BC TECH
Saved by @CodyyyGardner

1/ The big story for #FinTech in 2021?

⏩ Alt Goes Mainstream ⏪

How did we get here? Who are the players? Where do we go next?

Thread 🧵below 👇

And check out Substack for how the confluence of a number of trends will change investing as we know

 2/ FinTech has ushered in new waves of access to different types of alternative investments.

Over the past decade, we witnessed a groundbreaking era of democratized access to alternative investments.

Not long ago, it seemed unthinkable that individual investors could ...
3/ 💳 invest in fractions of a loan. @LendingClub
made that possible.

💸 invest $20 alongside Sand Hill Rd VCs into a fast-growing startup. @joinrepublic made that possible.

🏦 invest alongside endowments into a top private equity fund. @icapitalnetwork made that possible.
4/ We have now hit the era of alt alt assets.

People can now invest in everything from classic 🚗 to 🎨 to 🏀 & 🏈 cards thanks to democratized access to investing in real things.
5/ The hype is real.

If there's any cohort of people who view culture as a financial asset, it's Millennials and Gen Z.

https://t.co/ERJjxfR9gJ
6/ You can go on @OnRallyRd and buy a fraction of a classic car or if you're a @chicagobulls fan, you can buy a piece of their 6 Championship Rings.

https://t.co/8pStWRHmFM

You can go on @stockx and buy or sell a rare Air Jordan shoe just like you'd do with a stock.
7/ You can go on @OnlyAltOfficial to manage your trading card collection and invest into funds that enable you to access an emerging and outperforming trading card asset class.

https://t.co/QeIt5cCy5q
8/ 2020 created the perfect storm for alts to take center stage in investors' minds as a viable, return-generating asset class.

The culmination of a number of trends in private markets has made it palatable for investors to put money into alternative assets.

👇👇👇
9/ ⏩ Technology Innovation ⏪

Online investment platforms like @RobinhoodApp made one-click investing seem normal.

Alts platforms like @joinrepublic, @icapitalnetwork, @AngelList, @FundersClub have made alts both investable - and even tradable in some cases.
10/ ⏩ Favorable Regulatory Environment ⏪

Crowdfunding regulations have enabled investors to access private markets.

The JOBS Act enabled private companies to complete securities offerings that allow them to raise up to $1 million from non-accredited investors.
11/ ⏩ Low Rate Environment ⏪

We've been mired in a low interest rate environment since the Great Recession.

Where do investors go in their search for yield? Alternative and uncorrelated assets that might be higher risk, but can also be higher reward investments.
12/ ⏩ New Names to Trade ⏪

Other than cloud stocks & a few other companies, the equity markets were relatively boring for individual investors pre-COVID as passive ETF investments became the norm.

The market responded by bringing forward timeline for attractive IPOs & SPACs.
13/ ⏩ Value Capture Shifted to Private Markets ⏪

Private companies staying private longer has shifted the value creation event for investors to private markets.

Investing at Microsoft's IPO? 4,800x return.

Investing at Facebook's IPO? 7.6x return.
14/ ⏩ Marrying Interests with Investments ⏪

Never before have investors been able to marry their interests with their investments in such a direct way.

Chicago Bulls fan? Go @OnRallyRd & invest in 6 Bulls Championship Rings. And stack gains too 💸📈

https://t.co/8pStWRHmFM
15/ ⏩ Put Your Money Where the Movement Is ⏪

We are seeing a rise in influencers - athletes, creators, artists.

These influencers are able to direct their followers to buy, use, or invest in things they promote, which is now likely something they are also invested in.
16/ Long gone are the days of a 60/40 portfolio, particularly for Millennials and Gen Z.

Alts are as palatable an investment to Millennials and Gen Z as stocks and bonds have been to Baby Boomers.
17/ Retail ⏩ Institutionalization.

One of the most interesting features of alt platforms is that platforms which aspired to democratize access ultimately ushered in new forms of institutionalization over time.

Retail is usually at the forefront of these new asset classes.
18/ They generally start out with individual retail investors before bending towards the arc of institutionalization as more capital flows into the asset class.

Then, institutional participation begets more retail demand.
19/ What's the difference this time around?

The first wave of alt investment platforms democratized access to assets that were already the domain of institutional investors.

This wave of alt alt assets have had very little institutional investor participation to date.
20/ So, how will these new asset classes institutionalize without historical precedent?

👀 Crypto and #Bitcoin to see what the arc of institutionalization will look like w/ trading cards and collectibles.
21/ With @Fidelity, @massmutual, @MicroStrategy, @michael_saylor putting $$$ into #BTC, crypto is finally hitting the mainstream.

So, could we expect a similar story to play out with cultural assets?
22/ Think abt this: over $10 trillion of investable assets in the US is held at wealth management units of firms like @MorganStanley & independent platforms like @DynastyFP.

HNW community remains structurally underallocated to alts. HNW have 1-5% to alts vs 20% for institutions.
23/ The issue of underallocation for advisors and their clients has previously come down to access. Now, these alternative investment platforms have solved the access problem.

We will soon see financialization and institutionalization of alt alt assets.
24/ It may be a few years before we see a @Fidelity @stockx ETF, but it won't be at all surprising.

When it happens, these platforms will have democratized access to another asset class - & paved the way for institutionalization of alt alt assets

That's why Alt Goes Mainstream

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Today we’re going to talk statistics and semantics. I’m going to do so via the medium of one of Twitter’s favourite stats 1.7% (aka “intersex is as common as red heads.”). The statistic comes from Fausto-Sterling’s work, which you can see a review of

To understand the statistic, we have to drill down into what the meaning of the word intersex is. Most people think of hermaphrodites. Let’s stress at the beginning there has been no example ever of a human being with both sets of working reproductive organs.

There is a very tiny percentage of people who are born with both testicular and ovarian tissue (what Fausto-Sterling calls “true hermaphrodites”). And when I say tiny, we’re talking intersex tiny, as in 0.0117/1,000 live births, or one in 1,000,000. These are very complex cases.

So, how do we arrive at 1.7%? What Fausto-Sterling does is apply a wider scope. Instead, she argues that intersex is anything that doesn’t fit into a platonic ideal. The platonic ideal, in this case, being a phenotypically perfect XX female and a phenotypically perfect XY male.

This means that intersex, used in the context of the 1.7% statistic, includes people for whom there is no sexual ambiguity. Take for example Klinefelter syndrome (XXY males). As Fausto-Sterling acknowledges, many males can go their whole life and not realise they are XXY.
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I think about this a lot, both in IT and civil infrastructure. It looks so trivial to “fix” from the outside. In fact, it is incredibly draining to do the entirely crushing work of real policy changes internally. It’s harder than drafting a blank page of how the world should be.


I’m at a sort of career crisis point. In my job before, three people could contain the entire complexity of a nation-wide company’s IT infrastructure in their head.

Once you move above that mark, it becomes exponentially, far and away beyond anything I dreamed, more difficult.

And I look at candidates and know-everything’s who think it’s all so easy. Or, people who think we could burn it down with no losses and start over.

God I wish I lived in that world of triviality. In moments, I find myself regretting leaving that place of self-directed autonomy.

For ten years I knew I could build something and see results that same day. Now I’m adjusting to building something in my mind in one day, and it taking a year to do the due-diligence and edge cases and documentation and familiarization and roll-out.

That’s the hard work. It’s not technical. It’s not becoming a rockstar to peers.
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~8yrs ago (Dec’12) I got a job @Google. Those were still early days of cloud. I joined GCP @<150M ARR & left @~4B (excld GSuite). Learned from some of the smartest ppl in tech. But we also got a LOT wrong that took yrs to fix. Much of it now public, but here’s my ring-side view👇

By 2008, Google had everything going for it w.r.t. Cloud and we should’ve been the market leaders, but we were either too early to market or too late. What did we do wrong? (1) bad timing (2) worse productization & (3) worst GTM.

We were 1st to “containers” (lxc) & container management (Borg) - since '03/04. But Docker took LXC, added cluster management, & launched 1st. Mesosphere launched DCOS. A lot of chairs were thrown around re: google losing this early battle, though K8 won the war, eventually 👏

We were 1st to “serverless” (AppEngine). GAE was our beachhead -- it was the biggest revenue source early on but the world wasn’t ready for serverless primitives. We also didn’t build auxiliary products fast enough. Clients that outgrew GAE wanted “building block” IaaS offerings.

1st to hadoop (map-reduce ‘04) but our hosted Hadoop launched in ‘15. AWS EMR was ~200M ARR by then. 1st to cloud storage (GFS ’03), but didn’t offer a filestore till ‘18! Customers were asking for it since 2014. Didn’t launch archival storage or direct interconnect till v. late.
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Silver Kayondo
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@SilverKayondo
Last weekend, I made a threat on the ongoing #SocialMedia shutdown in Uganda and some implications on the future of #internet & Uganda's #digital agenda.

The thread attracted a lot of engagement and questions. Tonight, I will share some final thoughts on the subject. (1)

Conceptually, social media sites are the largest on-boarding platforms for internet users in Uganda. Notably, Facebook, WhatsApp, Twitter, Instagram & Snapchat attract the highest internet traffic- which drives demand for other platform services e.g Google and Zoom recently.


So- when we talk about an "open internet", we mean the FULL resources of the internet. Any encumberance on selected applications has ripple effects across the entire network thus jeorpadizing standardization of internet/data transmission which is essential for innovation & growth


Furthermore, shutdowns hinder network interoperability (technical ability to plug/link one digital product or service into another product or service). Interoperability is the heart of the "Internet of things" eg business, devices, networks, services, e-govt, integration etc #IoT


Because the internet is a global resource, shutdowns enhance a digital divide (the gap between demographics and regions that have access to modern ICTs, and those that don't or have restricted access). Ironic that 3rd world countries have the highest number of shutdowns globally.
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Stian H\xe5klev \U000100cf intertwingling Roam graphs
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For people curious about the Roam API and confused by the syntax, or interested in why Conor went with Datomic/Datascript and not a traditional database, this older talk by Roam developer @mark_bastian is a great overview.

He gives great examples using Spiderman of how even modeling something fairly trivial in SQL is much more complex than in Datomic. But the real kicker is when you're trying to interrogate the data to find recursive relationships.


Right now the Roam data model (at least that's exposed to developers) is just about pages, blocks, and children with tags. Already you can see how finding the page containing a block with a certain tag etc is useful.https://t.co/jWJnuKu1RG


But imagine when attribute relationships are fully represented

You should be able to model the entire Spiderman story in Roam.
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Child of:: [[Richard Parker]] [[Mary Parker]]
Aliases:: [[Spidey]]

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This isn't actually right, so here is another suggestion.

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