Devin Baker

The crux of this shift is intuitive: wealth and assets were previously concentrated among households with the highest income, and thus the strongest ability to save money and buy new assets. Today, that wealth is concentrated among households who have held assets the longest, suggesting the dominant share of value comes from owning previously... See more

When everything is equally close, nothing ordinary is worth the journey. When the church is always within walking distance, no one walks five hundred miles to Canterbury.

When AI starts doing the most machine-like parts of the work shockingly well, where does that leave us? Instead of making humanity more like a machine, I wonder if it does the opposite. Could the actual machines remove the “machineness” from the human? What if we’re living in a time of re-enchantment, of re-learning what it means to be human?

If... See more

Undateable Pricing. Pricing of a subscription contract can now be updated for any tier at any time.

Inactive Status. For supply-capped subscriptions, you can now mark particular subscribers “inactive.” This allows them to maintain possession of their token while opening up a spot for a new subscriber to join.

Subscription Duration. Creators can now... See more

While more debt is not always bad, the lesson of history is that excessive private sector debt is often deflationary, whereas too much public sector debt is inflationary .

Reserve currencies since we have understood them have been intertwined with the geopolitics as much as the economics of the system that sustains it. Which is why the incumbent generally converts that economic power to military dominance. When faced with a challenger, the up and coming competitor must unseat and surpass both the economic and... See more

The biggest misconception to dispel is that L2s are a magically profitable design vs. L1s because they don’t have to pay inflation. If you’ve read the article up to here, this should be clear to you why this is incorrect. As we have established, PoS issuance is not a “cost to the network.” It isn’t even a net expense to tokenholders in aggregate.

Almost all of the language model discourse in recent days has imagined AI like French gardeners — or rather like viruses from outer space, inflicting themselves on society with no concern for what came before. It pretends we have no immune system to radical societal change.