Michael Broukhim

Go west, young man

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The Best Venture Capitalists Harvest Optionality

1. Risk: future states of the world known and probabilities of those future states known. An example of a something involving risk would be roulette.

2. Uncertainty: future states of the world known, but probabilities of those future states are not known.

3. Ignorance: future states of the world unknown, probabilities therefore not computable.

(Source: 25iq.com)

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large distributed networks that we rely upon will change. Starting with the Internet, they will become de-centralized market economies, far more intelligent than they are today. Just as human brains co-evolved with our ability to trade and exchange goods with people who weren’t related to us, so the network will become more intelligent as it learns to trade currency and contracts with unrelated nodes.
@naval on cryptocurrencies, The Fifth Protocol | Startup Boy