The day Steve Jobs dissed me in a keynote (2010)
sive.rs
sive.rs
Being "responsible" folks (and also having no choice in the matter) AT&T bent over backward to accommodate the labels. Half the product was proprietary DRM that made everything constantly unusable. Despite this, the labels still strangled us by limiting what we could sell. Apple quite correctly ignored all of this and solved the problem by first launching the iPod, waiting until it had critical mass (much of which involved tons of unpaid MP3 downloading) and then launching the iTunes Store in 2003 when they had an installed base full of piracy - and the major labels had no choice but to join on their terms. (Obviously I pity the small labels who got screwed in the dynamic.)
I think about this a lot when people complain about cryptocurrency or Uber/Lyft evading regulations or destroying legacy businesses. Often this kind of behavior is bad, often the little guy gets crushed. But at the end of the day, legacy businesses really are poison and much of the awfulness could be avoided if they weren't trying to hold on to things so tightly.
iTunes launched with DRM. It was eliminated from 2008.
In my later security evaluation career I saw a similar dynamic play out for other DRM companies, and even saw how corrupt the industry was. If you knew the right people or had enough market power your DRM would be "good enough", and if not: tough luck. Technical evaluation didn't matter.
I contrast that with some phone I bought before that supported some number of songs (nightmare), with zune (nightmare). Apple picked a level of lockdown that I'd guess for 80% of users didn't interfere. That compares to the other foks dramatically.
early iTunes was pretty slick, in my opinion. We had so many shares streaming in the office. people curated playlists and clicked that share button. loved it.
Their customers already had the devices on them all the time for playing music, but it was still owned by AT&T (sim lock) and they had the paymen platform with the phone bill. Of course both wasn't really good and they tried to avoid any bigger investment, which made them lose. But still it kinda made sense from a buisness perspective.
Back when widgets first came out for OS X I was in college and was beginning to learn programming. I was sill very bad, but these widgets interested me because they were essentially just little HTML/CSS/JS webpages. I looked around and saw there was no widget for CNN news.
CNN had RSS feeds of their news, I found some other widget that displayed an RSS feed and basically just plugged this new data source in and it worked! Next I just restyled it to look like it the CNN website which at the time was light blue and pretty ugly, but I made this widget to match.
I released it, and it got some downloads! Months later at the WWDC keynote, I was watching live and I saw Steve sit down at the demo computer and show off some widgets on the big screen. The CNN widget I made was there on screen at the keynote! I didn't believe it at first, I was in shock. Next though, when he showed my widget his only comment was that "it's not as nice looking as [some other news widget] but it gets the job done."
Ouch! Not only was Steve Jobs personally aware of a piece of software I (kind of) wrote but he demoed it at WWDC! But he also said it looked pretty bad... And he was right, it did.
Shortly after this I restyled the widget to look nice on its own, regardless of what the CNN website actually looked like. While this stung, it was a good design lesson to learn. Thanks Steve!
>When I woke, I had furious emails and voicemails from my contact at Apple.
>“What the hell are you doing? That meeting was confidential! Take those notes off your site immediately! Our legal department is furious!”
Wait, who the hell posts meeting notes on their website (and also emails all their clients without a written confirmation at the said meeting)? I would assume any meeting you'd have with a client/potential would be assumed to be confidential. I felt this particular move was very unprofessional on the OP's part.
I get that this was 2003 but if anything it would have seemed even more rude before social media made posting about your life online more acceptable.
Apple says “we want to sell all of your clients’ music now”.
I post something on the company blog, read mainly by my clients, saying Apple wants to sell your music now.
But let’s say that they were in a rush and forgot. Then, why the anger when an apology and a sincere request would have been just as good.
And why was Jobs such a dick about it afterwards?
To me, it seems that he was angry that someone was making money off the artists before he was.
(I'm the original author.)
That sounds impressively sketchy; anyone who has used AccurateRip can probably testify that CD ripping errors and manufacturing errors are surprisingly common.
CDs have significant error correction codes so if it sounds right it IS right. Having said that, I have one song I always skip because it ripped badly and I've never got around to re-ripping it and replacing the bad one. But it's obvious that it's a bad rip to the point that I skip the song so I don't have to hear the glitch.
In other words, if they checked each song before uploading it would be fine.
No, player will interpolate samples with detected but uncorretable errors. Uncorrectable error rate of CD-DA was deemed too high for CD-ROM, thus it uses additional layer of ECC data on top of it.
For data CD formats, yes. For audio CD formats, readers are allowed to interpolate over uncorrectable errors (https://en.wikipedia.org/wiki/C2_error), which would not necessarily result in an abrupt skip or pop.
Heh. I have one that has about five seconds of silence, at the end of an album, then about ten seconds of horrifically loud noise. It still catches me off guard every time, but it’s not in heavy rotation so I still haven’t gotten around to trimming it.
https://xiph.org/paranoia/faq.html#progbar
"""A plus indicates not only frame jitter, but an unreported, uncorrected loss of streaming in the middle of an atomic read operation. That is, the drive lost its place while reading data, and restarted in some random incorrect location without alerting the kernel. This case is also corrected by Paranoia."""
Seems likely some are but as their system presumably grew more automated I'm guessing that's not so much the case anymore? Possibly?
I do recall at some point they had a headphone jack that also supported optical, but don't quote me on that.
Anyway, it would have been better if they had an app that accepted .wav files or something like that.
But why pay, when you can get your own vendors to do it for free after a little song and dance by the Jobster? That's much more Apple.
They used to on the Macbook Pro laptops (I have one). Not sure if it's still a thing with the new Pro.
I suspect if it isn't listed as 'Apple Lossless' or one of the other fancy labels, its probably originally from a CD rip somewhere. I know from listening to niche-y music, that music catalogs can often be wrong and will be published to multiple music sites. For example Junior Brown's album 'Junior Brown: Greatest Hits' has a track on it that is half glitches AND its the exact same on multiple services and has persisted for years even though I reported it several times on each service. There's also a sea shanty album where half the tracks are static. I reported it to iTunes and Amazon and received boilerplate responses. I then sent an email to the actual band (hard to believe, but its a bunch of old guys) and they contacted their record company...but even they couldn't get it straightened out.
I found an album from 2001 on Apple Music recently and discovered one of the tracks cuts out at just after one minute, even though Discogs reports the track should be 4 minutes 30 seconds (Slide - Closure (Lounge-Tech Mix), on the Nu Progressive Era compilation: https://www.discogs.com/master/90383-Red-Jerry-Nu-Progressiv...). The album is listed as "Apple Lossless".
I went and bought the original CD version JUST to have that one track in full.
It's usually missing, but hopefully someone listened anyway.
CD quality is already perfect, impossible for a human to hear any improvement on. Except of course that it's only available in stereo post-mix.
Also, the audio frame size is 2352 bytes. Those correspond to 2048 data bytes for data CDs (plus extra error correction).
They had a cool office and a massive SGI machine.
Anyway, I skipped this detail in the original article, but Apple let go of the requirement to use their special “put the CD in the drive” tool. We were able to deliver using master WAV/FLAC files, converted to their AAC requirements, and uploaded.
That is, stick a CD-RW in the drive, and write a program that would:
(1) Erase the CD-RW, then burn one album's worth of WAV files to it. (Ideally, do it accurately like with a cue sheet file.)
(2) Drive the Apple software's GUI (using AppleScript?) to enter the track metadata, re-rip, and upload.
(3) Repeat until done.
If something ejects the CD-RW, that might mess up the automation. Some drives will pull the CD back in if the tray or disc bumps into something while ejecting, so maybe a strategically-placed heavy object is enough.
We did our absolute best to get the high quality rips we could. We sat on the forums and figured out what the best CD-ROM drives were, even if it meant buying really expensive SCSI versions.
But none of the labels had anything in digital format in prior to 2003. I think the majors only started their conversions of their catalogs in about 2004 or 2005.
Just some other background I'll throw out there - the company I worked at opened all the doors at most of the record labels. Most weren't ready to sell their stuff online (WTF) and needed a lot of persuasion. After we got them to sign, Apple would follow us in days or weeks later and have a nice easy job. That was how we found out Apple was trying to build a music store of their own.
And Apple had a good time with the labels. At that time, and perhaps even now, most record labels used Macs for practically everything they did, even admin stuff. So when we went in with a mostly-PC demo, they looked at us sideways. Apple could slide in with shiny stuff and impress them more :)
@sivers: Did we have all your catalog? This was OD2 (On Demand Distribution) in the UK. I have a feeling we did?
Not much of an electronics history buff, I guess. Also the name of (arguably) the most important electronics invention of the first half of the 20th century.
Then there was Bones. And Forrest Mims guides at RadioShack!
SoundJam definitely had the better name though.
That said, the real reason is they decided bluetooth headphones were finally reliable enough
Also to hell with cordless peripherals, my so called keyboards and pointers are all catching dust because there's an inexorable demand for these little toxic disgusting things called batteries, and don't you dare go a year or two without using your computers and thus managing their little chernobyls! technology from Apple and the modern crowd can be trusted alone as much as a newborn and a rattlesnake.
I've literally countless bluetooth audio and non audio devices and I don't have issues with any of them.
Again a very specific anecdotal point.
Reliable enough for what? Uninterrupted playback (barring from drained batteries)? Nope.
My Samsung is supposedly waterproof, but moans if I do much as breathe in the charge hole.
There's stuff like the Ulefone Armor 9 FLIP rugged smartphone which has the headphone jack and has even better ingress protection than the iPhone:
> the extra padding and protection that comes with an IP68/IP69K-rated, MIL-STD-810G certified outdoor smartphone
https://www.techradar.com/reviews/ulefone-armor-9-flir-rugge...
Apple removed the headphone jack for Airbuds and to get extra money. Their accessory division would be a Fortune 500 company, on its own.
You don't get to be a billionaire by giving money away (or not picking it up when users throw it at you).
I’m not saying your argument is invalid but…sure the iPhone could also have a waterproof headphone jack if we wanted port covers on it too. The phone you linked looks nothing like something I want in my pocket all day
I rather doubt most people would really be able to tell the difference.
It can be done, Apple didn't do it because they didn't want to.
I personally choose to not buy any Apple product, but that's not going to bring the demise of Apple.
Did Apple get to be 3 trillion by forcing people to buy stuff or buying selling things that people were willing to give it money for?
But by you choosing to not buy Apple Bluetooth headphones you have a worse experience.
A combination of the two. Sure, they had some legitimately good products to start with. So did Standard Oil.
Nothing makes this read stronger than the fact that Apple still does, in fact, offer a portable device with a headphone jack, the iPod Touch.
You can buy an iDevice that makes calls and texts, or one with a headphone jack. You can not have both in the same machine.
I'm debating switching to non-cabled headphones to fix that and save money on replacement screens
I'm not sure whether I'm more shocked you have multiple reasons/causes for breaking your phone or that you have enough data points available that you can reliably identify a "main reason" amongst those multiple reasons.
Seriously, have you considered taking better care of your possessions?
How the hell do cabled headphones lead to a broken screen? I've owned quite a variety of mobile phones over the last 23 years, have never used a case to protect any of them, have used cabled headphones with a bunch of them, and the only one I've broken is one that I deliberately dropped into a glass of vodka and coke back in the year 2000 because I was smashed off my tits and it seemed like a good idea at the time (it wasn't, even though I'd been planning to replace it anyway - in the interim the lack of a phone was a major PITA for several days).
I love my iPhone but, I really think it's no coincidence the headphone jack removal coincided with the release of airpods, just over a year and a half after the purchase of beats by Dre.
Yep, an S7 went swimming with me for about half on hour one day and after a quick pat down it worked just fine. I wouldn't mind the switch away from jacks so much if most phones & bluetooth earbuds supported higher quality codecs, but it seems relatively rare.
In my case:
- one less battery to charge (on work trips in particular, I have a lot of devices/equipment that need daily charging)
- no worries about bluetooth synching or wireless interference
- less likely to lose
- better sound quality
To each their own.
If my wife wants to listen to the same thing I’m listening to, we can share the audio.
There is a reason I use Bluetooth headphones with Apple chips…
But that begs the question. Has the entire industry not figured out BT headphones aside from Apple?
Lastly, I enjoyed both wired headphones AND my Airpods when I still had my iPhone 6S. The choice between wired or wireless is a false dichotomy.
The $10 adapter apple sells doesn't sound as good as the one they used to build into their phones, and removes inline volume/play/pause controls. Not only that, but now I lose access to my phone's charging port in order to use a wired connection (Charging needed during GPS usage), unless I buy an even more expensive adapter — most of which are unreliable and have universally terrible reviews.
Macs still enjoy the best of both worlds with wired + wireless support — including the upcoming 2022 models — and it's hard to deny the phone (And tablet!) experience hasn't gotten worse without the 3.5mm jack.
https://www.amazon.com/Certified-Lightning-Braided-Compatibl...
Time moves on, should they also have not gotten rid of the 30 pin adapter?
The play and pause control still works on the headphones
>Time moves on, should they also have not gotten rid of the 30 pin adapter?
Apple is still releasing new hardware with a 3.5mm port! The port is far from outdated. Again, both wireless and wired audio coexisted nicely on the iPhone, this is a problem of their own doing, and they've made the experience objectively worse.
We're just going to have to agree to disagree.
They did have 5 generations of phones with 30 pin adapters.
? It is just as good and it supports those controls and the microphone. There's multiple standards for the inline controls on TRRS though.
It also tests better than most audiophile DACs.
Actually having to bring multiple connectors everywhere and swap them out more frequently than cables fail is a negative.
Both can be true at once.
https://www.sweetwater.com/store/detail/LCXLR--saramonic-lc-...
The headphone has a mini-XLR to 3.5mm connector built in. If it fails it's easy to replace. If the client device supports the standard 3.5mm connector it doesn't have to give a shit that the other end is XLR on IntelMiner's headphone (or in the case of my own headphones, 2.5mm for one set and 3.5mm for the other).
It’s just like these financial gurus telling people who are deep in debt to cut coupons to save $4 a week.
I can't say I've ever had a problem with cords tangling or being inconvenient.
Even with my $59 Beats Flex, I just press a button and turn them on and they automatically pair. When they are taken out my ear and stuck together via the magnets, audio returns to my phone.
Not to mention how they seamlessly switch from my iPhone, iPad and Mac as I change what I’m doing.
Corded peripherals may be inconvenient. In my experience though, they are usually less inconvenient than bluetooth ones. This probably varies by application.
Another major problem is latency. If I want to use headphones to play a keyboard, very little latency is tolerable. Bluetooth doesn't even come close.
>And most other high end phones followed suit. I can’t understand why people are so attached to cords
Not apple specific.
> I can’t understand why people are so attached to cords.
On the assumption that you wanted to understand some reasons people like corded headphones, I provided some real reasons. I use my headphones for things other than my phone. But it would be nice to use them with the phone also.
"I don't care, WE NEED MORE!"
you meant high level marketing:)
Nintendo felt the need to closely control the supply of games and their quality to "guarantee" a good experience.
Nintendo with its lockout chip held an absolute stranglehold on supply of NES games that came out
The "Angry Video Game Nerd" of the mid 2000's was proof enough that plenty of shit got shoveled out on the NES
Yes, not only did Nintendo possess the unilateral authority to decide which games got published, but Nintendo was the sole manufacturer of the game cartridges.
This meant that Nintendo decided when those cartridges would be manufactured, and set an upper limit on the quantity. (Plus, they required you to pay for the manufacturing in advance.)
The fact that they controlled the manufacturing schedule meant that they might delay your cartridges if they had a first-party game in the pipeline which might compete with yours.
That's your cue to set up mitmproxy (or the 2003 equivalent?) and figure out how to talk to the service directly.
The day Steve Jobs dissed me hard - https://news.ycombinator.com/item?id=1896189 - Nov 2010 (122 comments)
The day Steve Jobs dissed me in a keynote (2010) - https://news.ycombinator.com/item?id=5879322 - June 2013 (104 comments)
Also this little one:
The day Steve Jobs dissed me in a keynote (2010) - https://news.ycombinator.com/item?id=15208241 - Sept 2017 (1 comment)
2. Move to Silicon Valley
3. ???
4. Profit
Should have ended right there and dropped the mic.
Refunding the $40 was the right move and in keeping with CD Baby's ethos of the artist comes first.
Steve Jobs sure was an asshole.
Smart but a dick move nonetheless.
Getting the hundreds of thousands artists that use your service banned from iTunes because someone was rude would've been a really terrible business decision.
While I don't think they've been (as) vindictive at a corporate level since Steve, Apple as a company has been yanking 'partners' around like this whenever they had the power to for at least the last 15-20 years, depending on the industry.
i would love to revisit that but sadly i have been unable to find it
Guy Kawasaki has also written quite a bit about effective presentations and has a 10/20/30 rule. Ten slides, twenty minutes, 30 point font. The idea of putting as few words as possible on a slide sounds like a Kawasaki thing.
There may be some room for providing illustrations, but bullet point presentations really do far more harm than good.
A marketing slide or a visual aide to a speech should be as light in prose as possible. But it is valid to use slides as primary information delivery mechanisms with the speech as a complement.
I tend to view 'no aids' as the default; unless I can come up with a specific use for a slide deck, why make one?
I just designed a presentation for a Zoom talk I'm doing, and its intended use case is not only that I'll be going through it during the talk, but that printouts will be available, and the handout/resource will be available digitally perpetually.
Since the presentation involves complex, easily confused topics (voting research), being very specific is necessary in this case.
Marketing a product or making an argument require different types of presentations than teaching. Each can be done well or poorly.
Which is fun, because there's notes and then True Notes(TM) with all my terrible jokes.
That's not me, though - I can't even finish typing a word I've thought of if I'm trying to listen to someone talk or say something to them at the same time. I have 1 language processor at the best of times.
I’d love to see a glimpse of the presentation skills class they probably have through Apple University.
To this day, the few tips I picked up in that silly little session still make me a much better presenter and slide-maker than 99% of my colleagues, hands down, and I'm really not bragging.
that's something I learned at university, though I don't remember if it was explicitly told in class or something I picked up when preparing presentations
Slides are not a text document, they are a visual aide.
Also the "yes you have to use our software" BS. Sounds like someone thinks they're too important. Sure let me have someone using a desktop app all day just because you can't be bothered to "think differently"
youtube-dl is their competition, and using it is as easy as shooting fish in a barrel.
DRM sucks. Don't sponsor it.
They still DRM Apple Music (which you could argue is selling music, but as a service), and files which had DRM when you bought them, and movies, it seems.
https://support.apple.com/en-us/HT204146
Movies have DRM. Blame that on the studios But Apple, Amazon, Google, Vudu and a couple of the other digital movie services participate in Movies Anywhere with most of the studios. You buy a movie from one place and it is automatically considered purchased from the other stores.
Movies have always had copy protection - even back in the analog days with Macrovision.
More generally, consumer copying technology was never really "supposed" to exist. It's often been said that "copyright was supposed to regulate publishers, not consumers", which I agree with. But the flipside of this was "consumers weren't supposed to become casual publishers", which is what the AHRA, DMCA 1201, and DRM as a whole was/is trying to achieve. But that's largely failed, and we live in the world where everyone is a publisher all the time, which is why everyone has to be regulated like a publisher all the time.
[0] See RIAA v. Diamond Multimedia
This was originally posted on the front page of Apple back in 2007.
https://macdailynews.com/2007/02/06/apple_ceo_steve_jobs_pos...
The article you linked adds it's own commentary which has aged like milk. Jobs wasn't so much opposed to DRM in general, as much as he just didn't like it on music. This probably has more to do with the fact that Apple was not a music label[0], and thus he was predisposed to look at music solely as a consumer[1]. When it comes to things Apple does publish[2], such as software, they are extremely protective of it.
[0] And legally, cannot, because of numerous trademark lawsuits with Apple Records, the record label of The Beatles
[1] "They don't want to rent their music" https://www.theverge.com/2015/6/8/8744963/steve-jobs-jesus-p...
[2] "Publishing" in this case means funding the creation, marketing, and physical manufacturing of some creative work. This is primarily what a music label does, and is part of the reason why they take so much from artists.
Spotify makes around $3 million a quarter in profit.
https://www.barrons.com/articles/spotify-has-finally-found-a...
Also you can't turn off the Apple Music ads anymore, or at least the setting claiming to turn them off just resets itself after a few hours.
As of 1998 and the DMCA, it is a federal crime in the USA to sell a VCR without Macrovision.
I'd say it is because some form of digital / streaming music is what a lot of people want ...
Is having access to "all the music" that big of a deal for most people?
I just want music accessible to me, most platforms all provide that now, and it's all WAY MORE accessible than back in the day when I had binders of CDs.
If someone has 4,000,000 songs, or 8,000,000 I probably wouldn't know... I don't really care what the justification for either is.
And the offering in 2003 is still way more songs than I have in a binder ... WAY MORE.
I would prefer a music streaming service to have nearly all of the albums or songs that I want to listen to. Having more songs means that is much more likely.
I didn't read that as a "dis".
Put in a bad spot for sure.
Because some dev/clown has the hubris to proclaim "there is no other way"? I'd not care if you're Steve Jobs himself. That's some just laugh and leave the room level of Kafkaesque ridiculousness.
Glad I work in the era of public-facing APIs. Even if Apple still seems to be clinging on to their consume-only mentality.
Sounds like an opportunity to automate much of that...
But let's not turn the tables that way. My point is that "opportunity" should have been addressed _before_ Steve Jobs decided to fly in all those industry bigwigs to do his sales pitch. I mean, who was selling who here exactly? Different times I guess...
It's not ideal, but in 2003 the idea that everything has an API was still very pie in the sky for A LOT of things.
https://en.wikipedia.org/wiki/AppleScript#Open_Scripting_Arc...
I’ve become an Apple fan as I’ve spent most of my IT time in their ecosystem over last 5 years. I’ve come to appreciate their UI pattern (which was confusing at first due to my conditioning of Linux), the consistency, nifty little features.
However to this day I just couldn’t get used to their iTunes (and now Apple Music) UX. I’m always fumbling around, searching for a song is a same sequence of confusing clicks and swipes. I thought it was me but now I’m convinced that it’s just a garbage of a software.
And yet it almost works on Google assistant, with hardly any installation.
I too get lost from playlist and search/song wandering, but Apple isn't unique in this regard.
Edit: comments below are trying to tell me how to switch windows, of course I know how. My point is MacOS doesn't tell you there are multiple windows. On PC, the Dock will show "stacked" icons.
I'm not kidding, for some of this stuff that's their actual line of reasoning.
They probably want you to use some other window management feature, regardless if you want to use it or not.
Use Command+` (backtick) to switch between windows.
I shouldn't have to see all of it to find the one thing I want. I should be able to pick from the app.
There's an app out there called ubar which replaces the dock and it's functionality is amazing. But it's memory hog and freezes all the time.
I'm forced to use a Mac for work
Probably the most powerful machine I've ever owned. I have a giant ass 40+ in curved monitor.
I still prefer my 10+ year old Dell laptop with an aging Linux distro on it.
Hell.. I prefer Windows.
Using a Mac is so painful. The moronic fn key placement.
Using a terminal reverts back to using the Ctrl key but everything else uses ⌘
There's no real concept of window management.
The version of Bash is 10+ years old.
I've always hated the "menu bar" but now that I have a monitor bigger than Lizzo's ass I really hate it. Having to drag my cursor 45miles up to get to Edit is idiotic.
The number of apps I have to install to get it to function like a real desktop makes my system tray look like it did on Windows XP SP2.
Nevermind whenever my non-apple Bluetooth headset connects it auto-opens Apple Music even though I've never once used it and I never will. There's zero way to disable this functionality. Zero.
MacOS is an abortion
You can also cycle between windows in an application with Command + ` (tilde or backtick key)
Also, In the Keyboard settings, there's a shortcut under Mission Control for "Application Windows," set to Control + Down by default.
Having to have their stupid track pad to have functionality sucks.
I want a mouse and keyboard. A keyboard that doesn't fist fuck a Fn key where the Ctrl key is supposed to be.
A keyboard with a delete button.
A keyboard with a number pad.
You know. .. Like grown ups use.
No Fn key, delete button, number pad.
I don't see the analogy.
I'm not saying I agree (or disagree) but the analogy is fairly clear to me
The music comparison is not driving to the store compared with downloading.
It's pirating to downloading legally. iTunes made it just as convenient to buy as it did to pirate, which is the main reason people pirate anything - inconvenience. Steam did exactly the same thing for PC gaming. Netflix did the same for TV and Film. (Only now stuff is split between so many streaming services pirating is becoming the path of least resistance again).
It's not perfect, as far as I know Netflix content isn't indexed and frequently it suggests I watch a movie in an app that doesn't actually serve that movie, but it's mostly OK.
Want to finish that tv show? Too bad! We didn’t bother telling you, but we lost the deal.
My US FDIC savings account offers a measly interest rate of 0.03% APY right now. By contrast rates on crypto stablecoins are often 7-10% APY easily with some such as UST on a Terra offering an amazing 19.53% APY.
Yes the crypto stablecoins are riskier in some ways than USD and FDIC insurance is still the gold standard, at least up to their limit. On the other hand, there are now decentralized insurance protocols available on stablecoin yields which cover risks of a stablecoin or an unintended behavior in a smart contract for ~2% APY.
Everyone should do their own research of course, but crypto can be compelling in that at the very least it can allow your savings to preserve their purchasing power net of inflation, something that isn’t possible with a traditional bank savings account.
Else I don't care about 0.03% or 7 to 10%.
Regardless of me thinking that a growth economy is eating the planet. When it comes toy savings I am more conservative as a mythical pope mixed with Ronald Reagan. I don't care about it growing. I care about it not vanishing in the blink of an eye.
Everything else is just playmoney. No problem if I loose it or use it to light a fire in my fireplace at home. Just printed paper (virtual) that I can spend for whatever.
In other words, for a US resident, putting money in the bank is currently virtually guaranteed to lose at least 7.5% of it’s purchasing power per year. It brings new meaning to the expression “safe as money in the bank.”
Here is an example:
1. Purchase UST on an exchange on a 1:1 basis with USD
2. Send it to the Terra Station self-custody wallet on your phone
3. Deposit the UST into a decentralized app (dApp) at www.anchorprotocol.com to earn 19.53% APY accruing every 6 seconds
4. Purchase the equivalent of FDIC insurance for ~2.5% APY from any of Nexus Mutual, InsurAce or Bridge Mutual
5. Enjoy a nice safe net ~17% APY on a USD stable deposit
* Bonus: Because of the payout mechanism this fixed APY yield is considered a capital gain and not interest income so it is taxed more favorably than a traditional savings account and you don’t trigger a taxable event until you sell.
I would suggest it is worth investigating and maybe trying it out with a small amount to see for yourself.
The accounting is transparent and on the Terra blockchain so it certainly isn’t a Ponzi scheme. However the payout rate is not guaranteed or constant and does fluctuate from time to time. The UST/Anchor Protocol payout is likely not sustainable and should come down overtime. That said the Terra Foundation recently put an additional billion dollars into the incentive pool so the rates should continue for at least another year.
I would never advocate putting money into anything without investigating the risks for oneself. That said, even money in the bank isn’t always safe as savers in Cyprus learned the hard way after the GFC when their government decided the banks needed a bailout more than depositors needed their savings.
The Anchor Protocol offers the accrual of UST at a specified rate (currently 19.53%) but just like your bank does not guarantee the interest rate paid in savings deposits for any fixed period of time, the payout rates on Anchor and other similar protocols can and does vary over time, though Anchor Protocol has paid just shy of 20% APY for over a year and the fund has been backstopped with an extra billion dollars so should be stable for at least another year.
Notably due to the mechanics of the Terra blockchain recording these transaction, you deposited UST balance (which is protected by insurance if purchased) is updated every 6 seconds.
Therefore, while the payout rate varies (like a bank) and is not guaranteed over time (like a bank), you can move your funds if it ever drops below an acceptable level for you and you would only be out the interest on a few seconds to a day - depending on how closely you watch it.
Since this is all on-chain via smart contracts it is transparent to monitor or move programmatically for the paranoid.
My only argument is that anyone dismissing crypto as a scam with no use case who hasn’t taken the time to investigate is doing themselves a disservice.
This is a rapidly evolving field with lots of innovation and while it pays to be skeptical, it also pays to be curious.
- The insurance company scamming you,
- The insurance company using you to scam their investors.
- All of the above.
The principle and any interest earned to date is insured if you purchase the insurance. Again, I don’t endorse the insurance products as I haven’t done the research, but elsewhere on this thread I mention Ozone Insurance which claims to be a trustless on-chain stablecoin insurance protocol.
That said, this is a fast-moving space with new entrants coming online all the time.
For example I just Learned about Ozone Insurance which claims to be a 100% trustless on-chain insurance plan [0]
[0] https://cointelegraph.com/news/risk-harbor-set-to-take-over-...
However did you know that FDIC insurance only requires 1.35% reserves? Of course they can also have the FED print money which drives further inflation for everyone.
Net, net, no the guarantees are not the same but government-backed insurance isn’t as safe as we would like to assume.
Also, outside the US, deposits are only 100% insured up to very modest limits. Banks offer no insurance above these modest limits.
As a timely example in Ukraine only deposits up to 200,000 UAH are insured. At the current UAH:USD conversion rate, that means only up to $6,600USD of deposits are protected. Anything over that amount has zero coverage.
Crypto stablecoins can provide options for those in need. Please don’t immediately dismiss them simply because you personally may not see the use-case.
I hadn't heard of this, how would someone get set up with something like this?
Fair warning, I am not endorsing any of these as I haven’t done the research on the insurance options yet.
This is not possible unless there's production available denominated in the stablecoin, you have to buy whatever currency they'll accept first.
Even then it's not possible to "preserve purchasing power" by keeping a currency, because that's not what currencies do - they're a medium of exchange not a store of value. Imagine if everyone held a stable currency, but one day got tired of going to McDonald's and stopped trading with them. Eventually they go out of business; now you can't buy it anymore. You have failed to store value measured in McDonald's purchases. If you want to invest to rebuild it, then it's more expensive and that's supply shock inflation. This is more or less why central banks target 2% and not 0% inflation, to encourage occasional maintenance spending.
There isn't really much that can actually store value. Gold and bitcoin obviously rely on bagholders. But in general "storing value" means compelling other people to do work for you, and they're not always going to be there to do that.
When Apple introduced iTunes, the appeal to consumers was obvious: You can buy only the songs you want, you are not forced to buy a whole album. You can do it from the comfort of your home. And you don't have to go through the (then time consuming) process of ripping a CD to get it on your iPod.
With cryptocurrencies, I see no such obvious benefits that would compel consumers to trade their bank accounts and credit cards for ethereum wallets. The transaction fees are considerably higher. Their decentralized nature, often touted as their greatest asset, becomes and anti-feature once you need to issue a chargeback for a purchase from a fraudulent seller. Crypto does not solve a problem people regularly deal with, and nothing about it is fundamentally easier than the systems it seeks to replace.
For example, Terra is a Proof of Stake blockchain with negligible fees and a 6 second settlement time. It is currently widely used as a payment system in South Korea.
There is a joke about how the things we want are getting cheaper (iPhones, TVs, music streaming) while the things we need are getting more expensive (food, housing, healthcare, higher education)
Offering society a high-yield stablecoin savings option finally allows people to grow their savings and stay ahead of inflation with low relative risk.
I think that’s a honking good idea.
Still, it is important to appreciate that consumers do pay a premium for this feature on all transactions built into the price because merchant account for the risk of chargebacks when setting their prices. I can’t estimate the amount of premium but I would guess it adds up to a few percent.
https://chai.finance/ Chai is the Payments solution. I’m told they have 2 million users in Korea but you may know better. It can be used to pay in MacDonalds and Starbucks to name a couple examples.
I still find it interesting to know that one can pay for a Big Mac or a Latte using stablecoins as an option in Korea.
Stopped paying attention here. So, so..so incorrect.
I see these as worse, because they suggest to the average consumer American that sending money is free, reducing pressure on a proper low-delay settlement system with sufficiently low fees to allow users to ignore the fees in most instances. Say, 1ct + 0.05%. (That's AFAIK comparable to SEPA's version of electronic checks (i.e., asynchronous pull), and fees for low-latency push shouldn't exceed 0.2%, either. With delayed settlement, even push should allow the very low fees, though.)
The transaction-cost problem has many possible solutions.
Remember, that payment includes final settlement, something that can take months for a credit card merchant.
Also, there are many other Proof-of-stake chains that offer faster and cheaper settlement.
> something that can take months for a credit card merchant
OK, instant closing is desirable for sellers - but why would a consumer care?
I'm guessing availability and ease of use.
It broke my heart listening to my cab driver talk about how much he paid for his medallion.
And yet all of those things happened in yellow cabs and much more. Yellow cabs are truly terrible experience. And they were never far cheaper.
No cabby objects to going to Brooklyn and hasn't for almost 10 years.
Uber/Lyfts at JFK constantly call and try to ask where I'm going before they pick me up.
The Curb app is fine.
The problem is not the medallions but the centralization of medallions. Owner/operators are usually much better than the dude renting the cab and medallion from some shady ass company.
The TLC should do more to fix the cabs - and we should support them fixing cabs and owner/operators at the expense of Uber/Lyft. The competition is good, but Uber/Lyft are no better than the medallion squatters.
When Uber started, this was true. Uber has gotten, pardon the pun, uber expensive in most places I go.
I now take a cab from the airport because a) it's easier, and b) it's cheaper. I'm not sure I'd say 'far cheaper', but that probably depends on locales.
Really? Yellow taxis are alive and well in NYC.
The drivers who were 'wiped out' are the ones that bought a medallion at the peak of a bubble. They were victims of predatory lenders as much or more than Uber or Lyft.
Most drivers rent cabs and medallions for a fixed price and then keep whatever fares they earn. Even drivers who own medallions would typically let them out to other drivers so the cab could be on the streets for as close to 24 hours as possible.
Rideshare services have made the medallions less valuable because drivers for them don't need to rent a cab and medallion, and so the owners can demand less for renting them out. In other words, it has given labor _more_ power, and the typical cab driver is doing better.
If you've been noticing less cabs lately, it's probably Covid related, as the pandemic has diminished the demand for all types of travel, particularly in Manhattan.
> Credit card reader broke
Microscopic knowledge of every corner of the city won't help you predict a traffic accident blocking your most efficient route, or a crazy homeless guy pushing a dumpster onto the road.
Not to mention but even if the p50 or p99 driver has amazing knowledge, as a customer, it frustrates me to no end to have to explain to a taxi driver where I'm trying to go because they happen to not know MY location, and are too proud to just punch it into Google Maps.
This doesn't happen with Uber/Lyft.
And we haven't even gotten to the "My credit card machine isn't broken" scenario. Being able to walk out of the car at your destination and just take off is worth it for that alone.
So what if they are?
Really? Capitalism == Peak of goodness?
I am not against forms of socializing aspects of society. Fire service works wonderfully, universities are fantastic, etc.
That’s what has happened in Finland. Established, trained and taxpaying cab drivers had to compete against untrained drivers who haven’t got a business license or pay taxes.
This triggered a race to the bottom and drove many into unemployment, poverty and bankruptcy.
Literally no one gained anything from this other than foreign-based ride-hailing apps: remaining drivers (many of them immigrants) barely get paid due to the price race to the bottom, customers get worse service and worse ride comfort and slower drives due to independent drivers not even going through a basic city knowledge test. Government loses tax money and much of the revenue is siphoned to foreign countries.
The mayor actually tried to ban Uber but the public backlash was so great that they panned that move.
It prescribes billions must kowtow to a minority who are average people granted political and education advantage.
Read the well curated history; capitalism came about when some rich educated guys in the 1800s realized religion was dying, and needed a new social control scheme and decided a few slogans about honest work being worth a buck would be easily understood by the lesser educated laborers.
Human ingenuity and engineering existed for hundreds of thousands of years before capitalism.
No crazy Uber pickup location and trying to find “your” driver.
I also don’t have problems getting cabs at the hotels that I am staying at.
If I have to go down 101 and am in a remote spot I often have to use Uberlyft since nobody is willing/capable to get a cab.
Early on Uber cars were nice - now they are rundown just as much as cabs.
Pricing is horrible by Uberlyft. It’s just a disgusting feeling to have discriminative pricing algorithms.
Most cabbies I talk to own their Medaillon and are proud and knowledgeable about their job.
Prior to Uber, cab dispatch outside of airports and the hotel were nearly impossible. Getting somebody to come pick you up was a disaster of unreliability, particularly at times when transit had stopped, and cabs were the only option.
Uber/Lyft have huge problems, but the medallion system is even worse, IMHO. Ideally we'd have functioning transit and enough housing served by that transit that the housing becomes affordable. But without that, I'm glad that Uber/Lyft are there as an alternative to the horribleness of cabs.
To add, I’ve also had to walk 3 miles in frigid SF fog and sleep in the office because I couldn’t find transportation back home.
Like their housing, this artificial scarcity ruined SF for me. On the flip side most Uber/Lyft drivers drive like maniacs now. So I guess there’s a line to be drawn somewhere in between the two craziness.
I downloaded Uber, signed up for an account, and had a ride by 6:25.
Uber was an incredible breath of fresh air. It just worked. It's more expensive now, but it still just works. And it's probably still cheaper than taxis were.
I wouldn't want to go back.
Best was in the evening. Went to the cab queue and the guy that pulled up for me had the windows down and was blasting techno from that university station that was around back then. He practically catapulted my gear in the back and off we went. Traffic was light enough he could weave through it doing about 30 over the limit, windows down and techno blaring the whole way. Got to my hotel quite fast.
The worst was mid day, and was a guy that was starting to nod off to sleep at red lights. I nearly got out of the cab but was already late to a big deal meeting, so just stuck it out despite how sketch it was.
The only reason Uber can't offer this service and has crazy pickup locations is because of regulations imposed on Uber
Nobody responded. The app helpfully showed me all the Lyft drivers nearby that were ignoring me, which was really awesome.
At some point, it became clear that I was not going to get to the airport in time unless I left really soon. So I called Yellow Cab (or whatever the taxi service is called in Milwaukee). Five minutes later, the guy showed up and I was on my way.
I get that, as a brand new user, the drivers may have been cautious or wary of a gumper with no ratings, but WTF. I'm at a hotel going to the airport. I deleted the app from my phone, and would now rather take a pogo stick than Uber or Lyft.
Then we get to the hotel 15 minutes away, he wants $40 cash. Turns out his credit card reader is broken. I argue with him for a while, and he decides he can write my fucking card number down on a piece of paper. Asks me what the tip will be. It's zero, asshole.
Nowadays I have to walk farther to the rideshare pickup area, but the ride is cheap, the service is good, and I don't have to have an argument at the end of it. I tip in cash so that Uber/Lyft can't steal it.
I wish there were a version of this where the driver would get 90% of the fare, nobody gets discriminatory pricing, and nobody has to deal with gamified BS, but oh well. I will NEVER ride in another taxi or take any action to help taxi drivers. They had their chance and they blew it.
"Fuck you then, send me a bill" and throw my business card on the seat
Do as you like but keep in mind there are some decent taxi companies. Up here there's a driver owned co-op cab that is reliable and reasonable. No nice app but if you schedule a trip to the airport they show up on time.
Wait is a monopoly protected by regulatory capture anti-capitalist or just capitalist.
Uber ignored all that and just took the profitable peek times. Plus they ignored employment law and paid drivers less than minimum wage.
They "disrupted" our taxi industry by illegally taking the easy profit and ignoring the costs of being a business.
I hate that it seems like every government in the world treats companies that blatantly break the law with kid gloves instead of coming down on them like a ton of bricks.
In the capital of Turkey, Ankara, the islamist mayor cut all the public transport after 00:00, making late evening events(concerts or simply socializing in bars and clubs) inaccessible to younger people from poorer backgrounds because the taxis were expensive and abusive(the taxi lobby was protected by the same government).
This caused divides between the youth and hindered the arts and entertainment scene for many many years.
Some stuff is essential services. Like the airlines, they must be available and accessible even when it’s not profitable. It often needs to be subsidized, the subsidy can come from the central government or the users of the service can share the cost of the unprofitable operations.
When you fail in that, the whole society and economy crumbles.
Is it just public transportation? Are airlines and trains public transportation? Is it other critical infrastructure? Utilities? Energy? Healthcare? Communication? Other societal necessities like food/housing/shelter?
Also, whatever is prohibitively expensive to duplicate, such as water/sewage/gas pipes, electrical/fiber wires, etc. Or public transport like underground train systems.
Taxes, tariffs, subsidies, affect market pricing quite a bit and are extremely common. Some consumer protection laws place very loose pricing rules on businesses that are literally price controls, but in practice allow pricing to fluctuate with market rates. Some other industries have segments which are price controlled, and other segments that are not, i.e. healthcare, insurance.
For example, give people access to higher education. Okay, have the government operate the higher education institutions. Or give the students cash to pay for the higher education institutions.
But do not obfuscate costs by guaranteeing all student loans with zero underwriting. (The more politically popular method since it keeps taxes low now and lets politicians say they helped people). Of course, this price obfuscation rears its ugly head in 20 to 30 years once tuition is now $50k+ per year.
Do you mean 'obfuscated' or 'inflated'?
I'm not sure how prices are obfuscated in US higher education... prices are published and you sign several pieces of paper with the price on it before you walk into class for the first time. Guaranteed loans don't obfuscate prices (in fact, DoE loans have more paperwork than private loans), they enable schools to inflate prices because it gives more buying power to their students. This isn't something that would be fixed by handing out cash instead, in fact, grants/scholarships are another factor that have enabled schools to inflate costs. If you shift the demand curve up and to the right, the equilibrium price goes up -- it doesn't really matter what shifted it.
A prudent lender would not lend a teenager tens of thousands of dollars to study something the society does not want (indicated by high probability of low paying careers as a result of that education).
Grants/scholarships/subsidized tuition might push demand and hence prices higher, but because grants impact taxpayers’ wallets today, there would be a built in check on spending. Not so with lending the money to teenagers.
The government can defect spend, and raise taxes later. That's even more of an obfuscated price than an ill-advised loan. Either mechanism of surprise costs is a bad thing.
The root of the higher-ed problem is social. We're forcing kids to make career decisions before they're ready, and we're forcing them into paths based upon 1970s stereotypes about the workplace. 50% of counselors and secondary-teachers are clueless about the broader workplace, and the other 50% would be politically chastised by parents if they told the truth.
We'd solve 80% of our student loan crisis if it was politically okay to tell kids:
1. If you don't have an interest in higher learning, don't want to go to college, or "just want a job" you shouldn't go to college. Don't go to college because your mother is pressuring you to do it, because she finds it 'unfashionable' or 'embarrassing' if you don't.
2. Just because you can do something doesn't mean someone will pay you to do it. How many job openings are in that career path, how many people are competing for that job, and how do you rank against them?
3. Academic talent is 50% of what employers care about. Nobody is going to care about your GPA if you don't have social, professional, and self-marketing skills.
In the case of Taxi service, I find to be more appropriate users of the local service sharing the cost of the low hours. Central government paying for local services tends to be very inefficient.
By restricting the distribution of costs over only people who use taxis, then people who use taxis are unfairly shouldering a burden that society benefits from as a whole.
I definitely sympathise with your main point - there's a tendency to see a problem and go looking for a nearby business to soak rather than funding it through general taxation. But assuming we accept that there should be a fleet of taxis that operate overnight to provide this socially-mandated service (and whether that fleet is directly owned and operated by the government or is something that private operators provide as part of a mutually agreed bundle of rights and obligations is immaterial IMO), for private industry to undercut the profitable segment of that service would be a both direct social loss (money out of the government's account) and a waste of real value (those expensive taxis sitting in the daytime).
By mandating that taxis are available we are saying that the cost of off peek taxis should be paid by people that use taxis. If I never go to a town big enough to have a taxi service, or if I drive my own car everywhere, then I never share the cost for subsidising off peek taxis.
Which is more fair, everyone pays or only taxi uses pay?
I would even go so far as to say if the government is mandating something, then the costs should be distributed amongst that government’s tax base (can be progressively distributed, but across the whole tax base nonetheless).
e.g.:
* making polluters responsible for cleanup costs
* making investors responsible for the costs of overseeing the markets they profit from
* making bad drivers responsible for paying for the consequences of their actions
I'd say it's more fair to say that we could distribute costs to society when it's a public service that generally benefits everyone, or the disadvantaged. But I don't think we would want to distribute societal costs incurred by the rich or reckless.
The second example I see no problem distributing amongst society, if functioning markets are providing a benefit to society.
There are corruption risks with making government functions dependent upon the thing they are policing.
Instead of the government acting as either entirely public or entirely private, why shouldn’t it act instead as a mediator between the public and the private? This seems to be the most logical decision for me compared to either full socialism or full libertarianism.
This is an enormous assumption (frequently wrong), and precisely why the costs of a government mandate should not be implicitly laid on a select population.
It actually results in attempts to cheat and incentivize corruption. For example, NYC had or has a problem with cabs not taking people to poorer neighborhoods. The government can mandate it all day long, but they did not stop cab drivers from discriminating. The correct solution in this case, would be to pay the cab drivers the market price for going to the poorer neighborhoods.
The payment obviously would have to come from the government, either given directly to the poorer person or can be given directly to the cab driver. But either way the incentivizes would be properly aligned, increasing supply of cab drivers willing to drive to the poorer neighborhoods.
Where this falls apart is that it requires increase in government spending, meaning increase in taxes for rich people. And obviously, they are going to oppose this wealth transfer. It is much easier and cheaper to simply require cab drivers to go to poorer neighborhoods under threat of fines or whatnot, and sit back and let the status quo continue.
It depends on the context of mediation. In one sense, government-as-mediator is completely compatible with a libertarian nightwatchman state so long as such mediation is impartial and does not infringe on public and private rights of either party.
But I don't think such a distinction helps here, as the functional differences between taxis and Uber amount to little more than legal fiction.
My guess is that governments have interest in making sure services are safe and reliable. Hence licenses. And rules for those licenses.
With a private pilots license you can't fly for money, but you can take your friends and family with you.
With a commercial pilots license you can fly for money.
Neither of these are capped, a commercial pilots license just requires slightly more education and experience. Why should licensing for taxis be any different?
For small private planes? Slots are hardly ever the limiting factor.
Taxis are more like private jets than Airbuses carrying hundreds of pax.
While taxis aren't as good for society as buses, they still reduce the total amount of car infrastructure required. The slot comparison doesn't seem apt.
No they don't. They choke up the most costly piece of car infrastructure - road space in the very centre of cities.
If I drive myself to somewhere in the centre, my car will sit there using up space while I'm doing my thing. If I use a taxi, the same car that delivered me will serve other people while I'm doing my thing.
Of course it would be even better if I used public transport, but I'm not going to do that because public transport is uncomfortable at best.
In the absence of terrible laws, it'll be stored somewhere that's more space-efficient (e.g. in a multistory car-park) compared to a taxi cruising around the main streets looking for fares.
But uber ignored all that anyway.
Just like you'd get in trouble for driving a car with a motorcycle license.
But that same agency didn't do shit to Uber for operation of a taxi service without meeting the requirements.
Going after the little people is easy, but give up when the target has a bunch of VC money and lawyers.
We have a similar problem with our courier drivers. Everyone is "totally not an employee, they run their own independent business".
Why should this enforcement be outsourced to Uber?
“Oooo sorry Jim, there’s no money to be made in cancer patients.
The government has an interest in people having access taxi services 24/7 because it prevents DUIs and licensure/regulations is the means to ensure that.
“Well the government should provide that transportation then.” — They are via this regulation.
They should not, unless hospitals have the power to tax. Or the hospital is getting reimbursed by the government.
>“Well the government should provide that transportation then.” — They are via this regulation.
Politicians like to do it via mandates for businesses because they can avoid being responsible for problems and have a convenient third party to blame. It also avoids them having to increase taxes.
The important thing is the price for a hospital being able to provide highly qualified team of workers and equipment 24/7 to treat patients should not be obfuscated. It is valuable information for how many more hospitals/doctors/research/ whatever is needed and which kind of work society should incentivize people to do.
I’m doing some academic work on Uber’s effect on existing laws, and your example would be very helpful.
Not to mention that the smartphone online model plus flexible work is inherently more efficient.
I'm literally typing this on a late model macbook air right now, and I use MacOS because of its NeXT and BSD-like heritage, but he was not not a nice person.
Long story short:
“The reasonable man adapts himself to the world: the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw
Long story long:
I'm a nice person, I'm passive, I like letting people do their thing and letting them learn on their own timeline because, in my experience, 'forcing it' can result in an opposite reaction. I'm happy to provide guidance when asked and gentle suggestions and nudges in the right direction, delivered non-threateningly.
On the flipside, my opinions are relatively strongly held because I 'do the work' to research and understand the issues that I either care about, or am tasked to solve in my work.
I get internally "Jobsian" at the dismissal of my solution for another, but rarely let my internal "Jobs" out of his box. In my earlier years I've been told (by my wife) that I'm scary when in disagreement; my voice, tone, and body language is apparently threatening. I don't want to impose this beast, I don't want my influence to be threatening, I want it to be intellectual; the actual right answer or best path forwards.
Quiet intellectualism, however, appears to be the easiest thing in the world to ignore and / or dismiss.
Or maybe I'm just wrong, and living in my own reality distortion field.
Learned lesson, don’t be publicly sharing a companies plans.