Sublime

Non-financial businesses turn liquid capital into illiquid capital — higher and higher forms of complex good — in an attempt to satisfy a perceived customer demand. If they make revenue, they are correct in a demand existing for such a good or service. If they make a profit, they have satisfied this demand efficiently; they have produced more than

George Bailey Sr. is a kind, loving man who founds the Bailey Building and Loan, the kind of banking establishment that demands a sense of community to be successful. It was designed, first and foremost, to make home ownership available to the “common man” by leveraging the savings of the community to help one

When people entrust money to financial institutions, they generally don’t have the expertise or time to make sure the institution is doing its job. In most cases, it is much more efficient for people to band together and pool resources to ensure that their banks and exchanges are on the straight

Max Levchin, my co-founder at PayPal, says that startups should make their early staff as personally similar as possible.

This will change when people start selling not just their fiat, and not just their time, but when they start liquidating real assets.