nor I you, but I do post very long book reviews if that's not your kink =) That aside, welcome to Nostr!
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Been working through every weekend the past few months, worked through christmas, bday, new year (grateful for family and friends whom i got to spend time with during this time). This is only the 3rd week of the year but whoa I am exhausted. Finally decided to get some help and kicked off the hiring process. So much to achieve this year, still so far away from the goals, cops still trying to add me on other social media lol. Hope everyone has a great Friday and an even better weekend!
Madness of the crowd
What are your favourite Satoshi quotes?
Hope you are feeling so much better. I was working on typography this week and thought of your font addiction lol. What is your fav font and least fav font ?
This is true. In life there will always be problems - and addressing problems with practical solutions is a valuable skill. And if you canāt see the solution, then having people willing to spend time to brainstorm solutions is really precious, at least to me. It's more valuable than dumping money. Its satisfying to be able to work towards a goal and overcome problems on your own. I've also noticed that oftentimes those who really suffer are the ones who quietly fix their issues and try to help others. But I have also learnt that not everybody is the same. Sometimes people don't want to solve problems. Sometimes they just want quick fixes. Sometime they want the attention, and some might badger the hell out of you if you try to help with ideas for solutions. Perhaps adapting to a new financial culture may be a factor idk. But a principle i have always held on in life is to not help anyone who is not wiling to help themselves.
I don't know if Joseph Schumpeter is spoken about a lot these days but I found his work rather interesting. He is from the Austro Hungarian Empire and introduced entrepreneurs as a ācreative force in the economyā through his 1911 piece, "Theory of Economic Development".
Jean Baptiste Say first coined the term entrepreneurship in the 1800 but limited its definition within economic resources i.e. low to high productivity, higher yield. Schumpeter expanded its definition and popularized "Creative Destruction," on the evolution of old to new technologies. This cycle of change - e.g digital/smartphone vs film cameras, streaming vs cable TV, and e-commerce vs brick-and-mortar - has been ongoing for over a century and more. AI is just another piece of the equation.
There will be a short phase of time of job loss but new jobs will be created. The global population surged from 2.5 billion people in the ā50s to 8.1 billion today, contributing to significant job growth. The workforce doubled as women actively joined from the 70s onwards. When we zoom out, a lot more jobs have been created over time with the participation and influence of the continuity of new techs.
Schumpeter, alongside Friedman, Keynesian, and Karl Marx, rebelled against traditional economic approaches from the 1800s time. However Schumpeter was pro capitalism. In his book "Imperialism and Social Classes," Schumpeter opposed Lenin's views, and associated imperialism with nationalism and militarism. He linked capitalism early on with free trade and peace.
Marx was a big fan of tech but believed it should be under centralized governance. Govāt are better at concealing problems to show that they have no problems, whereas entrepreneurs like to dig problems and find solutions - hence govāt trying to control the entrepreneurship ecosystem will be a complete disaster.
As I was reading through Schumpeterās work, I wondered how he thought so far ahead when there were limited examples around him during his time. Thatās quite something.
I think fedimint 1:1 transactions are really great but little worried over reserves, representation, bearer, token, other branding of currency etc operated by individual entities as a reflection of sats. The element of power through centralised individuals, the inability to know the movement of sats (not individuals, just money) removes the ability to fully understand global adoption, dependency of people and stickiness of the money, which I would think matters as we head towards the goal of a global currency. I think it would be good to have an open mind and anticipate all possible issues that can backfire so that solutions can be found and built ahead of time.
This is another good piece too by Allen's friend - https://www.axiombtc.capital/banks
machining metal locks, trying to iron out DFM issues between between 2 countries. I do want to get 3D printer to play around and eventually pass it to my tween nephews. Any suggestions?
Will check it out, but if you do have time to write a book review, would love to read it too!
i totally read that as horny chat lol. But what an interesting interest-based concept for chat rooms.
Today's outfit of the day - blazer, red lipstick, stilettos and - shorts - because why not. Gonna be a long and crazy day. Have a great day yāall !
āThe Russian economist Nikolai Kondratieff was executed on Stalinās orders in the mid-1930s because his econometric model predicted, accurately as it turned out, that collectivization of Russian agriculture would lead to a sharp decline in farm production. The āfifty-year Kondratieff cycleā was based on the inherent dynamics of technology. Every fifty years, so Kondratieff asserted, a long technological wave crests, popularized in the West by Austro-American economist Joseph Schumpeter in his book Business Cycles (1939).ā
From the book innovation and entrepreneurship by Peter Drucker (1985)
Wild. Insecurity kills. I don't think thereās a rigid prediction or a fixed time domain bandwidth but the concepts and rationale behind the cycle is interesting. Also, lesson learnt - donāt go telling totalitarian govāts they are going down lol.
Love seeing entrepreneurial funding growth in the Bitcoin space. The global adoption of Bitcoin depends on how many people use it and depend on it, how sticky it is.
This took me a few years to figure out but when it comes to VCs some prefer rapid growth, some just want to pump and dump and others prefer slow growth. These separations are not set in stone, but it might help map things out.
Rapidly growing startups often experience significant expansion and tend to digress from their initial plans and goals of their startups. They need to be adaptable and take on various innovations. Investors here tend to look for the 7x to 10x returns min within 5-10 years. Also many aspects, people, and āstrong investor opinions'' become crucial at the growth stage. You have to either know enough or be an incredibly fast learner to navigate through a million things (and hopefully have wonderful investors and mentors)
Rapid scaling is not the same as pump and dump but often many investors will go down the pump and dump route, that's another thing to differentiate and avoid. Herd mentality applies to all (even us!)
The other type of business is slow and steady - this might turn into an SME or a large business - you will maintain what you intend to build, what you are passionate about, and grow with slow and steady speed. Various funding sources - grants, loans, competition prize money etc. Equity investments are also applicable here but investors here might be more keen on yearly returns and in for the long haul.
I think both rapid scale and slow and steady has its pros and cons. Ultimately it's what you want, your goals and finding people that align with it.
Early stage investors will look at business potential, market potential, founder potential etc. Later stage investors will look into financial revenue, your killer EBITDA and profits. I think its best to avoid investors who get this confused. I think I went through 10 investors before I understood this confusion. This happens when there are not enough early stage investors and mostly are from traditional financial lines with no startup experience.
hahahhaha, the systems war is inevitable. great piece though! btw everytime i run from from one corner to the other to get basic prototypes and samples done, i think of your up and coming makers lab. Your one stop shop is going to be awesome
that's wonderful, these are life goals to achieve. I went through some of your writings earlier. Also surfing at '73, incredible !