies corrupt that trust & w/o markets fail

        0 replies 0 retweets 3 likes
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      1. New conversation
      2. Sean J. Taylor‏ @seanjtaylor 27 Jun 2017
        Replying to @paulg

        This isn't strictly true. Prediction markets align incentives to produce truthful information. The costly part is contract writing/verifying

        2 replies 0 retweets 2 likes
      3. 1 more reply
      1. Aidan Rocke‏ @AidanRocke 1 Jul 2017
        Replying to @paulg

        I recommend that you check out the @factmata project. A great step forward in my opinion.

        0 replies 0 retweets 1 like
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      1. Joe Du Bey‏ @joe_du_bey 27 Jun 2017
        Replying to @paulg

        @paulg facts are undifferentiated commodity on internet, and bias to free. Opinion is differentiated, can extract profits, and does.

        0 replies 0 retweets 1 like
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