Talked to a buddy whose Fintech lending firm is being "disintermediated" by crypto
The innovation turns out to be paying retail 10% for demand deposits, then lending (long term) to third world Fintechs at low teens APYs, guaranteeing credit losses
Oh, and the lending is unsecured, lol
And the borrowing is done through a securitization structure
But there is no indenture (and no collateral)
And the protocol is governed by an illiquid governance token that can be attacked
So it's a CDO, but it makes 2006-era mortgage securitizations look like T-bills
The open villainization of white men is pretty funny
From a new Twitter policy:
I even catch myself doing it, because it's such an effective rhetorical device when debating bugmen
E.g. I'll say something like "You should support fossil fuels because they are lifting minorities out of poverty", and this framing actually works on the bugman
I suppose the immediate effect of Twitter's new ban on public photos will be selective blackout of things like retail flashmob robberies and Antifa riots
1\ It's a mistake to fight Woke totalitarianism with a toolkit of civil rights
The temptation is to say "Look, once upon a time we were all committed to the logic of equal rights, and by that logic XYZ policy is barbaric, so let's abandon it"
This is backwards...
2\ A framework that enshrines individual liberties is a fragile and unnatural thing
It's a sort of acme performance that can only be sustained by a community that already knows who it is and what its values are
It's historically bizarre. It's precarious.
3\ The problem is not that we let this baroque spinning orrery get slightly out of true, and the solution is not to have a stern judge nudge it gently back into alignment
The problem is that you can't build ornate rights structures on top of multi-culturalism
1\ I woke up choosing violence today, so here is a thread on why crypto is *provably* broken, and why 13 years after the Bitcoin white paper, crypto's only real world uses are a few loopholes awaiting regulatory closure
2\ The issue is that "fair exchange" (you get what you want, I get what I want, and neither of us reveals our identity) is provably impossible without a trusted intermediary
(yes I know about atomic swaps, but what we care about is exchanges between crypto and physical goods)
3\ For some reason this class of impossibility theorems seems not to have a punchy name like "Byzantine Fault Tolerance"
But it's a big literature, and you can find tons of papers on it: