131 sats \ 2 replies \ @elvismercury 14 Mar \ on: Neal Stephenson’s Most Stunning Prediction BooksAndArticles
Stephenson: There was a bit of early internet utopianism in the book, which was written during that era in the mid-’90s when the internet was coming online. There was a tendency to assume that when all the world’s knowledge comes online, everyone will flock to it. It turns out that if you give everyone access to the Library of Congress, what they do is watch videos on TikTok. The Diamond Age reflects the same naivete that I shared with a lot of other people back in the day about how all of that knowledge was going to affect society.
This is something we here should take to heart.
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108 sats \ 1 reply \ @davidw 14 Mar
That is definitely the quote. A lot of parallels when reading that. A lesson to ensure we don’t make sure the same fate for freedom money, as the information-superhighway or hype-intelligence is showing. Time will tell if it can be avoided for the majority.
To me what is telling, is the sheer quantity (or lack thereof) of ‘bubble’ companies. Firms creating mindless valuations out of thin air. Perhaps you could say that happens in the casino-rypto industry, but we’ve hardly seen that with bitcoin. Sound fundamentals, sound growth and sound business to date.
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0 sats \ 0 replies \ @02bcd3eeb0 14 Mar
This is because Bitcoin companies know they have to outperform bitcoin long-term, as do the people who invest in them. You don't get many bubble companies when your cost of capital is effectively 50-100%
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