Other People's Money
by John Kay · first published 2015
10mentions
4recommended by
5HN commenters
2018–2025first – last mentioned
80% recommend20% neutral
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…this can't be true because it's so stupid. It's exactly as stupid as it sounds. For a more serious look, listen to John Kay: https://www.youtube.com/watch?v=SX3E-CbY1uE Or read the corresponding book Other People's Money.
on “‘Disaster Girl’ has sold her popular meme as an NFT for $500k” ↗…people to question the meaning of it all. But if you dig a little deeper you'll find it's just an extension of what's been going on for a long time behind closed doors. I thoroughly recommend the book Other People's Money by John Kay. In it he reminds us what the actual value of the financial system is and talks about what it has become. Bitcoin was an attempt to get the actual value of cash (just one facets of finance)…
on “BBC cryptocurrency documentary pulled from air at last minute” ↗…who excel with it. It brings out the worst in many and it downright scares the rest. All that's clear is we need to get a grip on it. Bitcoin was the latest attempt. I can't recommend enough the book Other People's Money by John Kay.
on “Sex Worker-Led Payment Platform Shuts Down After Being Cut Off by Processor” ↗…happier. There are real problems in finance but my feeling was it's all very simple and solved decades ago, now it's just pointless complexity that isn't solving anyone's problems. I recommend John Kay's Other People's Money for a primer on what finance is actually good for and where it's gone wrong. The real big problem in finance IMO is digital cash. Bitcoin started out trying to solve that problem, and there are still…
on “A better build system for OCaml” ↗…a zero sum game or how this nonsense fucks up the lives of regular people, read more. Read The Big Short by Michael Lewis. You could even start with the film by Adam McKay who also gets it. Then read Other People's Money by John Kay. Only once you understand the problem can you begin to understand why a trustless digital cash would be good for us. Bitcoin is simply the first viable solution to the problem. If you can…
on “I wasted years of my life in crypto” ↗…Tim Ryan have joined Khanna’s demand for a TransDigm investigation. Outside of this article, the best writing I've seen on this topic of short-term incentives is from British economist John Kay's book "Other People's Money", for example when he compares the annual reports from chemical company ICI in 1987 and 1994. 1987: ICI aims to be the world's leading chemical company, servicing customers internationally through the…
on “America’s Monopoly Crisis Hits the Military” ↗There's already a book on this: "Other People's Money" (2016) by John Kay. It discusses how most of the modern financial industry is self-dealing, provides no real value to the economy, and is actually parasitical. Here's a short official video introduction…
on “For more and more people, work appears to serve no purpose” ↗…happier. There are real problems in finance but my feeling was it's all very simple and solved decades ago, now it's just pointless complexity that isn't solving anyone's problems. I recommend John Kay's Other People's Money for a primer on what finance is actually good for and where it's gone wrong. If the last few years have taught me anything it's that a large % of the population will actively aim to make their own lives…
on “A better build system for OCaml” ↗Wow thank you for this comment. I look forward to reading John Kay's "Other People's Money". Are there any proposed models that could potentially replace the current consumerist / capitalist model that results in these monopolies or other effects such as maniacal focus on short term gains?…
on “America’s Monopoly Crisis Hits the Military” ↗…benefit, etc -- one thing that has changed in the last 30-40 years is the change in mentality and priorities of the average shareholder and the average corporation. John Kay gives an example in his book, Other People's Money, comparing the change in chemical company ICI's annual shareholder reports: 1987: ICI aims to be the world's leading chemical company servicing customers internationally through the innovative and responsible…
on “Will Facebook's Grownups Please Stand Up” ↗