rgifford

11 ms·

61.
by rgifford 5y ago
And by the US in the 1930s with the New Deal [1]. Many at least partially credit it for the economic prosperity that followed WWII. It's a tricky balance it seems. 1. https://en.wikipedia.org/wiki/New_Deal
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by rgifford 5y ago
Success and wealth tend to compound intergenerationally. That can be a good thing. When societies have economic mobility, wealth tends to enter and leave families over a couple generations. I love music from Drake, Michael Jackson, Whitney
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by rgifford 5y ago
For who?
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by rgifford 5y ago
I appreciate others success. I generally really like Graham's essays. I don't believe wealthy people are different, just under extraordinary circumstances. Here are some assumptions I'm holding: - I don't believe the wea
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by rgifford 5y ago
What are those assumptions?
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by rgifford 5y ago
It's an article called "How to Work Hard" that doesn't once mention luck, psychology, or basic human needs. What do you get from the success how-tos of multi-millionares? Do you really not see it as self-serving? Disclos
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by rgifford 5y ago
Hey Soheil! I'm actually doing really well and my life is awesome. No complaints personally. I'm worried about the future -- my own, yours, my parents, those of the guys I worked with at the moving company, etc. The problem when w
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by rgifford 5y ago
Stats measure our shared experience. Is there something better for this? The human spirit isn't unconquerable. Believing it is has the side effect that you write off others because, "try harder." Vertasium did a fairly convin
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by rgifford 5y ago
Alright, Cardi B. This isn't about haters. Success has been compounding in fundamentally destructive patterns that are causing serious, unintended economic and societal consequences for 100 years now. If you're benefitting from th
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by rgifford 5y ago
Why are they overachievers though? What factors -- over which they had control -- formed their psychology, intellectual capability, access to resources and education? I'm guessing zip code predicts "overachiever-dom" depressi
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by rgifford 5y ago
One other thing, last I checked one third of the world doesn't have access to clean water daily. Facts like these should be a mandatory preface to any success stories, tips, or tricks shared by the ultra-wealthy. The preface should als
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by rgifford 5y ago
I appreciate you sharing your story! It's cool to hear about your success and I definitely understand that it's different than some might think of it. Congrats! I'll try not criticize your narrative or how you frame it and fo
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by rgifford 5y ago
Ahh so "How to Work Hard" is really "How to Work Hard for the Privileged and Unsuffering." I was confused as there was no mention of privilege, no disclaimer, no recognition of his revelation as an innate human need as f
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by rgifford 5y ago
What if that someone is average and lazy in their work to devote the rest of their time to their family? What if they raise a bunch of kids that love their parents, care about each other and the world and want to make it better? Would that
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by rgifford 5y ago
Take a look at the faces on the Forbes list and get back to me. Just how white, male and western are they exactly? It's not that Gates wasn't smart or hardworking. It's just that it's easy to be hardworking and ambitious
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by rgifford 5y ago
> ...all successful people are talented and hardworking. I doubt it. Most measures of economic mobility show this is becoming less and less true -- if it ever was. I think believing it is important though.
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by rgifford 5y ago
I worked my way through college as a mover (and came out the other side with high 5-figure debt). Many of the older guys I worked with had drug habits. I worked 16-hour days with those guys. They'd get on me for not running up stairs,
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by rgifford 5y ago
We have and are still struggling to get back to the same level of housing development we had around 2000 [1]. If we adjusted for housing starts per capita this would look even worse. Why? I don't know, but I'll hazard two guesses:
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by rgifford 5y ago
I'm personally not sure what's gonna happen. I don't foresee US economic growth rates of the past 40 years sustained for the next 40. We kicked the can down the road in 2008, 2012, 2014, sure. Anytime the S&P500 suffers w
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by rgifford 5y ago
> Bubbles can be directly beneficial, or at least lead to positive spillover effects: The telecom bubble in the ’90s created cheap fiber, and when the world was ready for YouTube, that fiber made it more viable. Even the housing bubble h
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by rgifford 5y ago
> 90%+ of industries are This is a very simple understanding of economics that's ~100 years outdated. Most of the world's largest companies sell goods and services with relatively inelastic demand and/or significant barrie
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by rgifford 6y ago
Why stop there? Let's add in Visa too. If we're gonna add Visa, let's add Mastercard. What about banks though? Maybe we add in JP Morgan? If Coinbase has network effects, they're incredibly weak. I'll drop my Coinba
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by rgifford 6y ago
Comps are a fundamental part of establishing fair valuation. Comparing Coinbase to the NYSE doesn't seem arbitrary to me. How likely do you think it is Coinbase becomes a household name like Visa, really? How many retailers process pay
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by rgifford 6y ago
Crypto doesn't make a good currency for average consumers due to its instability. Who would do day to day purchases w/ funds that fluctuate +/- 10 percent? This is why you want centralization. Store of wealth? Aight, you got
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by rgifford 6y ago
I don't know exactly. Yahoo was one, adjusted for inflation. Man, almost forgot how it's spelled it's been so long.
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by rgifford 6y ago
All crypto is < 1T. I don't know what their market share is, probably high 100Bs.
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by rgifford 6y ago
> As long as there are millions of transactions going on, the business model will stay 'efficient'. I have a timeshare to sell you.
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by rgifford 6y ago
Literally compare COIN to any other market maker or financial institution. I would love to hear some justification here.
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by rgifford 6y ago
There isn't one. That's not really a concern these days. COIN is worth double ICE, the parent company of the NYSE. I don't know how you justify that. Coinbase is, in spirit, a modern pets.com.
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by rgifford 6y ago
The NYSEs parent company Intercontinental Exchange Inc (ICE) is worth 66.40B. Today's IPO puts Coinbase at 100B+. The NYSE has been in operation since 1817. Coinbase has been in operation since 2012. The value of all crypto is < 1T.

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