Of course streaming strengthens the power law distribution of the payouts in this space.
Podcast, youtube channel, music, it is all the same process and payout structure.
Since there is too much choice you just have to sample what is popular and so what is popular gets more popular at the expense of the less popular. Repeat.
Even worse to me is so many orchestras have to pay the bills with performances of Christmas music or orchestral versions of Motley Crue.
Imagine putting in that many hours of practice on the classical masters to end up with a low paying job playing Frosty the Snowman and Def Leppard "Pour Some Sugar On Me".
In the abstract, centralization bad, decentralization good.
There is no deeper thought going on here than the above. These are barely thought out, quasi religious beliefs as moral justifications for get rich quick schemes and frauds.
IMO after Greenspan, the Fed was basically captured by Wall Street.
I just don't know how anyone at this point can not say the Fed's job is to write puts under the equity markets when that is exactly what they have done for 13 years.
That sounds crazy to me. In the US, an ambulance with its siren and lights flashing has the right-of-way. The driver that hit the ambulance would be charged.
Do they not want ambulance drivers in Denmark? That is mind blowing to me.
I mean you could have hired a hyperrealist oil painter to paint porn characters 30 years ago but it is so much more work and expense compared to people.
I don't see how a game engine is much different for the foreseeable future. It is so far away from under cutting humans in this domain in terms of time and expense.
Dalio said without reservation or probability that at the start of COVID we were in a global depression. Oops, 100% wrong but no one cares.
IMO the entire narrative that Americans are so divided is largely an illusion. People are highly divided over wedge issues in online arguments.
If you turn off the internet, the phone and FOX/CNN/MSNBC people are pretty much the same.
Sporting events are a good example of reality. If the media narratives were true getting a 100k people in a sports stadium would result in utter chaos.
We are certainly not as divided as in the 60s. That is so apparent if you read any history from that time.
Actually, if we suffer from anything it is exactly represented by Dalio. Conflating extreme wealth accumulation with extreme intelligence and wisdom. The ideas of billionaires are given far too much weight. Not based on the ideas themselves but on the size of their net worth.
IMO if Feynman or Einstein were alive today no one would listen to them, "If you are so smart why don't you have a billion dollars???"
I think we will see these fields as attempts at science while completely lacking the instruments to properly study the field so all kinds of nonsense conclusions were drawn.
Economics though is so especially perverted because of monetary incentives for economists. A somewhat correct prediction is worth so much but terrible predictions don't really harm much at all. "It is economics!?! It is stochastic, the coin came up heads, not my fault. The theory is still correct".
Or maybe in 50 years we will just have an honest econ textbook that is just a 1 page pamphlet that says "When the stock market goes down, print money. Make up everything else as you go along to justify this".
It practically seems like a type of cognitive bias based around technology.
We use some similar technology from the past to model the implications of the new technology and then willfully ignore the fundamental change brought about by digitization and network connectivity. The strangest thing is everyone understands how powerful network connectivity and digitization are in the abstract but when it comes to the concrete we brush it off like it is not.
This is just like renting The Terminator from the video store in 1989. What could possibly go wrong?
Many bands use to love their labels privately but in the press blast the labels as evil corporate empty suits to fit that typical narrative and image.