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Idea Almanac

Daily update on new ideas and books so that you can grow each day

December 13, 2021

Idea Almanac

The Cost of Social Norms

“You are at your mother-in-law’s house for Thanksgiving dinner, and what a sumptuous spread she has put on the table for you! The turkey is roasted to a golden brown; the stuffing is homemade and exactly the way you like it … The festivities continue into the late afternoon. Gazing fondly across the table at your mother-in-law, you rise to your feet and pull out your wallet. “Mom, for all the love you’ve put into this, how much do I owe you?” you say sincerely. As silence descends on the gathering, you wave a handful of bills. “Do you think three hundred dollars will do it? No, wait, I should give you four hundred!”

Excerpt From: Dan Ariely. “Predictably Irrational, Revised and Expanded Edition.”

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December 12, 2021

Idea Almanac

Inestimable value of introspection in the preservation of life

“From childhood I was compelled to concentrate attention upon myself. This caused me much suffering but, to my present view, it was a blessing in disguise for it has taught me to appreciate the inestimable value of introspection in the preservation of life, as well as a means of achievement. The pressure of occupation and the incessant stream of impressions pouring into our consciousness thru all the gateways of knowledge make modern existence hazardous in many ways. Most persons are so absorbed in the contemplation of the outside world that they are wholly oblivious to what is passing on within themselves.”

Excerpt From: Nikola Tesla. “My Inventions: The Autobiography of Nikola Tesla.”

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December 11, 2021

Idea Almanac

Nonverifiable judgments

“Many professional judgments are nonverifiable. Barring egregious errors, underwriters will never know, for instance, whether a particular policy was overpriced or underpriced. Other forecasts may be nonverifiable because they are conditional. “If we go to war, we will be crushed” is an important prediction, but it is likely to remain untested (we hope). Or forecasts may be too long term for the professionals who make them to be brought to account—like, for instance, an estimate of mean temperatures by the end of the twenty-first century.”

Excerpt From: Daniel Kahneman. “Noise.”

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December 10, 2021

Idea Almanac

Train yourself to look deep within them and see their character

“When choosing people to work and associate with, do not be mesmerized by their reputation or taken in by the surface image they try to project. Instead, train yourself to look deep within them and see their character. People’s character is formed in their earliest years and by their daily habits. It is what compels them to repeat certain actions in their lives and fall into negative patterns. Look closely at such patterns and remember that people never do something just once. They will inevitably repeat their behavior. Gauge the relative strength of their character by how well they handle adversity, their ability to adapt and work with other people, their patience and ability to learn. Always gravitate toward those who display signs of strength, and avoid the many toxic types out there. Know thoroughly your own character so you can break your compulsive patterns and take control of your destiny.”

Excerpt From: Robert Greene. “The Laws of Human Nature.”

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December 9, 2021

Idea Almanac

Fascism is something not desirable

“Noting the similarities in tactics and even uniform between Mussolini’s Blackshirts and Antifa’s street warriors, many conservatives reveled in the irony. The so-called “anti-fascists,” they argued, were actually fascists. But they aren’t fascists, and conservatives’ giggling to the contrary demonstrates the PC trap. Some Antifa members are anarchists; others are Communists. All are very bad fellows. But they are not fascists. By describing them as such, conservatives have accepted the radicals’ premise that fascism uniquely threatens the peace and body politic. As Orwell observed, “The word Fascism has now no meaning except in so far as it signifies ‘something not desirable.’ ” And that is precisely how the radicals want it.”

Excerpt From: Michael Knowles. “Speechless.”

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December 8, 2021

Idea Almanac

Byzantine Generals Problem

We have a problem. This is called a consensus failure. The people in the network did not come to consensus on what the state of reality is. Having no better system, they went with majority rule, which led to dishonest people controlling the network and spending money they didn’t have. If we want to make a permissionless system where anyone can participate without asking, then it must also be resilient to dishonest actors. Now we get to solve one of the hardest problems in computer science: distributed consensus between parties where some are dishonest or unreliable. This problem is known as the Byzantine Generals Problem and is the key that Satoshi Nakamoto used to unlock the invention of Bitcoin.

Inventing Bitcoin: The Technology Behind The First Truly Scarce and Decentralized Money Explained

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December 7, 2021

Idea Almanac

The face of the unbanked

“They are walking the streets around you, in this city of privilege, the independent district of London, bought and paid for by banking corporations. This enclave is the Vatican of capitalism, a city within a city. Invisible people such as janitors and service professionals making your sandwiches, who don’t have a bank account. Maybe they accept checks or other forms of payment they can’t deposit. They have to convert these forms of payment into cash, that they must carry or hide. Their loans are through payday loan services at exorbitant interest rates. They are charged 10-30% to send money home to their loved ones and support a basic subsistence lifestyle.”

Excerpt From: Andreas M. Antonopoulos. “The Internet of Money Volume Three ‘

December 6, 2021

Idea Almanac

Printing money

“Quantitative Easing (QE) often comes up in conversations about fiat currencies, and people describe it as ‘printing money,’ but it is not that simple. QE is a euphemism for an issuing authority (generally a central bank) increasing the amount of fiat money in circulation in order to stimulate a flagging economy. So people worry that this additional money ‘dilutes’ the value of existing money, and this makes people worry about the sustainability of the fiat system. ‘Printing money’ is a poor description for QE. Think about it—if the central bank really ‘printed money’ whether physically or digitally, who would it give it to, and how?”

Excerpt From: Antony Lewis. “The Basics of Bitcoins and Blockchains.”

December 5, 2021

Idea Almanac

An insurance policy against an Orwellian future

“Finally, Bitcoin will go through hiccups. It may fail; but then it will be easily reinvented as we now know how it works. In its present state, it may not be convenient for transactions, not good enough to buy your decaffeinated espresso macchiato at your local virtue‐signaling coffee chain. It may be too volatile to be a currency for now. But it is the first organic currency.
But its mere existence is an insurance policy that will remind governments that the last object the establishment could control, namely, the currency, is no longer their monopoly. This gives us, the crowd, an insurance policy against an Orwellian future.
– Nassim Nicholas Taleb ( Forward ) ”

Excerpt From: Saifedean Ammous. “The Bitcoin Standard.”

December 4, 2021

Idea Almanac

How to redecorate Office like home

“The Tropicana deal secured my promotion to partner, and I celebrated by redecorating my office. If I was going to be there twelve hours a day, I wanted it to be a cocoon against all the psychological stresses of my work, cozy, like a beautiful sitting room or library in an English house. I had the walls painted partly in reddish-maroon, the rest covered in the kind of grass cloth I’d seen at Lee Eastman’s place. I installed a chocolate carpet, chintz chairs, and a partners’ desk from the 1890s. It was exquisite. No one else at the firm had ever done this. It wasn’t how they thought about work. But I didn’t consider myself to be at work.”

Excerpt From: Stephen A. Schwarzman. “What It Takes.”

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