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Jurassic


Total Posts: 323
Joined: Mar 2018
 
Posted: 2019-11-28 16:18
...for discussing Peter Thiel.

Why isnt there more innovations in sectors other than tech or finance?

https://www.youtube.com/watch?v=E-IaSS0bbGU

pj


Total Posts: 3496
Joined: Jun 2004
 
Posted: 2019-11-28 17:35
What about CAS9 ?
It's a pure biology.

The older I grow, the more I distrust the familiar doctrine that age brings wisdom Henry L. Mencken

nikol


Total Posts: 977
Joined: Jun 2005
 
Posted: 2019-11-28 18:04
tech is new or it is always about new
finance... it is a continuous battle about margin. nobody wants to give it up, unless someone takes his stream of cash.

ronin


Total Posts: 548
Joined: May 2006
 
Posted: 2019-12-04 10:46
Sounds like the "no true Scotsman" fallacy - if it innovates, we call it tech, therefore tech is innovative.


"There is a SIX am?" -- Arthur

jslade


Total Posts: 1206
Joined: Feb 2007
 
Posted: 2019-12-04 13:45
I think a better question is why aren't there any innovations even in tech and finance. I wrote about this in a fairly public way 10 years ago and everyone got mad at me and waved their ipotato around. Oh yeah, then Tyler Cowen ripped the idea off without attribution and wrote a book on it. Financial innovation is pretty terrible; cheap money and the FIRE position as rentiers keeps it that way.

Since then, Fracking has become an important economic driver. Blockchain is an authentic 2009-2019 innovation. Whether or not it's useful for anything besides bypassing the banking system remains to be seen; most of the use cases touted for it are problematic. Then again bypassing the banking system is quite a good trick. Also my ipotato now has 3 cameras on it.

"Learning, n. The kind of ignorance distinguishing the studious."

Jurassic


Total Posts: 323
Joined: Mar 2018
 
Posted: 2019-12-09 22:32
https://www.nytimes.com/2019/08/01/opinion/peter-thiel-google.html

hes claiming AI is primarily a military technology

pj


Total Posts: 3496
Joined: Jun 2004
 
Posted: 2019-12-10 10:28
And I thought that, according to Thiel's youtube talk, AI is primarly a communist technology.
Piss

The older I grow, the more I distrust the familiar doctrine that age brings wisdom Henry L. Mencken

Maggette


Total Posts: 1208
Joined: Jun 2007
 
Posted: 2019-12-12 13:20
He is extreeeemly biased to a point it is hard to take him seriously (even though he makes some good points now an then). It's almost all libertarian ideology.

Libertarianism is like Maoism....an borderline stupid utopia of how the world would or could function, backed up by no empirics and no model.... and it's hard to have intelectualy honest debate about anything with a evangelist of either of the two religions.

There is no "true" innovation in finance, because there is absolutely no real incentive to innovate!!

The "constantly evolving" and "radical transformation" shit is for the LinkedIn news feed, the instagram of career whores.

You could work on making lots of the back-office and legal teams (and most important the clutter of overpaid management positions) obsolte...but you will fight an uphill battle against many many people who would loose their power, money and job.

Everybody who ever has worked for a big institution like a bank knows that there are no real incentives to cut costs or be more efficient. The "evolutionary feedback" in capitalism is very very slow and noisy.

"Disruption" from "FinTech Companies" is to a last extend utter bullshit. We could start copying the Chinese on payment and credit, and that's about it (again..killing back office operations). And again: feedback is slow and noisy.

As a private person I have absoluteley no desire for "real" financial innovation. As an economy I don't think there is much to gain either.

We could discuss extremly uncomfortable stuff here: "fintech" and "AI" to support regulatory institutions (AKA surveillance) ...like the IRS and SEC. Technology to detect and crack down on Cum Ex like tax evasion stuff, money laundering, corruption...

But this would have to be paired with rather radical "innovations" in laws and is gets ugly very fast. I again looking for China to get in the lead here ;).


Ich kam hierher und sah dich und deine Leute lächeln, und sagte mir: Maggette, scheiss auf den small talk, lass lieber deine Fäuste sprechen...

deeds


Total Posts: 468
Joined: Dec 2008
 
Posted: 2019-12-17 12:16

@Maggette - thanks for the interesting post...in agreement about dissipation in the structural force you describe, but feel there are others

Residual outcomes of some of these forces seem relevant
- Greater access to capital markets for companies and investors
- Diminishing transaction costs
- Increased standardization of (more or less) sophisticated product definitions, expansion of clearing
- ... etc in this direction

These outcomes are driven by incremental technical and technological innovations over decades and seem to me to reflect significant structural changes with real outcomes...(e.g. enabled the shift from pension to employee driven account, radical impact)...would expect a similar pace from real innovation based on the current crop of approaches (or re-current...good lord, nothing new under the sun)

These outcomes seem to have a political impact as well



deeds


Total Posts: 468
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Posted: 2019-12-17 12:16
edit - oops

pj


Total Posts: 3496
Joined: Jun 2004
 
Posted: 2019-12-17 12:40
@Maggette
It's your fault that I had to revoke my negative rating. Cool

Thank you for your post.

The older I grow, the more I distrust the familiar doctrine that age brings wisdom Henry L. Mencken

rftx713


Total Posts: 118
Joined: May 2016
 
Posted: 2019-12-17 15:53
Is an existential threat required for breakthrough innovation?

Maggette


Total Posts: 1208
Joined: Jun 2007
 
Posted: 2019-12-17 19:23
I just love my NP filter bubble.

Of course my post was pretty much an oversimplified rant. So thanks deeds for adding a bit more depths to the discussion.

And of course you are right. As boring as something like let's say an ISDA agreement and FpML feels, it might actually add real economic value.

Standardization, simplification in laws and in industry processes, probably together with technology might have more impact than I am able to recognize. For example this holds true for my present project in the VPP space. We are hold back there by the lack of technical and market/economic standards, technical communication protocols, etc.

Ich kam hierher und sah dich und deine Leute lächeln, und sagte mir: Maggette, scheiss auf den small talk, lass lieber deine Fäuste sprechen...

Jurassic


Total Posts: 323
Joined: Mar 2018
 
Posted: 2019-12-31 16:32
https://asia.nikkei.com/Editor-s-Picks/Interview/Google-is-too-big-to-innovate-Peter-Thiel-says
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