Not an expert, but the Lloyd's, syndicated model dissipates risk in a way insurers and reinsurers don't. But is antiquated market and process compared to using capital markets and online tech, like our portfolio company, Tremor, does. This is surely the natural state of things...
And a shock like this surely moves things into a different local max in the fitness landscape for insurance. I.e. syndicated insurance spreads risk so same amount is less systemic but the operators are currently antiquated whereas conventional insurance/reinsurance just puts...
...the risk on a bigger balance sheet (like putting a grenade in a box big enough to contain the blast). The natural equilibrium had to be the capital markets one eventually, but there was never a significant push to get there. Ironically it wasn't the pandemic risk itself...
...that did this (messy small print has delayed payouts on pandemic bonds for Coronavirus) It was possibly the work from home.
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Here is a recipe for how to build a place like this. Importantly, it has to be a recipe, not a design.
Establish a simple hierarchy like the human body: a head (here, the cathedral), and the rest. At building level either consciously use symmetry or consciously break it.
Have squarish spaces between buildings for people to interact. Put trees in them where possible.
Prioritise pedestrians over bicycles and bicycles and motor scooters over cars. Remove on street parking and remove bicycle lanes where spaces can be pedestrian first.
Fantastic thread. Why movies are full of recycling franchises like Marvel while innovation in indie fringes doesn't percolate up. I suspect reason for this is the following:
Mainstream is hyperconnected, over-dense network (groupthink, ossified) and is potentially disrupted only when overall network becomes a small world one (goldilocks area between connected and Balkanized) and stuff that appears in the creative niches can bubble up to mainstream.
Reason it isn't bubbling up to mainstream is that niches have also been hijacked with their own form of groupthink (Taleb's tyranny of the minority), meaning that alternative though or creativity is suppressed where the niches are in open forum or connect to the mainstream.
1. Crypto is a technical solution to pure Internet infrastructure, it can’t prevent laws against it. Financial services consist of a technical and regulatory component.
2. The adoption of Internet based currency tokens by central banks uses a crypto based technical solution to replace banking rails with the Internet. It doesn’t use the crypto aspect for regulation so is not decentralised.
3. DeFi extends crypto solutions to financial products and ownership more widely. Financial products are basically fungible contracts and ownership, transferable non fungible ones.
Coinbase is like Netscape. It's a well designed UI on top of a new network (Bitcoin/web) created using a new protocol (Bitcoin spec/HTTP). It's worth more than Netscape because it holds currency but maybe it should be valued based on financial services, not tech stock growth.
Like Netscape and unlike, say, Facebook, it doesn't own its own protocol. It's not a platform in the traditional sense.
Now you could argue that Coinbase is like Google which sits directly on the web and therefore doesn't own its own protocol, but Google monetizes its traffic not its deposits or their transactions.