
Beryeea
@beryeea
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Markets gud, price mechanisms gud. Congestion pricing in NYC continues to be winning, just as it has been winning for years in Stockholm, Singapore and elsewhere.
When demand > supply, there is always an auction. Either you pay with money, or you pay by waiting in line, with often grievous costs to mental health ( https://nytimes.com/2019/01/21/upshot/stuck-and-stressed-the-health-costs-of-traffic.html ) and to no one's benefit.
Blockchain transaction fees are similar: in the dark ages we used to wait some random number of 5-60 minutes for a transaction to get included into a block, and made excuses about how this is a virtuous act of expressing "low time preference".
Today, transactions reliably get included in 1-2 slots, and the more efficient fee market design in https://eips.ethereum.org/EIPS/eip-1559 is a major reason why. Tomorrow, transactions will be included even faster. 19 replies
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Chris Paik is an investor and co-founder of Pace Capital.
Chris is all about intentionality and discovery.
He combines rigorous frameworks about incentives, people, and markets with an insatiable appetite for the new. He is a true original thinker.
We discuss his intentionality, approach to explanations, how culture follows a pendulum, the efficient market hypothesis and other frameworks for evaluating businesses and markets—including his newest on top-down vs. bottom-up companies, how he finds new stuff, the pros and cons of the internet and capitalism, Pace Capital’s values, and the inner-workings of Chris’s unusual mind.
Episode 6 is out now on all platforms, more links below:
https://pods.media/dialectic/6-chris-paik-intentionally-in-search-of-the-new?referrer=0x9b902482E62Db8FC486C3f1acAA568006021DbEC 8 replies
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