on the blockchain

On stablecoins and beauty pageants

“Some algorithmic stablecoins have proposed incorporating price feeds by asking their token holders. In this post, we point out that this mechanism is broken because of a fundamental incentive misalignment.” | learn more

retail therapy

Amazon enters the freight brokerage business

I probably should have expected this, but I didn’t. Have you visited Relentless.com recently? “Amazon could build a zero-margin equivalent of C.H. Robinson inside the ‘shipping costs’ line on its P&L without anyone noticing.” | learn more