Quartz – Scott Nover: “Few assets are as volatile as cryptocurrencies. In the last year, the price of Bitcoin nearly quintupled to a new high in April before losing half of its value and then rebounding. Almost all cryptocurrencies still fluctuate wildly, making them attractive for investors but risky assets for people who want to use them for one of their intended purposes: money to pay for goods and services. That’s made stability a rare—and valuable—quality in the world of cryptocurrencies. A host of “stablecoins” are emerging to serve this need. These cryptocurrencies run on blockchains ostensibly tied to the value of government-backed currencies like the US dollar or precious metals such as silver or gold. The largest stablecoins by market capitalizationare tether, USD Coin, Binance USD, dai, and terraUSD, all tied to the US dollar, although dozens exist with an aggregate market capitalization of more than $100 billion. But virtually none of these coins are regulated like fiat currencies or commodities. Without regulation and oversight, there’s not much assurance customers are buying what they’re sold. Despite becoming an important fixture in modern finance, some even dip below the value of the currency to which they are supposedly tied. As is the case with all crypto, it’s still the Wild West…”
Officials Double Down on “Let ‘Er Rip” Strategy, Placing Undue Faith in Vaccines as Regions With High Vaccinations Suffer Infection Spikes
Public health officials are again placing too much faith in vaccines as they end key international travel restrictions.
Slaw – Heather Gray-Grant – “In over 30 years of working with law firms on improving productivity and profitability, I’ve seen countless marketplace surveys on the incredible value of client feedback mechanisms. In many instances it’s been labelled as one of the fastest and most effective ways to boost firm revenue. So, you’d think that law firms would be all over this business practice as a standard operating procedure. But…not so much. Two decades ago, law firm management expert Jim Durham conducted a survey of 100 MPs to see how many of their firms had client feedback programs. Around 20% of them did (or were at least planning to put them into place). More recently, Jim asked the same question of a room full of marketing directors. The response? About 20%. We haven’t come far at all, baby…”
At the New York Fed: Implications of Federal Reserve Actions in Response to the COVID-19 Pandemic Liberty Street Economics
The Music Critic Who Tried to Disappear The Honest Broker. Whitney Balliett. Well worth a read, especially for jazz listeners.
The art of . What causes sensible people to do things they might not otherwise do?... more dark art
37 Digital Tools for Running Business Experiments – A Shortlist to Get Started Quick by on October 06, 2021. “There are so many tools out there for running business experiments online. It can be a little bit daunting to orient yourself. So here are 9 experiments from Testing Business Ideas by David Bland and Alex Osterwalder, along with 37 digital tools to get you started. This post is based on this Tweet from David J. Bland.”