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BYZANTINE_PREMIUM

                                        October   15, 2026


                                                            REVCENTAUR

    "Tech bubbles are surprisingly easy
    to generate, thanks to something
    economists call 'the Byzantine
    premium.'  That's the extra value
    that investors place on an asset                  I often wonder how long
    that they don't understand.  They                 we're going to keep going
    assume that any pile of shit of                   with this before we
    significant size *must* have a pony               conclude that the stock
    under it somewhere."                              market is a broken
                                                      institution that can't be
      Cory Doctorow's "The Reverse Centaur's          used to regulate
      Guide to Life After AI" (2026):                 productive work.
      p. 179, "Agentic AI and other Absurdities"


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