3/ Efficient markets are about the right to disagree about what is important. Even if some decide the most imp. use of $1mm is a joke.
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4/ Which is not to say Yo is a joke. But even if it was intended as one, market which made it a viral hit is smarter than those behind it.
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5/ Unless you can predict the *precise* future course of something like Yo, the market knows things you don't.
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6/ Worst case is better than you think: $1mm gets recycled fast, a couple of kids learn marketing, ecosystem gets smarter about virality
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7/ Upside could be much bigger than you think: social dynnamics behind a Twitter-sized one-bit messaging layer gets discovered.
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8/ So sure, make fun of it, evangelize your own pet entrepreneurial foci more, but don't assume this is a sign of SV being broken.
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9/ In fact, the fact that old economy ONLY does plausibly justifiable things chosen by committees of wise graybeards should arouse suspicion
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10/ What do you think is more likely: planned soviet style capital allocation by graybeards is *actually* wiser or a theater of wisdom?
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11/ Those who'd rather see $ go to "real" problems *especially* don't get it. $ doesn't go there *because* graybeards in charge screwing up
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12/ This is actually why top-down attempts to "catalyze" innovation or worse "harness" it for a specific cause usually fails imo.
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14/ Criticizing a working *mechanism* because it produces outcomes you don't like is like criticizing gravity because it sometimes kills you
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15/ Criticism directed at things like Yo is ultimately about wanting your values to prevail over others. You can do 3 things in response.
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agreed. *some* greybeards still scoff at twitter. If they had their way, it would never see the light of day

