Discover and read the best of Twitter Threads about #Fomo3D
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1/ Long Reads Sunday #6. On the same day that NYSE/ICE announced a new crypto ecosystem w/ Microsoft & Starbucks, a bomber drone tries to assassinate the leader of a country with a bitcoin/currency black market at the center of turmoil. So, you know, just another week in crypto.
2/ Let’s start big. On Friday, the parent group of the New York Stock Exchange announced a new crypto ecosystem with partners like Microsoft and Starbucks. Some called the announcement - and the institutional validation it implied - the news of the year.
3/ Those expecting a price bump were soon disappointed. Ryan argued that this was b/c the new @Bakktapp offered new supply but not new demand. In the great conversation that followed @novogratz argued that the partners like SBUX accelerate new audiences.
1/ #Fomo3d is a variant on a well-studied game theory problem called "entrapment".
This is just the start of "Game Theory As A Dark Art."
Here's what we can learn from it 👇
This is just the start of "Game Theory As A Dark Art."
Here's what we can learn from it 👇
2/ A popular entrapment game is an "all-pay auction" (where each bid costs money). This is similar to FOMO3D where you need to pay each time you "take" the private key.
Max Bazerman (a professor at Harvard) has run all-pay auctions for $20 bills with his class. Results 👇
Max Bazerman (a professor at Harvard) has run all-pay auctions for $20 bills with his class. Results 👇
3/ It's logical to pay $1 for $20.
Then to pay $19 for $20.
But it even makes sense to pay $21 for $20, because then you only lose $1 (21-20) instead of losing the amount of your previous bid (and not winning the $20).
Then to pay $19 for $20.
But it even makes sense to pay $21 for $20, because then you only lose $1 (21-20) instead of losing the amount of your previous bid (and not winning the $20).
