The internet increases variance.
Social media increases social volatility.
Going viral, getting canceled, large gains or losses in status.
Digital currency increases financial volatility.
Going to the moon, getting rekt, large gains or losses in financial status.
Social media increases social volatility.
Going viral, getting canceled, large gains or losses in status.
Digital currency increases financial volatility.
Going to the moon, getting rekt, large gains or losses in financial status.
We're still in the middle of this ongoing social and financial earthquake.
The internet has given a voice to the voiceless, taken the prestige from the prestigious, given a bank to the bankless, taken the power to print from the printing press.
The internet has given a voice to the voiceless, taken the prestige from the prestigious, given a bank to the bankless, taken the power to print from the printing press.
Some of these changes are transient, here today and gone tomorrow. A viral joke or social mob, now forgotten. An unrealized capital gain or loss, not life changing.
Others may be more permanent. People from nothing rising to the top, people at the top falling to the bottom.
Others may be more permanent. People from nothing rising to the top, people at the top falling to the bottom.
Also previously, a mechanistic explanation.
https://twitter.com/balajis/status/1216376451076849664
For those who start with nothing, high volatility is a good bet. That's the ascending world.
But for the establishment, it's terrible. The possible gains don't matter as much as the possible loss of #1.
See also @tylercowen on the envelope game.
marginalrevolution.com/marginalrevolu…
But for the establishment, it's terrible. The possible gains don't matter as much as the possible loss of #1.
See also @tylercowen on the envelope game.
marginalrevolution.com/marginalrevolu…
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