Notices by pettter (pettter@mastodon.acc.umu.se)

I think the fundamenral misunderstanding is that Levine thinks of these crypto 'institutions' as classic capital - they get (more) money from owning things and managing funds, and should be fundamentally insulated from market instability - whereas the crypto people see themselves as a tech startup, meaning they should have YoY growth _every year_, which fixed-rate, liquid bonds can't necessarily yield.

Incidentally, this also harkens to one of those times that Matt Levine Doesn't Understand Capitalism - he's been repeatedly stumped by why crypto firms like Coinbase or Tether keep making risky bets with customer money when they could just.. Not do that, and still make a handy profit from putting customer money into liquid rate-making bonds and live off the interested (since the customers see zilch of that).

>

It's funny: Both Bandcamp and Patreon had the easiest and most straightforwardly long-term profitable business models imaginable: Sit between indie creatives and their fans, provide some basic services for mediation (comment sections, media posts, semi-global payment) and take enough of a cut of any payments to cover the costs and then some.

But because that business model wouldn't scale forever, they are instead being gutted, because ever _increasing_ growth is the only model capital accepts

@alcinnz In Sweden, if a disability prevents you from reading a text, you have the right to request it be read into a recording for you, which is then saved for other people's used.