@louis it doesn’t matter. product superiority is ephemeral. entrenched market power long survives it.

even when a firm is on the merits extraordinary, we cannot allow its success to result in a consolidated industry. we have to keep throwing competitors at it until some of those new firms up their game.

if we have to argue whether a firm has a monopoly or not, the industry is too consolidated.

the way interest rate policy works is to impose a tax on the nonrich paid to the rich.

nonrich spend their marginal dollar bidding for (bidding up the price of) goods and services. the rich bank their marginal dollar. so such a tax can be disinflationary, if new money to the rich (Federal interest) doesn’t overwhelm

why is the cast of characters so small, that we have to recycle this particular villain?

it’s hard not to gotta-hand-it-to-them a bit on “US elites”, given how the same disappointments and mediocrities reinvent themselves in one another’s company where “new blood” or “merit” might otherwise appear. https://www.nytimes.com/live/2024/11/26/world/israel-hezbollah-lebanon-cease-fire/andrew-cuomo-joins-netanyahus-legal-defense-team?smid=url-share?smtyp=cur&smid=bsky-nytimes

(it’s even worse when you read the story. Dershowitz. Barr. a “dream team” of (in)famous hacks.)

with money, like any other thing, the dose is the poison.

on deportation, on tariffs, all the world is holding its breath, “does he really mean the extremity of what he proposes? or is the point to pocket some victory and negotiate back to moderation?”

it wouldn’t be an effective tool for negotiation if you could tell it was a bluff. you can’t.

i feel like i’ve been made president.

@laprice forget ICE fund NORAD!

who do we have to tariff to stop the flow of ketamine?

@Transportist huh! i always presumed it was its Civil War role that gave it its name. i guess the name preceded that.

it’s the Civil War story that i still find haunting though.

https://www.mdhistory.org/resources/union-artillery-emplacements-on-federal-hill/

@Transportist no. that was never its role. the cannons at Fort McHenry were for that. they point outward into the Chesapeake Bay.

this photograph is a Civil War story. the cannon is on a spot thenceforth known as Federal Hill. it (and there were many more) points directly at the heart of the City of Baltimore.

the whys and wherefores are left as an exercise for the reader.

people who have learned nothing are now going to run everything.

@Phil i think there are lots of ways to be mistaken that don’t reduce to sloppiness. the space of things to consider or fail to consider is infinite. tradeoffs must be weighted and can be misweighted. i think nearly all writers on complicated subjects are often mistaken, but i don’t think nearly all are disingenuous.

a good pairing:

https://bsky.app/profile/cristiproist.bsky.social/post/3lbs3uhsxdc2m

https://bsky.app/profile/whstancil.bsky.social/post/3lbrkjmf6rs2i

(ht @sjshancoxli for the latter)

@artcollisions some with, some without i think. do you think having editors should be a discriminator?

how do you distinguish between writers who may often be mistaken from writers who are disingenuous and perhaps not worth bothering with?

kind of a surprising coincidence.

for both Ethereum and Bitcoin the circulating supply graph looks like a smoothed version of the (log) price graph, which is not a relationship i'd expect.

i think the explanation is just that, for both, supply grow declines over time, and both have "matured" in the sense their price growth rate is much lower than in their days of early foment.

still interesting.

from
https://studio.glassnode.com/metrics?a=ETH&category=Supply&m=supply.Current
https://studio.glassnode.com/metrics?a=BTC&category=Supply&m=supply.Current

i’ve never tried it, but i was intrigued.

Elon Musk has really ruined ketamine for me.

the first time his entourage enthused he had a mandate, he said that wasn’t his thing and asked where Laura was.

#microfiction