Join 📚 Josh Beckman's Highlights
A batch of the best highlights from what Josh's read, .
A lot of people in traditional finance, certainly including me, like to make fun of crypto. There is a lot to make fun of. But who is traditional finance to talk? The uncomfortable fact is that the stock market will pay much more for crypto than the crypto market will: Packaging Bitcoin into a stock makes it *much more valuable*. The crypto enthusiasts on the stock market are more enthusiastic about crypto than the crypto enthusiasts in crypto. It looks a little bit like crypto keeps playing a prank on the stock market, and the stock market keeps falling for it.
Money Stuff: The Stock Market Loves Bitcoin
Matt Levine
Infrastructure undergirds society; failures of it are a per se emergency. Anyone who cheers an infrastructure failure because of the first order consequences of it will find themselves negatively surprised.
Banking in Very Uncertain Times
Patrick McKenzie (patio11)
I will say that based on playing around with lots of configurations, improving your retention rate appears to be much more important to long term income than sign-up rate. Relatively small changes there can have huge cumulative impacts.
For example, if you had 100 daily subscriptions and 90% retention, your equilibrium point would be around 30k subscribers. Increasing it to 95% retention would jump you to 59k subscribers. You’d need roughly double the daily sign-ups (200) to reach the same level.
The Tyranny of the Churn Equation
David Smith
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