This may not seem like a big deal, but what happens is that each investment you do isn't just a one-click expenditure of $X today. It's $Y in ongoing maintenance cost to keep up with a stream of irregular documents. It's not uncommon for angels to accumulate dozens if not hundreds of investments over the years. At a certain point the maintenance bu... See more

-distributing funds for a grant program

For those who want more risk than public equity markets provide, a long tail of speculative assets are exploding – digital collectibles, DeFi, Bitcoin. Bitcoin grew more than 5x YoY. Collectibles like NBA Top Shot did $60m in sales in a week. DeFi (decentralized finance), the infrastructure powering the casino of crypto, had a $40b influx in the pa... See more

About five years ago, a revenue line buried in the back of Amazon's accounts started to get quite big. ‘Other revenue’ was over $4bn by the end of 2017, and if you looked at the notes to the notes, you discovered that this was ‘primarily’ advertising. By 2019 this had grown to $14bn, and I wrote about it here, pointing out that ‘Amazon’ was no long... See more

People tend to know what makes them angry with more certainty than what might make them happy. Happiness is complicated because you keep moving the goalposts. Misery is more durable.

Amazon’s logistics playbook involves two mutually reinforcing flywheels: an asset infrastructure flywheel (Increase asset base and offer as-a-service) and a data-driven predictions flywheel (Gather data and improve predictions).

But I personally think that many of the things that we talked about, like buttons, comments, etc, are things that are very much old social media norms. And I think the newer social platforms like TikTok and others are innovating past that in a new way. They still have the same type of functionality, but it doesn't work in the same way as many peopl... See more

Social Fog of War is a counterintuitive concept: in order for status- and social capital- driven social systems to work optimally, they must be opaque. The illegibility and opacity of intra-group status was doing something really important – it created space where everyone could belong.

UniSwap is a decentralized finance protocol to exchange Cryptocurrencies on Ethereum. SushiSwap cloned the protocol and attempted to migrate the community. In response, UniSwap issued and airdropped its own token