fuller and bitcoin mining

We must do away with the absolutely specious notion that everybody has to earn a living. It is a fact today that one in ten thousand of us can make a technological breakthrough capable of supporting all the rest. The youth of today are absolutely right in recognizing this nonsense of earning a living. We keep inventing jobs because of this false idea that everybody has to be employed at some kind of drudgery because, according to Malthusian-Darwinian theory, he must justify his right to exist. So we have inspectors of inspectors and people making instruments for inspectors to inspect inspectors. The true business of people should be to go back to school and think about whatever it was they were thinking about before somebody came along and told them they had to earn a living.

In this sense, fuller is likening modern economic contribution to a stochastic all-or-nothing process, like bitcoin mining. Any individual computer may invest cycles at solving a block, but there isn’t really a notion of partial work- operating alone, a computer can either win a reward or gain absolutely nothing.

Mining pools try to introduce the notion of partial success by averaging over long periods of time. In a sense, the ideal state of the government’s redistribution of wealth is meant to introduce the notion of partial work in a system which lacks the concept naturally.

That’s pretty much what a venture capital firm does as well, it throws a bunch of shit at a wall with the understanding that the vast majority will not lead to a successful exit. But the existence of successes justifies the whole thing.

The question is whether or not this is applicable to the long tail that comprises all of humanity- eventually the scale becomes too large, and the time becomes too long for a classically established vc model to be sustainable.


About antimatter15

I am literally an upside down penguin. No, I'm not a gas mask, which I have been told this profile pic looks like in low resolutions (or squinting). But I have one. Or at least I'd like to pretend I do so you don't chloroform me. In truth, I only have eye protection, because apparently hackers can make your PC explode. Literally. Cool right? Well, that's why I have these safety googles within an arm's length - Well, for that or if I need to peel an orange.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s