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The Internet Archive’s lending program, developed long before the pandemic, involved scanning physical books and offering them to readers in its Open Library, a practice called controlled digital lending.
The Dream Was Universal Access to Knowledge. The Result Was a Fiasco.
nytimes.com
This is because over time, our advancing technology has made us more efficient at harvesting those other commodities. However, gold’s extreme scarcity and rather strict stock-to-flow ratio of over 50x has made it so that our technology advancements in finding and mining gold are offset by the fact that we’ve already mined the “easy” gold deposits and the remaining deposits are getting deeper and harder. We never truly get more efficient at retrieving gold, in that sense. It’s a built-in ongoing difficulty adjustment.
What Is Money, Anyway?
lynalden.com
Crudely oversimplifying, the rule in the US is that if you sell securities to accredited venture capitalists and they immediately turn around and dump them on retail investors, that’s bad, that’s a public offering of securities and you and the VCs get in trouble. But if you sell the securities to VCs and lock them up for a year, and at the end of the year the VCs dump them on retail, that’s fine, that’s allowed: You sold the securities under an exemption from registration (just to the VCs), and they sold the securities in a regular secondary-market transaction that doesn’t need to be registered.
UBS Cuts Out Credit Suisse - Bloomberg
Matt Levine
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