1/ People in the bay area are confused by #miamitechweek. The miami tech experiment was suppose to have died down by now but they don't understand that the bay areas is unbundling from physical location including:
2/ Cities are transitioning by decoupling from physical locations and having many of the benefits on the cloud including
* Unbundling of expertise to location
* Unbundling of workers to location
* Unbundling of friend network to location
* Unbundling of interest to location
3/ Industry towns are based on a multi sided marketplace. Expertise, workers, friends, and common interest for new explorations. This is mostly mapped to a physical social graph that someone can tap into.
4/ the benefits of going to the cloud from a personal computer is because the computation capacity or an individual far outstrips a computer. Facebook, google just an average day takes an ungodly amount of computation.
5/ The average person has outgrown the capacity of a given physical social graph to serve their personal needs. The average person in their work group deals with a workgroup which is 5 people plus their extended network and within their physical network like the neighbors.
6/ This is part of the reason why people aren't so neighborly, it's because their physical neighbors don't necessarily correspond to their work, friend, and interests.
7/ Historically, industry towns are based on an apprenticeship model. Where tacit knowledge is passed down through work projects and the right work companies. Now, the problem is that websites and the cloud is replacing the expertise through a series of cohort based courses.
8/ This includes reforge, demand curve, and other type of next generation cohort courses, and things like On deck. These are creating tacit knowledge, friendship, common interest in the cloud independent of physical location.
9/ Software knowledge isn’t just programming but tacit knowledge at the right companies. Due to the bay area costs, more and more people are outsourcing and workers have gotten used to a remote work culture and the remote workers are getting better.
10/ Friend networks used to be a combination of reciprocity and exchange of interest. This changed with focused chats. Telegram and discord allowed for interest based groups to be able to be bundled and for friend network to be decoupled from physical locations.
11/ Twitter now provides a mapping of ones interest in a spontaneous manner and all these tools have contributed to making industry towns less bundled.
12/ The bay area is being unbundled in a world that needs physical and digital flexibility. . California is great at digital virtual worlds that mirror the physical world but don’t require changes in the physical world. But regulation prevented flying cars and innovation.
13/ It's no accident that one of the first real implementations of boring tunnel is in ft laudadale, physical flexibility is necessary to solve some of the world's biggest problems: transportation, housing, food, climate change.
14/ With the new unbundling, what is the new bundle? People asked me after my thread:
What are the attributes to consider when moving to a new city.
My diligence process included:
* Time zone
* Housing policies
* Regional resources
* Package delivery
* Healthcare and wellness infrastructure
* Career community
* Remote work effects in your industry
* Local work, food, and entertainment culture
* Education
16/ Time zone depending on where you want to invest or who you want to collaborate with is crucial. Being in new zealand is okay, but a pain for certain developer collaborations. East coast hits the sweet spot of cooperating with asia, europe, latin america.
17/ Everyone has internet services and escaping to a digital metaverse, but physical flexibility is important. Does the area build housing or is their a generational vote gap to build housing like Cali enabled by prop 13. Generational political conflict is already here.
18/ Regional resources matter. People travel from texas to florida to georgia. It's about a nexus of talent that one can draw from. Due to college, many people are used to traveling and are nomadic. Remote can be augmented by regional talent.
19/ Package delivery matters in terms of time and resources. These are all things to consider for people that are considering really remote places like puerto rico, hawaii, or even places in south america. Lower cost, less convenience.
20/ Healthcare and wellness infrastructure matters. Organic foods, supplements, hospitals, and services matter for fertility, longevity, health. Many people said Barry's mattered when moving to Miami.
21/ Most people think career as a function of the existing institutions but it's more a function of the people. If institutions were all that mattered. Silicon valley would be in Boston not in the bay area. Network with the locals.
22/ More specifically many cities now have telegram and slack groups with local communities to help you onboard into tech.
23/ There are more things to consider, but all around. The industry town is unbundling not entirely to the cloud, but with a combination of resourcing local and in the cloud. Choose your city wisely. As always, I'm long Miami.
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Five things make this possible:
* Zoom as clearing house for investments
* Housing policies in the Miami-Texas region
* Community with culture
* Startup incubators backed by seasoned operators
* Ambitious local talent
2/ The dynamics of investing has changed. SV used to be the local clearing house where everyone has to go to SV for 2-3 weeks to raise their rounds and even to stay to build relationships for investors.
3/ What ends up happening in practice is that people end up moving to the bay area. However, the net migration of companies has stopped. YC batches went from 80% in the bay area to now 5% in the bay area throughout the pandemic. I've been investing in YC comp pre and post.
1. Alibaba/Amazon is search oriented and keyword oriented vs picture/video/stories oriented. Ali Express was beaten country by country except Russia by Wish due to this difference in UX. This is powered by a technical engine that's a better version of google adsense.
2/ They launched branded goods which now gets refurbished goods from within the U.S./Europe. This is similar to TJ Max, Ross Dress for Less, Outlet stores. Their selection will only expand over time. Wish will eat this category more and more.
3/ They are running one of the largest buy now pay later in the Europe/U.S. and will likely launch its own fintech products. This is focused on the unbanked markets. Wish can launch same thing as Square and Paypal because they serve different markets.
1/ Bitcoin has now captured the imagination as digital gold, but what happens when it becomes 1 trillion or 6 trillion dollars? What happens to the security and the electricity costs since 70% of the hash power is concentrated in low electricity cost places, like China/Iceland.
2/ In Nakamoto consensus, out of 100 nodes, there needs to be a minimum of 51 nodes that are bad actors to reverse the transaction history of Bitcoin. Also, there is a little known attack called a partitioning attack.
3/ A partitioning attack is an attack where state actors collude to seal off the internet so that geographically isolated nodes are only gossiping among themselves. Anything that’s geographically centralized is exposed to these attacks as it scales to trillions of dollars.
What's the name of your company? bitcoin
What market are you addressing? Central banks and currencies.
What problem are you solving? Central bank manipulation of fiat
Who are your competitors? USD and gold
How are you going to grow? Forums, mailing lists, twitter
How much are you looking for? 0
How big do you think this can be? 6 trillion dollars maybe more
What is your solution to this problem? Solving Byzantine general's problem, a theoretical problem and using difficulty adjustments to solve for inflation
Why now? 2008 crisis
What is your business model? We are a currency, no business model
What is your team and how long have you known each other? I'm an anonymous person and plan to stop working on the project after I release it.
Any traction? Just launched it on a mailing list, responding now
2/ First we have to see the fundamentals view of money, the layers of crypto, publication vs validation, verticals, and the relationship between different chains.
3/ The beginning was Bitcoin as peer to peer cash. Private key = value (bearer shares), security as a competition. The implicit assumption was exchanging, but in fact it became the lead "collectible."
1/ What is the uniqueness about Spotify and the context in which it started? What was the conventional wisdom and how did it differ?
2/ The time was after Napster died, Lala died (got acquired by Apple), Kazaa got sued out of existence, and the perception was that it was just a license problem.
3/ The conventional view was that things are shifting toward the cloud, do a client/server architecture, get some license and then done.