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Over a long and industrious career, the investor George Soros developed a theory he calls reflexivity. The basic idea is that expectations dont form in a vacuum. They are shaped, in part, by our perceptions of what other people believe. The more widely an idea is accepted, the more likely we are to accept it ourselves and that, in turn, reinforces the collective wisdom. If many believe that, say, the stock market will go up or that AI will create an economic boom, were more likely to believe it too. That belief then drives behavior: investors buy stocks, companies pour money into AI, and the prediction begins to fulfill itself. All of this only adds fuel to the fire. Nobody wants to get left out of a good thing. Soros made a lot of money betting against reflexivity because once the pattern of self-reference and self-reinforcement takes hold, things are bound to overshoot. Expectations drift far beyond underlying realityand eventually snap back. It seems something similar is brewing. As big institutions accumulate unprecedented power, a growing backlash seeks to take power back. The rise and fall of Porters competitive advantage For decades, the dominant view of business strategy was shaped by Michael Porter’s theory of competitive advantage. In essence, he argued that the key to long-term success was to dominate the value chain by maximizing bargaining power over suppliers, customers, new market entrants, and substitute goods. Yet as AnnaLee Saxenian explained in Regional Advantage, around the same time that Porters ideas were gaining traction among CEOs in the establishment industries on the East Coast, a very different way of doing business was gaining steam in Silicon Valley. The firms there saw themselves not as isolated fiefdoms, but as part of a larger ecosystem. The two models are built on very different assumptions. The Porter model saw the world as made up of transactions. Optimize your strategy to create efficiencies, extract the maximum value out of every transaction and you will build a sustainable competitive advantage. The Silicon Valley model, however, saw the world as a web of connections and optimized their strategies to widen and deepen linkages. If you see your business environment as neatly organized into specific industries, everybody is a potential rival. Even your allies need to be viewed with suspicion. So, for example, when a new open source operating system called Linux appeared in the 1990s, Microsoft CEO Steve Ballmer considered it a threat and immediately attacked, calling it a cancer. Yet even as Ballmer went on the attack, the business environment was changing. As the internet made the world more connected, technology companies found that leveraging that connectivity through open source communities was a winning strategy. Microsofts current CEO, Satya Nadella, declared that the company now loves Linux. Ultimately, it recognized that it couldnt continue to shut itself out and compete effectively in a networked world. Preferential attachment, power laws, and network collapse Phil Knight built Nike into exactly the type of business Porter imagined. It created an impressive marketing machine built on partnerships with famous athletes, dominance of retail channels, including its own proprietary outlets, and an optimized supply chain that kept costs to a minimum. The company was a paragon of sustainable competitive advantage. Then, in the early 1990s, writer and activist Jeffrey Ballinger published a series of investigations about Nikes use of sweatshops in Asia. People were shocked by the horrible conditions that workersmany of them childrenwere subjected to. In many cases, factory owners lived outside the countries where the facilities were located and had little contact with employees. As the network scientist Albert-László Barabási and his colleagues discovered, this is exactly the type of asymmetric vulnerability that even the most powerful fall prey to. A firm like Nike becomes dominant because of a phenomenon called preferential attachment, sometimes also called the Matthew effect. Essentially, the rich get richer. What happens is that once a node in a network builds a small advantage over competitors, it is more likely to attract new connections than smaller players. That creates a power-law distribution in which the network is dominated by large hubs that are exponentially larger than their competitors. Yet the sweatshop scandal threatened to reverse that process, making rivals without scandals marginally more attractive to consumers than Nike. That shift, however small at first, could cascade, allowing rivals to strengthen relationships with suppliers and retailers, widening and deepening their corporate networks at Nikes expense. At first, Knight was defiant, but ultimately, even he recognized he needed to give in. As he would later write in his memoir, Shoe Dog, We had to admit. We could do better. Going beyond its own factories, the company established the Fair Labor Association and published a comprehensive report of its own factories. Backlashes, old and new Today, we live in a new era ofbig business dominance. Just seven companies dominate the U.S. stock market. The economist Thomas Philippon and his colleagues have documented how the growing dominance of large firms across increasingly consolidated industries has led to a decrease in competition in the United States. A Federal Reserve report had similar findings. Weve been here before. The Gilded Age in the late 19th century was marked by enormous investment in a breakthrough technology: railroads. Vast fortunes were made and a breed of oligarchs like Vanderbilt, Carnegie, and Rockefeller created industry trusts that allowed them to dominate the United States, both commercially and politically. Yet every revolution inspires its own counterrevolution. The Gilded Age was soon followed by the Progressive Era and the rise of the muckrakers epitomized by Ida Tarbell, Upton Sinclair, and McClures Magazine, who exposed corruption and exploitation on a massive scale and shifted the political winds. New legislation and enforcement tools, such as the Sherman Antitrust Act, led to a leveling of the playing field. Today, we are seeing similar signs. The Australian government has banned social media for children under 17. Frustration with the low-quality content that AI has flooded the internet with led The Economist to name slop as its Word for the Year. Elon Musks effort to bring Silicon Valley management techniques to government with DOGE was a massive failure, which resulted in hundreds of thousands of deaths. Against this backdrop is a growing New Brandeis movement, which seeks to reinvigorate antitrust efforts and restore competitive markets. After gaining traction during the Biden Administration, it has mostly been dormant since, but things can change quickly. Larger risks amid lesser resilience In 2008, when the global financial crisis hit, the world was a relatively stable place. While the U.S. was still engaged in Iraq and Afghanistan, those were fairly low-level conflicts at that point. The U.S. federal deficit was $450 billion and the U.S. national debt was $10 trillion, both less than a third of what they are now. Today, the world is a very different place. Beyond the worsening economic situation, we have the largest conflict in Europe since World War II. Russia, China, and other bad actors are engaged in a massive information war against the West, fueling populist surges and political turmoil in Western nations. The Atlantic Alliance, once a force for stability, is in shambles. Many would argue that, today, we are in a new Gilded Age, in which powerful industrialists, unbeholden to the rule of law, regularly engage in predatory behavior, but their actions are often shielded from view by technology, buried in complexity. When they are called before Congress, the peoples representatives seem lost, unable to meaningfully challenge their power. And much like the Gilded Age was marked by continued cycles of government-sponsored overinvestment and financial panics, today we are likely on a path to an AI bubble that will rival the massive panics we had in 1873 and 1893. Unfortunately, unlike during the 2008 financial crisis, our capacity to manage the fallout will be greatly diminished. Clearly, we are on a path that is taking us into rough waters. As Soros described, once the pattern of self-reference and self-reinforcement has taken hold, systems dont correct gently. They overshootand the eventual snapback is rarely orderly or kind. Correction will not come from markets alone. It will come through backlashpolitical, social, and institutionalwhen those left bearing the costs decide the system no longer serves them.
Category:
E-Commerce
** NEEDS JUSTIN POT BYLINE ** Have you ever opened your favorite music-streaming app and wondered why all your playlists have the same five songs? It can be annoying, even if they happen to be five songs youre really into right now. And, make no mistake, they will be five songs youre really into right now, because thats how many of these services workand its not because everyone else has the same taste in music as you. For instance, any Spotify playlist that says created for in the header is catered to the individual user, based on their listening history. Theres nothing wrong with that, necessarilyit can be nice to know youre going to hear songs you like. But there are downsides. Mostly, this feature makes it hard to discover new music. Maybe you want a little bit of an idea of whats going on in the broader culture. Maybe you love discovering new songs. Music-streaming services have a tendency to stick the same songs into every playlist and radio station, but theres a way to get out of the same ol song rut. This tip originally appeared in the free Cool Tools newsletter from The Intelligence. Get the next issue in your inbox and get ready to discover all sorts of awesome tech treasures! Time to escape the algorithms Ive actually got two Cool Tools to share with you today. Both of these tools will help you escape the music-streaming algorithms so that you can discover and listen to new music. You can start using either of them in an instant. 1 The first tool is called Spoqify, and it creates a clean version of any Spotify playlist or radio station so you can listen to music like an anonymous user. Spotify, without the suggestion-controlling historywhat a novel concept! The easiest way to use Spoqify is through a browser. To get started, simply: Copy the URL for any playlist or radio station on Spotify Change the t in spotify.com to a q Paste that new URL into a browser The service will instantly create a playlist for you containing what Spotify would show you if it had no prior knowledge of your listening habits. You can now listen to the updated playlist and even save it to your library. Though it is a bit of a workaround, you can still use Spoqify if youre on the Spotify app. Granted, its not as simple (youll need to install a tool called Spicetify), but it allows you to listen to Spoqify without ever leaving the service. (Also, is anyone else getting confused with all the Spotify/Spoqify references?!) 2 If you dont use Spotify or you dont want to mess with URLs, you could always check out Playlist Generatortodays second Cool Tool. This separate service lets you search for any song, artist, or album and creates a list of similar songs. It reminds me of Pandora, back in the day. Once you generate your playlist on Playlist Generator, just click on the Transfer buttonand you’ll be taken to their partner site, where you can export your playlist to any number of streaming services. Or, if you want to listen on Spotify, you can connect Playlist Generator with Spotify to save a list directly to your library. Playlist Generator is a little like Pandora back in its heyday. Ive been enjoying both of these services, though I recommend combining tools like these with a good community radio station, if your town has one. Theres nothing like real human DJs for finding new music. Both of the services mentioned here will work in any web browser. Theyre also both completely free. You can use both Spoqify and Playlist Generator without creating accounts, though you can connect your Spotify account to Playlist Generator if you want. Playlist Generator does also collect some information, but the sites privacy policy makes clear that it doesn’t sell or share your personal information in any shady-seeming ways. Treat yourself to all sorts of brain-boosting goodies like this with the free Cool Tools newsletterstarting with an instant introduction to an incredible audio app thatll tune up your days in truly delightful ways.
Category:
E-Commerce
When I was a product marketing leader for a corporate regional bank, I found myself getting annoyed during an all-day strategy meeting. My frustration came from hearing the same voices, sharing the same old ideas. I wondered why other people, especially the women in the room, werent speaking up. I remember thinking, Well, you could be the one to speak up. I felt nerves jump in my throat and doubt sink heavily in my stomach. Who was I to speak up? I thought that others in the room were smarter than me since they had higher titles and more experience. Looking back now, I realize that I had a big problem, a Pedestal Problem. I silenced my ideas because I was intimidated by the HiPPO in the room, the highest-paid persons opinion. I had them on a pedestal, thinking they knew better than me, therefore there was no room for my ideas or expertise Since that day, I have seen this play out among thousands of leaders. One example is my client Melinda, an executive director who silenced her gut and trusted her CEOs judgment on hiring a new sales leader for the organization. One year in, after various missed sales targets and employee complaints, she realized her gut was right all along. AUTHORITY BIAS STIFLES INNOVATION A very human instinct to defer to the person who seems smarter can quickly become a structural issue within organizations. Psychologists call this authority bias, which leads us to accept information or instructions from perceived authority figures without critically evaluating the content. Pedestalling leaders can lead to dangerous outcomes, like Theranos and Ubers corporate scandals. Superhumanizing their founding CEOs, Elizabeth Holmes or Travis Kalanick, actually led to them being dehumanized. It created an allure of perfection that prevented employees from seeing and connecting to their leaders as real people. One study found that when employees strongly deferred to leaders’ authority (or viewed leaders as untouchable), they were more likely to go along with unethical behavior rather than speak up. This problem can also interrupt feedback loops that fuel brand identity snafus like the billboard ad for Match, which advertised a woman with freckles and the tagline, If you dont like your imperfections, someone else will. If someone spoke up before the ad went live, it may have prevented them from offending millions of people with freckles and the inevitable public apology. To pull down the pedestal and bring people together to the table as equals, its not about training our teams to present more confidently. Instead, leaders need to recognize the authority bias they carry, simply because of their position, title, or even their charisma. Here are three ways that leaders can foster genuine team connection, and unlock the ideas that keep organizations relevant. RECONNECT WITH YOUR CURIOSITY I have studied this pedestal problem for nearly a decade, and I still have to be careful not to fall into the trap myself. In the past, during the Q&A portion of workshops or speaking events, I would simply answer the questions presented to me. However, I realized that participants could put me on a pedestal, without stopping to consider that I often knew little about them or their situation. Now, when they ask me a question, I curiously respond with questions like, Whats been your current approach? or What options are you considering? Nearly every time they respond with a unique idea or insight that benefits the entire room, and they get a boost of confidence to trust their gut and try the idea. Transferring this to your everyday 1:1 meetings, how often are you simply answering questions from your team? What new ideas could be heard if you responded curiously, starting with the two questions above? DON’T BE THE EXPERT, FACILITATE THE EXPERTISE My client, Kara, a chief marketing officer, frequently complained that her team was too quiet during feedback and brainstorming meetings. Kara was a founding employee known for ideating a billion-dollar product in the organization. While she was burned out from carrying the creative load, her team always deferred to her judgment. I challenged Kara to see that her team had put her on a pedestal. I encouraged her to shift away from being the expert, and instead facilitate the expertise in the room. Kara knew shed hired great talent, and so she implemented some approaches to cultivate greater involvement. Before meetings, she invited quieter team members to share publicly in the meeting, she started rotating who led meeting agendas, and she started allowing for uncomfortable silences in meetings to benefit those who needed reflection or courage to speak up. In just one month, Kara already noticed a shift. Her load was reduced, new voices were emerging, and her team was energized because they now had ownership over the new marketing strategies they would be testing and implementing. EQUALIZE YOUR CONNECTION WITH OTHERS One f the biggest near-failures in my career came from assuming that because I had a good relationship with my team, the new training team members from the two banks we acquired would naturally align with our existing chemistry and processes. After several weeks of urging new team members to follow our long-standing training methods, and missing their feedback, one member invited me to pay a site visit to watch their training operation in action. I was humbled. They had several more creative training techniques and they were more efficient than us. This experience taught me that while I had relationships with my team, we werent on equal footing. To truly connect, I needed to get out of my office more and into their world. This is why CEOs of Uber and Starbucks frequently visit the frontline, to reestablish a more equal connection to team members that facilitates two-way feedback. When leaders connect with their teams as equals, they dismantle the pedestal that keeps honest feedback and innovation out of reach. CONNECT OTHERS TO THE FUTURE One of the best CEOs I worked under viewed the team as people who would cocreate the future with him, not simply execute his vision. I distinctly remember his self-awareness, because during town halls, he acknowledged that while he had a vision, he didnt know exactly how wed get there. In these town halls, he called out team members by name, recognizing that their unique perspectives were essential to making the vision successful. When leaders over-plan the future, they unintentionally send the message that theres no space for input. In my work, I have found that the most impactful leaders dont sell the how, they sell the what. He called others to focus their energy on how they could contribute to shared future goals instead of pointing their attention toward achieving his goals. To prevent smart people from quieting their ideas, which leave products undeveloped, policies outdated, status quos unchanged, and cultures mediocre, leaders hold the responsibility to pull the pedestal. Equalizing their connection with their teams creates a safer place for new voices to emerge because they feel seen, heard, and understood.
Category:
E-Commerce
2025 was a banner year for cryptocurrencies on many fronts. Global regulation eased. Stablecoins powered $46 trillion in annual transactions. And major shifts in U.S. government policy spurred wider adoption. But with that expansion came a notable bump in crypto fraud. A new report from Chainalysis, a blockchain data platform based in New York City, estimates that $17 billion in crypto was stolen last year through fraud and scams. Impersonation scams, where criminals pretend to be trusted entities or use fake tokens or websites to trick victims into sending them crypto, were up a jaw-dropping 1,400% year over year. And while it’s much too early to gather any conclusive data for 2026, the year got off to an inauspicious start. Earlier this month, the FBI warned about the use of Bitcoin ATMs, saying the devices are a magnet for scammers to convince people to send money (their entire life savings, in some cases) overseas. And just this week, the fintech firm Betterment confirmed that hackers had broken into its systems earlier this month and used the data to send a fraudulent crypto note to users, which funneled money to a wallet controlled by the attacker. Meanwhile, former New York Mayor Eric Adams launched a new crypto token on Monday that he said would combat antisemitism and promote blockchain education. It quickly lost 81% of its value, bringing about accusations of a “rug pull” across the crypto community. Chainalysis warned in its report that this could be just the beginning of another year of new highs. “As we move into 2026, we expect further convergence of scam methodologies as scammers adopt multiple tactics and technologies simultaneously,” it wrote. Early projections by Chainalysis indicate scammers in 2025 received at least $14 billion on-chain, a transaction that occurs directly on the blockchain (compared with a speedier and cheaper but riskier off-chain transaction). That’s a big jump from last year’s initial estimate at the same time of $9.9 billion. Ultimately, the 2024 number settled at $12 billion following recalculations. The 2025 total is projected to come in above $17 billion, as more bogus wallet addresses are uncovered in the coming months. That would make last year’s rise in crypto scam losses the biggest since 2020 to 2021, when they doubled. Subsequent years have been fairly flat, hovering between $12 billion and $13 billion. Scams were not only happening more frequently last year, the people perpetrating them were also pocketing more each time. The average scam payment in 2025 was $2,764, a 253% increase over 2024’s $782. “The 2025 data reveal the extent to which cryptocurrency-enabled scams are becoming more sophisticated, organized, and efficient,” Chainalysis wrote. “There are no silver bullets to tackling such entrenched, industrial-scale scamming activity, and to be effective, a multipronged response is required.” Impersonation scams were the biggest driver of losses. Not only were the number of those sorts of cons significantly higher, but the average amount people paid to the groups behind them was up 600%. Crime syndicates in East and Southeast Asia drove many of these, the report says, with forced labor compounds in Cambodia, Myanmar, and other regions forcing trafficking victims to operate the scamsthe most prolific of which was a phishing scam that targeted users of the E-ZPass toll collection system with a fake “outstanding toll.” Artificial intelligence is becoming a weapon of crypto scammers as well. The technology’s ability to leverage large language models and deepfake technology makes the schemes more realistic. As a result, scams that used AI vendors to create on-chain links averaged a haul of $3.2 million, compared with $719,000 for those without. While fraud was on the rise last year, there were some victories by law enforcement. Police in the U.K. recovered 61,000 in stolen Bitcoin. And TerraUS and Luna crypto developer Do Kwon, a Stanford graduate known by some as the cryptocurrency king, pleaded guilty in August to fraud charges stemming from the collapse of Terraform Labs, the Singapore-based firm he cofounded in 2018. Customers lost $40 billion in that fraud, a figure that exceeded the total losses of Sam Bankman-Fried’s FTX. Kwon was sentenced to 15 years in prison.
Category:
E-Commerce
Foldable phones have spent years trying to justify themselves. Some were too fragile, others too bulky, and most felt like solutions in search of a problem. The Galaxy Z TriFold is Samsungs clearest attempt yet to answer a more reasonable question: Can one device replace the phone-tablet combo without becoming a chore to carry? Coming to the United States later this month, the TriFold folds twice, opens into a 10-inch screen, and closes back into a pocketable form. Its an assertive design, but not a novelty play. Samsung seems very aware that this kind of device only makes sense for a specific kind of user. [Photo: Emily Price] The double fold is the trick, but the software does the real work The headline feature is the dual hinge. Closed, the TriFold behaves like a premium smartphone. Open it fully, and it becomes a genuinely usable tablet-size workspace. That space matters. You can run three apps side by side, resize them, and keep them anchored even when calls or notifications interrupt. Samsungs task bar lets you jump back into complex layouts without rebuilding them, which is a small thing until youve lost your place mid-task one too many times. We had a chance to try the phone first hand at a Consumer Electronics Show (CES) preview. The first time you open the device, the folding mechanism, in particular, stands out. Fully open, you might not even notice youre holding a phone rather than a tablet. The three separate screens blend together seamlessly. Samsung has also added guardrails. The phone will warn you if youre folding it the wrong way when you go to put it awaywhich feels less like hand-holding and more like protecting an expensive mistake. Editing photos is where the bigger screen actually shows off The TriFolds size gives Samsungs photo tools room to breathe, especially its generative editing features. Blake Gaiser, head of smartphone product management, says the difference is immediately obvious once you start using them. We’re really well known for what we call generative editingbeing able to remove things from a photo, Gaiser told me during a demo this week. He took a photo that included a person, and then was able to select and remove that person from the photo in seconds. It understands everything that I want to pick out here, and I’m able to take all the pixels out of that. He points to something thats easy to miss on smaller screens: cleanup details. Not only did it take the person out, but it took their shadow out as well, he said. So now I can look at both side by side each other, and you can see the shadow that she had there is gone. Being able to zoom in on before-and-after images simultaneously sounds minor. But for people who actually edit photos regularly, its the difference between trusting the result and hoping for the best. [Photo: Emily Price] This is very much not meant for everyone The TriFold is not designed for everyone. Samsung isnt pretending otherwise. Gaiser is blunt about the intended audience. It is for your top productivity people, he says. That philosophy shows up most clearly in DeX (short for desktop experience), Samsungs desktop-style interface. On the TriFold, DeX treats the device like a full monitor. You can resize windows freely, stack them, snap them into place, and even create multiple desktops that remember their layouts. So if I’m consistently looking at news articles and Samsung apps because I’m working on a piece or whatever, I could set those up in their own desktop, Gaiser said. Even when I clear the memory and everything, it remembers that setup. Gaiser has been using the TriFold as part of his own daily setup, and not always as the primary device. The two key things that I’ve done with this personally, in the three months that I’ve had this device: I have just a portable stand that I put it on, wireless keyboard, mouse, use it like a PC, he said. Or in my hotel room, I had my PC and I had this set up as a second monitor. The TriFold supports wired and wireless display output, including 4K when wired, making it less of a stretch to imagine it replacing a second screen for travel or temporary setups. Built sturdier than it looks Triple-folding phones raise obvious durability questions. Gaiser acknowledges the complexity. Because we have two different hinges on here. You have two different pivot points, he said. The phone uses magnets to keep it shut, but also to give the third screen a gentle pop after you open the first, making it easier to lift. Samsung also leaned heavily into materials, using ceramic glass fiber, a titanium lattice, and carbon fiber reinforcements to protect the folding display. Gaiser was candid in comparing it with competitors. [Photo: Emily Price] Power without cutting corners Under the hood, the TriFold runs on a customized Snapdragon 8 Elite chip, includes a 200-megapixel camera, and uses a 5,600 milliamphour battery spread across its three panels. That complexity is invisible to the userwhich is the point. The phone lasts through a full day of heavy use and charges quickly enough not to feel precious. Samsung also worked with Adobe to create a subscription-based Lightroom-specific app that behaves like its desktop counterpart, reinforcing the idea that this device is meant for people who actually produce things on their phones. The phone will come with a free trial. How it stacks up against other foldables Huawei Mate XT Huawei was the first with the Mate XT, proving that trifold hardware was possible. Availability is limited, software support is complicated outside certain markets, and it feels more like a statement piece than an everyday device. Concept triple-folds from other brands Several manufacturers have shown trifold concepts at trade shows. Most trifold devices are still prototypes, and thats fine. Building one is hard. Making one that survives daily life, and the bumps that come with it, is even harder. Samsungs advantage isnt that it folded a phone twice. Its that its spent years figuring out hinges, software behavior, durability testing, and what users actually tolerate. The TriFold feels like the result of that learning curve rather than a shortcut. So who should even consider this? Samsungs own answer is narrow. Gaiser calls the target audience the top 1% heavy users. Productivity tools, multi-window users, your ultra-top users, he said. Its not for everyone. That honesty helps. The Galaxy Z TriFold isnt trying to convince casual users to upgrade. Its aimed squarely at people who already push their devices hard and want fewer things in their bag. Its not flawless, not cheap, and not subtle. But its also the clearest signal yet that foldables are moving out of the experimental phase and into something more practical, even if only for a small slice of users.
Category:
E-Commerce
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