"You have counterparty risk on the institution, right? Because that's fundamentally a derivative. So who are you holding?" "The truth loves the do you agree to these conditions that you will never in a million years read?" 'I sometimes wonder if the lawyers who write them read them,' he says of terms-of-service agreements. "'It's terribly and you're back to psychology', i bet you can guess what they will tell you why they do it' The real truth is anything that appears monolitic, as that kind of block of text does to any human being reading it, immediately gets displaced," writes Kohn.