In the mid-20th century, the US made a pivotal choice that shaped its cities, economy and lifestyle. It chose highways and cars over public transit. At the time, this seemed like the future: the freedom of the open road, the allure of suburban living, and the booming post-second world war economy all converged to push America towards a car-centric culture.
The Federal-Aid Highway Act of 1956 cemented this vision, unleashing a highway system that encouraged suburban sprawl, fuelled the automotive industry and sidelined public transit. Rail systems were seen as relics of a slow, industrial-era technology ill-suited to America’s postwar aspirations. The car was king.
But this congested system is breaking. In 1950 about 30 per cent of the world’s population lived in cities. By 2030 this is expected to reach 60 per cent. Infrastructure cannot keep up with this growth. An increase in cars further reduces street capacity.
What we don't have a clear consensus on, though, is the path forward. Is it more highways? More public transit? More bike lanes? Or will autonomous vehicles finally arrive and bail us out? The answer will depend on who you ask.
In this recent opinion piece, venture capitalist Vinod Khosla makes the case for something else: personal rapid transit systems (or PRT). Conveniently, he also happens to be an investor in one -- a company called Glydways.
The promise is an on-demand mass transit system that offers the convenience of a personal car, but with the capacities and price points of public transit. And it is based on small autonomous vehicles riding in their own dedicated lanes.
Each lane only needs to be 1.5 meters wide, which is less than the 2.3 meters that the Dutch see as the ideal width of a one-way bike lane. And with this, the company claims that it can reach capacities of up to 10,800 people per hour.
To further put this into perspective, the standard width of a two-way parking drive aisle here in Toronto is 6 meters. So this would mean that each drive aisle could, in theory, have 4 lanes dedicated to these "Glydcars." That's how narrow they are.
Here's a video of them in operation:
https://youtu.be/UNEbH4pDOts?si=qkHONKWwnhyOvbLN
This, of course, isn't an entirely new idea. You might remember that Masdar City in Abu Dhabi claims to have opened the world's first PRT system in 2010 -- a 1.4 km line with only two stations. That said, Glydways has already been awarded three projects in the US. So for fun, I think I'll keep an eye on them.
The divisive debate over bikes lanes in Toronto continues to remind me that we need far better urban data. People and politicians keep touting "evidence-based decisions," but what exactly is that evidence? The high-level figure being thrown around by the anti-cycling side is that only something like 1% of residents use bike lanes. So obviously it only makes sense to focus on the 99% and not give up any space to this small minority group.
But this is highly aggregated data. It also doesn't speak to any of the externalities associated with introducing new bike infrastructure. Looking at 2021 Census data, the number of cyclists was actually around 5% for the old City of Toronto and in some areas it was between 15-20%. However, it's absolutely critical to note that this is only the people who selected cycling as their "primary mode of commuting" when submitting their responses to the last census.
I was at a dinner recently where the topic of crypto came up. Only two of us at the table were full-on believers, and the rest were generally sceptics. So naturally, the two of us started talking about why we think crypto is important. But in moments like this, it always becomes immediately clear that crypto is really hard to explain in a succinct and compelling way. Like, I don't know how to do it. Thankfully, venture firm a16z just released their latest State of Crypto report, and so here are a handful of interesting takeaways.
In the mid-20th century, the US made a pivotal choice that shaped its cities, economy and lifestyle. It chose highways and cars over public transit. At the time, this seemed like the future: the freedom of the open road, the allure of suburban living, and the booming post-second world war economy all converged to push America towards a car-centric culture.
The Federal-Aid Highway Act of 1956 cemented this vision, unleashing a highway system that encouraged suburban sprawl, fuelled the automotive industry and sidelined public transit. Rail systems were seen as relics of a slow, industrial-era technology ill-suited to America’s postwar aspirations. The car was king.
But this congested system is breaking. In 1950 about 30 per cent of the world’s population lived in cities. By 2030 this is expected to reach 60 per cent. Infrastructure cannot keep up with this growth. An increase in cars further reduces street capacity.
What we don't have a clear consensus on, though, is the path forward. Is it more highways? More public transit? More bike lanes? Or will autonomous vehicles finally arrive and bail us out? The answer will depend on who you ask.
In this recent opinion piece, venture capitalist Vinod Khosla makes the case for something else: personal rapid transit systems (or PRT). Conveniently, he also happens to be an investor in one -- a company called Glydways.
The promise is an on-demand mass transit system that offers the convenience of a personal car, but with the capacities and price points of public transit. And it is based on small autonomous vehicles riding in their own dedicated lanes.
Each lane only needs to be 1.5 meters wide, which is less than the 2.3 meters that the Dutch see as the ideal width of a one-way bike lane. And with this, the company claims that it can reach capacities of up to 10,800 people per hour.
To further put this into perspective, the standard width of a two-way parking drive aisle here in Toronto is 6 meters. So this would mean that each drive aisle could, in theory, have 4 lanes dedicated to these "Glydcars." That's how narrow they are.
Here's a video of them in operation:
https://youtu.be/UNEbH4pDOts?si=qkHONKWwnhyOvbLN
This, of course, isn't an entirely new idea. You might remember that Masdar City in Abu Dhabi claims to have opened the world's first PRT system in 2010 -- a 1.4 km line with only two stations. That said, Glydways has already been awarded three projects in the US. So for fun, I think I'll keep an eye on them.
The divisive debate over bikes lanes in Toronto continues to remind me that we need far better urban data. People and politicians keep touting "evidence-based decisions," but what exactly is that evidence? The high-level figure being thrown around by the anti-cycling side is that only something like 1% of residents use bike lanes. So obviously it only makes sense to focus on the 99% and not give up any space to this small minority group.
But this is highly aggregated data. It also doesn't speak to any of the externalities associated with introducing new bike infrastructure. Looking at 2021 Census data, the number of cyclists was actually around 5% for the old City of Toronto and in some areas it was between 15-20%. However, it's absolutely critical to note that this is only the people who selected cycling as their "primary mode of commuting" when submitting their responses to the last census.
I was at a dinner recently where the topic of crypto came up. Only two of us at the table were full-on believers, and the rest were generally sceptics. So naturally, the two of us started talking about why we think crypto is important. But in moments like this, it always becomes immediately clear that crypto is really hard to explain in a succinct and compelling way. Like, I don't know how to do it. Thankfully, venture firm a16z just released their latest State of Crypto report, and so here are a handful of interesting takeaways.
Meaning, it excludes people who maybe only cycle 1-2 days a week, or who ride for leisure and/or for exercise, or who ride to their French class in the evenings (like me). I would also assume that these numbers have generally grown since 2021 given the overall investments that have been made in biking infrastructure. So overall, this is weak data. It's a few years old. And it excludes many types of users. We need to get more granular.
Like, it's great to see local business owners speaking out about the benefits that they have seen as a result of the Bloor bike lanes, but in the end, this is also anecdotal. We need real-time data, precise modal splits, the throughput of every major street, and much more. Then maybe we'll be able to better optimize around the fact that we are a city divided by built form and by politics. That's the thing about evidence-based decisions, they tend to get stronger with accurate evidence.
The number of crypto addresses continues to grow. Currently it's at an all-time high of approximately 220 million, which roughly mirrors the adoption curve of the internet back in the 90s (log scale). It is, however, important to note that one crypto address does not necessarily correspond to one human being. For example, I have many different crypto addresses. So if you dig a little deeper, you'll see that their net estimate is somewhere between 30-60 million real human beings transacting using crypto every month. This is the estimated active user base and it continues to grow.
The number of mobile crypto wallet users is also growing rapidly outside of the US, namely in countries like Nigeria, India, and Argentina. This is the result of a number of factors: population growth, mobile phone adoption, government support, inflation, and many others. I mean, since 2010, the Argentine Peso has lost basically 99% of its value against the USD. So of course you'd rather put your money somewhere else, such as in stablecoins.
Stablecoins are cryptocurrencies that have their value pegged to something else, such as a fiat currency. Today, they are one of the most popular crypto products and virtually all of them (more than 99%) are pegged to the USD dollar. This is viewed by some as an opportunity to strengthen the dominance of the US dollar at a time when it's waning (see above). But more importantly, stablecoins already serve two important functions in the market: one, it's as stable as the US dollar; and two, the cost of sending a stablecoin anywhere in the world is now basically free. Say goodbye to bank wire transfers.
It's worth reiterating that a16z is a venture capital firm that is heavily invested in the crypto space. And so reports like this are naturally a form of marketing and a form of lobbying. Still, there's a lot of great information in here that you can use to form your own opinions about the sector. It may not be succinct, but if you take the time, I think you'll find it compelling.
Meaning, it excludes people who maybe only cycle 1-2 days a week, or who ride for leisure and/or for exercise, or who ride to their French class in the evenings (like me). I would also assume that these numbers have generally grown since 2021 given the overall investments that have been made in biking infrastructure. So overall, this is weak data. It's a few years old. And it excludes many types of users. We need to get more granular.
Like, it's great to see local business owners speaking out about the benefits that they have seen as a result of the Bloor bike lanes, but in the end, this is also anecdotal. We need real-time data, precise modal splits, the throughput of every major street, and much more. Then maybe we'll be able to better optimize around the fact that we are a city divided by built form and by politics. That's the thing about evidence-based decisions, they tend to get stronger with accurate evidence.
The number of crypto addresses continues to grow. Currently it's at an all-time high of approximately 220 million, which roughly mirrors the adoption curve of the internet back in the 90s (log scale). It is, however, important to note that one crypto address does not necessarily correspond to one human being. For example, I have many different crypto addresses. So if you dig a little deeper, you'll see that their net estimate is somewhere between 30-60 million real human beings transacting using crypto every month. This is the estimated active user base and it continues to grow.
The number of mobile crypto wallet users is also growing rapidly outside of the US, namely in countries like Nigeria, India, and Argentina. This is the result of a number of factors: population growth, mobile phone adoption, government support, inflation, and many others. I mean, since 2010, the Argentine Peso has lost basically 99% of its value against the USD. So of course you'd rather put your money somewhere else, such as in stablecoins.
Stablecoins are cryptocurrencies that have their value pegged to something else, such as a fiat currency. Today, they are one of the most popular crypto products and virtually all of them (more than 99%) are pegged to the USD dollar. This is viewed by some as an opportunity to strengthen the dominance of the US dollar at a time when it's waning (see above). But more importantly, stablecoins already serve two important functions in the market: one, it's as stable as the US dollar; and two, the cost of sending a stablecoin anywhere in the world is now basically free. Say goodbye to bank wire transfers.
It's worth reiterating that a16z is a venture capital firm that is heavily invested in the crypto space. And so reports like this are naturally a form of marketing and a form of lobbying. Still, there's a lot of great information in here that you can use to form your own opinions about the sector. It may not be succinct, but if you take the time, I think you'll find it compelling.
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