Conversation

Replying to
Subscription newsletters are a bond market, just as income-share agreements are a stock market. They can be designed better to manage leverage risks.
1
8
Incidentally I mainly manage commitment risk by messing with time. I frequently use the pause button to take breaks, effectively interpolating zero-interest weeks and unilaterally tweaking the term of the loan. I could just pause-abuse by taking off for a year without refunding.
1
5
The principled way to do this would be to pay interest on breaks. Like if I take 6 months off, everybody gets a free month added to their subscription as compensation for renting me their capital. There’s no mechanism for this though.
1
14
And don’t expect reader goodwill to forgive the debt in an emergency. If you’re suddenly disabled, even if half the readers decide to forgive the debt or think of it as a recovery GoFundMe donation, it’s a big hit to refund the rest. And there’s no mechanism for this either btw.
1
6
I’m personally highly temperamentally averse to carrying *any* unsecured debt. I strongly prefer being paid *after* I’ve done work. I avoid taking advances on consulting gigs unless I’m forced to due to client budgets. I definitely don’t want unmanaged newsletter debt bondage.
2
12
Anyhow, tldr the creator economy stack is acquiring all the complexity of Wall Street. Expect to see analogs of QE, yield curve inversion, etc etc. As the amounts in play go up, so will the seriousness and rationality. Right now, we’re still in the goodwill/gift economy.
1
18
And yes, crypto (but not Bitcoin) can solve all this very elegantly if we let it. It’s still solvable but harder with tradfi payment models.
5
11
Btw this is a big reason I like NFTs. They convert a bond market into a product market. It’s early days yet on things like DRM and token gates, but that’s where this is all headed. Consumers of creative work tend to underestimate the producer value of freedom to walk away.
1
12
Readers sincerely think creators want steady reliable guaranteed income over a long horizon. Some do, but many don’t. Even in an apparently no-strings-attached explicit patronage model like Patreon, you feel the burden of “committing to create” and guilt/shame if you flake.
1
15
Unlike in uncreative work, this is a psychological damper. I’ll take a contracted retainer for years if it’s mostly uncreative work with people I like. But creative work is best done when you’re *sneaking off*from “work” commitments. A sense of drawing on abundant leisure is key.
1
19
I think my best stuff emerged from low-value time that I had the option to just waste entirely. It’s wonderfully liberating when your only goal is to have more fun than doing nothing at all, and you’re just feeding free time/energy into imagination and seeing what comes out.
Replying to
It’s really hard to design incentives for this. Oddly even having fuck-you money is the wrong incentive. You do want the frisson of danger that comes from using scarce income-generating time for risk-taking.
18