Links - February 16, 2017
Unintentionally, there’s a lot of money/banking/finance content in this post. At least its not all about Trump, right?
- The Future of the Euro Stephen Cecchetti and Kermit Schoenholtz - Money, Banking and Financial Markets
“Markets price risk, not hope.” In times like these, I wish I understood international finance better.
- Money, blockchains, and social scalability Nick Szabo - Unenumerated
I have previously discussed Szabo, and his view on human institutions as “trust-offloading mechanisms.” In a way, money is the ultimate trust-offloading abstraction. Until the last few years, money – American Dollars, the Euro, or the Costa Rican Colon – still relied on trusting several points of failure – states, the payments networks, the certificate authorities – and our human interactions simply assumed those costs. Bitcoin and the internet have started to changed that, and further developments in technology promise much more. This is a post I’ll probably re-read again soon.
- Money as a Commons: Basic Income, Demurrage and Crypto Currencies Albert Wenger - Continuations
Something that surpised me about monetary policy rules when I studied them in college was how much their usefulness depended on people’s expectations of their usefulness. Individual agents’ beliefs on the predictability and stability of a state’s decisions about its monetary policies were the fulcrum of all the models we studied in these intermediate economics classes. Thinking about how these rules can be baked into a crypto currency, such as bitcoin’s pre-defined velocity rule, or freicoin’s holding fees, is really interesting. Like Albert, I’m excited about these experiments.
- Snap's Apple Strategy Ben Thompson - Stratechery
I have seen the Snap <=> Apple narrative popping up over and over across the web. Except for the “obsessive-design-focused-mission-driven-CEO” story, which I can’t really ascertain (and neither can the media!) , I haven’t really seen any good arguments to back it up. Ben comes the closest, but doesn’t quite convince me either. The Facebook <=> Microsoft analogy is much more believable, given the market conditions. I am bullish on Snapchat, and I am enjoying my spectacles (a different blog post soon?) but we’ll have to wait and see how this one plays out.
- What We Don’t Do Fred Wilson - AVC
Thinking about this on a personal level is interesting. I know what my goals for the year are, to a certain level, but what are things that I should specifically not focus on? After all, focus means “saying no to the hundred other good ideas that there are.”
- Understanding Python Class Instantiation Amir Rachum
These one-off explanations of snippets of source code are always enlightening. Coding seems like magic, until you discover that there is not magic, just layers upon layers of well thought out abstractions, each one understandable on its own, but magical as a whole.
- Square-Mile Street Network Visualization Geoff Boeing
Urban development is super interesting, and thinking of how cities work by looking at their layouts is a good exercise. I wish I had worked more with geographic data while I was in the Apple Maps team. This seems like a neat library, and the fact that it is based on networkx makes me even more curious. There might be a side project brewing here.
- Anthony Bourdain's Moveable Feast Patrick Radden Keefe - The New Yorker
My friend Dana had already recommended that I read Kitchen Confidential, but after reading this, it got bumped up a few notches on my to-do list. Parts Unknown, Bourdain’s show, is one of my go-to “half an hour to kill” shows on Netflix. It is very entertaining, and it makes an effort to show more than just the food of foreign lands. As the article describes, there is a layer of political complexity to the show that is unusual for its kind. Make half an hour to read this, and then make another one to watch an episode of the show.
- Bitcoin, the Blockchain, and Freedom in Latin America Russ Roberts and Jim Epstein - EconTalk
The confluence of artificially cheap electricity, price controls on imported goods, and hyper-inflation are making Bitcoin more and more mainstream in places like Venezuela. While the great majority of the population probably has no idea of what cryptocurrencies are, or how to use them, it is really interesting to hear about how the fringe slowly drifts.
- Billy Bookcase 50 Things That Made the Modern Economy
There is a comment I especially liked here about how “…innovation in the modern economy isn’t just about snazzy new technologies, but boringly efficient systems. The Billy bookcase is not innovative in the way the iPhone is innovative. The innovations are about working within the limits of production, and logistics, finding tiny ways to shave more off the cost…” The iPhone example is coincidental, I’m sure, but I immediately went to “this is the argument against Tim Cook.” It is hard to appreciate how much of today’s Apple is dependent on the advanced supply chain operation that the company has built. Pushing atoms is also innovation.