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vgr's profile
Venkatesh Rao
Venkatesh Rao
Venkatesh Rao
@vgr

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Venkatesh Rao

@vgr

Conversational account. For work follow @ribbonfarm, @breaking_smart, @artofgig. Tweets are 90% vacuous views, apathetically held. Mediocritopian. IKEA builder.

Los Angeles, CA
venkateshrao.com
Joined August 2007

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    Venkatesh Rao‏ @vgr 12 Aug 2018
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    Rent-over-own actually applies to capital too. Think about bitcoin mining contracts or timeshare vacation homes. The defining characteristic of “owning” capital is participating in the risk of catastrophic loss, not physical possession or operational control.

    11:03 AM - 12 Aug 2018
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    5 replies 9 retweets 27 likes
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      2. Venkatesh Rao‏ @vgr 12 Aug 2018
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        Ownership is not actually a necessary concept. De jure ownership (“name on title”) is a legal fiction that you can easily chip away at via secondary fictions that distribute risk of name-on-title in a zillion ways. Insurance is paying someone to take over a risk fraction for eg.

        1 reply 2 retweets 12 likes
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      3. Venkatesh Rao‏ @vgr 12 Aug 2018
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        Even a scheme as elemental as say land titles in a purely Georgist/LVT regime is not a pristine embodiment of “ownership”. You can bolt creative rent-like schemes on top of it.

        1 reply 2 retweets 7 likes
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      4. Venkatesh Rao‏ @vgr 12 Aug 2018
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        At the other limit, “public” ownership of a commons is not a necessary relationship with an asset but a set of mutual expectations among humans about human behavior in relation to that asset. You don’t sue squirrels for trespassing on “your” land for example.

        1 reply 2 retweets 10 likes
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      5. Venkatesh Rao‏ @vgr 12 Aug 2018
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        As a commenter points out, rent-over-own really only works for standardized things. This is actually the risk point in disguise. For standardized things there is no information asymmetry that can be exploited *at that level* to informationally distinguish renter and owner

        1 reply 1 retweet 7 likes
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      6. End of conversation
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      2.  📈TechnoCapital 📉 Natsuo‏ @NyatsuoIshidaww 12 Aug 2018
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        Replying to @vgr

        What do you think is the solution to rent-over-own only really working on things that can be easily standardized? Eg. there are 50 apartments broadly like mine available for rent, and only one is unfurnished; I want to use my own unusual bed, so my options are extremely limited.

        2 replies 0 retweets 1 like
      3.  📈TechnoCapital 📉 Natsuo‏ @NyatsuoIshidaww 12 Aug 2018
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        Replying to @NyatsuoIshidaww @vgr

        And that’s with just *one* of my own unusual preferences considered; I constantly chafe against the limitations of the rental market and not being allowed to do radical modifications or it not being worth it because I’d have to give it away to the landlord for free

        1 reply 0 retweets 1 like
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      1. Jeff Hardy‏ @jeffreyjhardy 12 Aug 2018
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        Ecomomically - almost by definition - long term rental costs exceed long ownership costs IF 100% utilization is economically beneficial. The exceptions being certain ROC calcs.

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      1. Vasily Sochinsky‏ @vsochinsky 12 Aug 2018
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        Replying to @vgr

        Thought about this recently. Beyond owning enough for basic comfort and security it sounds true. Put this perspective on investors: renting capital as a leverage to amplify your decision making (and get the pleasures of playing high stakes while limiting risk).

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