sari

Naval: "Today the frontier is on the internet and even on the internet, the frontier is within Web3 and crypto because it’s sort of the least regulated the most decentralized, most permissionless, 24x7x365 markets that are self-funding hackers from all around the world."

Contrary to what we would like to believe, there is no such thing as a structureless group. Any group of people of whatever nature that comes together for any length of time for any purpose will inevitably structure itself in some fashion. The structure may be flexible; it may vary over time; it may evenly or unevenly distribute tasks, power and re... See more

Content, however, is not fungible; it is unique not only to a content-creator but to the medium they use. Marketplaces that become content marketplaces win the market because it is impossible to get their individuated content anywhere else.

And for the first time in your career, you feel anti-fragile. You’re no longer vulnerable to a publisher’s budget cuts, pivot to video, staff redundancy after a merger, or ‘new editorial direction’. No one can say that what you believe isn’t fit to print. You can experiment with new formats or revenue streams like exclusive chat rooms, paid podcast... See more

Regulations protect crypto businesses too. Coinbase worked proactively with regulators when rules were unclear. They signed up millions of users before regulations arrived. This let them spread the costs of compliance over many users bringing down marginal costs. If you want to take away their customers now, you’ll have to cough up a few million do... See more

This dynamic — the dependence on our creative labor to develop content and our curation labor to teach recommendation algorithms, while optimizing for ad revenue — is actually the core business model of virtually all content platforms, from YouTube to Facebook, Netflix to Instagram.