Crowds aren’t wise – markets are wise, and mobs are dumb.
@naval
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Values Layer Architecture Raises Aristocracy Concerns
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“Values Layer” is just an aristocracy by another name.
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Blockchains as Markets: Plutocracy versus Centralized Control
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Blockchains are markets – they are a plutocracy. Much as you might think that’s a negative – that’s exactly how markets operate. The alternative is ZCG’s “my friends and I are running things and virtue signaling about it.”
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Great Engineers Are Also Artists: Creativity in Engineering
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Great Engineers are Also Artists.
— Naval (@naval) 28 novembre 2025
“I characterize art as something that is done for its own sake, and done well, and often creates a sense of beauty or some strong emotion.
And a lot of engineers are introverts.
As an aside, I hate the term “incel.” It’s just a way of putting… pic.twitter.com/JWj6aBcShiGreat Engineers are Also Artists. “I characterize art as something that is done for its own sake, and done well, and often creates a sense of beauty or some strong emotion. And a lot of engineers are introverts. As an aside, I hate the term “incel.” It’s just a way of putting
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Sequoia Remains Undefeated Leader in AI Investment Competition
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Sequoia remains the undefeated king of the hill. (The competitors had to create and take new hills).
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Navigating Securities Regulation with Legal Templates
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Sounds like a security so the usual complications. However, the current administration is pretty laissez-faire, so with some clever lawyers you could probably draft a template and get a no-action letter.
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Digital On-Chain Assets Superior to Off-Chain Wrapped Tokens
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If you lose your token, do you lose the stock or the house? No, you just go to a court and get it back. It only makes sense to have digital, on-chain assets. Off-chain assets might gain some very small tracking / accounting benefits from being wrapped on-chain, but that’s it.
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Public institutions in decay: A critical observation
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If it starts with the word “public,” it’s probably in decay.
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China’s Cross-Subsidy Strategy Pursues Global Tech Monopolies
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China is a conglomerate willing to use its GDP and power to cross-subsidize any internal business that benefits from scale economies and network effects, until that business achieves a global supply monopoly.