Not to say that VC works perfectly... but if it systematically fails to identify certain kinds of value, that’s a massive exploitable opportunity conferring rewards proportionate to the egregiousness of the systemic error
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To give a business example: when was it first realised a woman, teenager, non-aristocrat, etc. could successfully run a company? I am sure it was long ago but I am also sure the error persisted for a long time despite the bounties that were as real as they are now.
Within that system, you can see how stunting overall pie growth maintains your own slice...but you should expect societies that don't do that to eventually beat you, which they do. They can even beat you incrementally, just by allowing *some* non-elite to secretly run businesses
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Couldn't agree more. I think the point
@DavidDeutschOxf was originally getting at though is that it's not really obvious *which* ideas have a bounty behind them. In fact *every idea* has a bounty behind it depending on what the truth actually is. -
Like if it turned out that contrary to what everyone always thought the Moon is secretly made out of gold somebody could make a lot of money out of that. But I can't imagine anybody is seriously examining that possibility at present.
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