Category: Internet Culture

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Internet Culture Startups

Day 154 and Mixed Feelings

I’ve been in a hazy “did that happen place” emotionally after the news that Stack Overflow, where my husband spent 8.5 years, sold for $1.8B. Obviously it’s a lot of money to just appear into our lives. It’s not the first exit for Alex Miller or me. I’ve had 2 acquisitions for companies I have founded & he’s had an IPO for a company he was early to join. I also lived through multiple exits, financings IPOs & bankruptcies as a kid as I’m the child of a startup family. So why does this hit different?

I think part of it is that our other wins tended to come from “faster” companies. My first acquisition came within 2 years of founding. It wasn’t a lot of money but let me pay off student debt & get more stable. Alex was with Yext for a comparably shorter period and when it IPO’d he’d long ago left for Stack Overflow. And that was only a win because he was lucky enough to be able to borrow money to exercise his Yext options or it would have meant nothing. That happens a lot to early stage employees. They cannot afford to exercise and get nothing when a big exit happens. It happened to me when the company that bought mine exited to someone even bigger. I couldn’t afford to exercise. I never had the heart to calculate how much I would have made.

We’ve had secondaries over the years. Sometimes equity gets taken off the table in later stages financings and it benefits early employees. Those changed our calculus a lot when it happened to us. We put together a financial plan and a future as a family with our startup earnings. We made decisions based on whose turn it was to risk & who to run downside. Being a startup spouse means a constantly balancing act of supporting years of low salaries, long hours and stress. And while it’s not easy to be the wife of an early stage employee it’s probably even harder to be the husband of a founder. Startup families live through a lot together.

Stack Overflow was “the” company in many ways for Alex where he spent the better part of a decade and the majority of our marriage working to build the company up. He was employee 32 when he joined as chief of staff. When he left it was over 300 employees and he was the GM of the SaaS business.

When he left Stack we didn’t expect a payday beyond what salary he had earned and perhaps a bit of secondaries. He’d done good work and built amazing things but when you leave you don’t want have the emotional capacity to think about things like big acquisitions or IPOs. When Alex left Stack it was a deeply emotional process for us. A lot of therapy for both of us. Because startups aren’t just the person it is their family that consents as well to these long journeys. Remember that every executive team member or founder has a family that will live through this startup experience too.

After 8 years I knew Alex needed a change. He had given Stack his all. His absolute best. But leaving was hard. In order to leave a company where you invested your whole self (and your family’s) you have to come to terms with how you feel. We cried. We worried. But Alex made the choice. And we didn’t look back. It’s too painful in some ways. You love your startup

You keep in touch with everyone. Alex remains friends with the entire team. We share hobbies & interests and a million group texts with topics as varied as hydroponic tomatoes m, our crypto portfolios and hunting season. We stay at each other’s homes. The bond is deep in startup teams.

Given that bond it’s almost funny how when you leave your imagination on big outcomes can stop. The thing you dedicated yourself to for years is now growing and thriving without you. It never leaves you even if you need some distance.

When we got the call the number was overwhelming. The distance we had created suddenly evaporated. Alex burst into my room where I was meditating and told me the strike pierce. We did some calculations. We checked them. It couldn’t be? It was. The startup had finally delivered the check. We’d done it. Another startup made it.

I want people to know that this kind of largess is mostly random. Everyone works hard in Silicon Valley. Startups are a choice & a state of mind and those of us that chose to do it willingly go into ideas doomed to failure. Or meant for the stars. And it can feel like a crap shoot. Idiots get enormous paydays and brilliant innovators barely make enough to scrape by. The meritocracy isn’t as real as we think. This isn’t to suggest that the Stack Overflow team doesn’t deserve every penny. They do. We earned the payout. The bad years were hard. Miserable. But everyone believed in the community & the power of software developers. But also no one earns these big paydays. It’s a gift. And we are grateful for it.

Categories
Finance Internet Culture Startups

Day 151 and The New Capital Networks

A lack of network has generally meant capital constraints if you were an entrepreneur. Being hooked up with capital allocators was crucial to being a good operator. Access tended to compound over time like interest. Which is why we make “funny because it’s true” jokes about how successful founders usually had a head start in a few areas. I’m not saying that is going away, but decentralized finance is fucking with some of the consensus knowledge around how capital gets raised and deployed.

And what convinced me we are moving towards an inflection point, over the next decade, where capital allocators and operators decouple, wasn’t my tony Silicon Valley network. No, I’ve had access to the minds of those players for years. What clicked my mind into a position to take action? I spent an hour and a half getting a tutorial from one of my anon reply crypto friends on yield farming and liquidity mining. I don’t want to blow up their spot but Alpha Ketchum dropped a lot of knowledge on me today. And it shifted my energy from belief into understanding. From there action will be seen in my investments.

I’m still chewing through a lot of the details but I’m going to make a bet that scaling DeFi is going to require significant institutional capital and the support of experienced operators to realize its full potential. Thats why I’m invested in folks like Cambrian and Martin Green and would love to get my dollars into Arca and David Nage. That’s why, of my four thesis areas I’m pursuing in my own fund Chaotic Capital, two are explicitly dedicated to both organizational and systemic flexibility and how it plays out across new business opportunities.

We’ve seen capital decoupling from traditional centralized authority systems and trust based networks. The perpetual fundraising machine of tokens, coins and market making techniques like yield farming, are funding everything from esoteric art projects and to the next generation of insurance. Thing about that, the innovative companies that drive growth won’t have their capital needs met just on Wall Street or Sand Hill Road. If you don’t believe me look at what has already been built

Exchanges → SushiSwap, Uniswap, Bancor, 

Insurance → NexusMutual, Cover

Derivatives → Perp Protocol, Opyn,

Credit Markets → Aave, Compound, Maker

Middleware → Chainlink, Grt, 

Asset Management → Enzyme, Yearn Finance

Aggregators → 1inch and Matcha 

Categories
Aesthetics Finance Internet Culture

Day 150 and Hypersigils

In the beginning there was the word……or the command line. Naming a thing used to be the literal path to power. Now we are pretty meh about the whole thing. Ritual magic is kind of a satanic panic middle brow thing in America even though we have a history of throwing in with prosperity theology. We’ve got entire evangelical communities dedicated to naming and belief with the expectation it will generate wealth and manifest prosperity. The meme magic folks who wished Trump into office were really just regurgitating Norman Vincent Peale prayers. Plenty of folks like to blame this kind of magic on like Max Weber with his Protestant Work Ethic but I’m mixed on it as I don’t think he envisioned Pentecostals when he said hard work was a moral good.

A friend of mine who knows my interest in both capitalism and its underlying energy in culture suggested I watch an old talk from illustrator and comic book author Grant Morrison.

Honestly you should pop it out and watch the whole thing if you have any interest in creation. But especially if you are interested in chaos. He discusses a term he coined called a Hyper Sigil. He is building on contemporary chaos magic which isn’t too far off from manifestation theology. He contends that bodies of art but really any form of creative work can be turned into collective signs of meaning with willpower and force. He literally means they are magic and if this interests you go read Ray Sherwin and Peter J Carroll. If that doesn’t no biggie the following point still stands. We have sigils in America that are pretty literally manifestations of power.

Corporate sigils are super-breeders. They attack unbranded imaginative space. They invade Red Square, they infest the cranky streets of Tibet, they etch themselves into hairstyles. They breed across clothing, turning people into advertising hoardings… The logo or brand, like any sigil, is a condensation, a compressed, symbolic summoning up of the world of desire which the corporation intends to represent… Walt Disney died long ago but his sigil, that familiar, cartoonish signature, persists, carrying its own vast weight of meanings, associations, nostalgia and significance.

I’ve completely fallen down a Grant Morrison hole as this kind of thinking is crucial to work in attention economy trades like communications, public relations and marketing. But I’m frankly a lot more interested in the practical aspects of how he conceives of himself as a chaos magician and how he we can all affect the reality around us. I’ve purchased his Invisibles comic. When he says imagination is the fifth dimension he literally means it. Multiversity is rad.

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Internet Culture

Day 139 and Saving The Insights

One of the unexpected aspects of having audience, even a small one, is wanting your good shit to be saved for them. I regularly find myself saying shit to my friends or my husband only to stop myself and say “that needs to go on Twitter!” And then occasionally to their chagrin I will open the app and attempt to condense the insight or joke into 140 characters. If it’s a longer point I’ll open up WordPress and attempt to get the thesis on paper.

A significant upside to saving good shit for an audience is that you have a written record. There is no worse feeling than completely losing an insight because you didn’t write it down. I dislike phone calls or Zooms because I’m not a natural born note taker. If I’m just shooting the shit I’m prone to forgetting whatever I just said. I can spend an hour feeling like I’ve really dug into a point only to find myself with complete amnesia because I neither shared it nor did I get a note down. By stopping myself and recording it to social media I find I retain more of the good stuff. I guess I’ve accidentally created a workflow where my note taking system is posting it to Twitter. Sorry Evernote turns out the killer feature for note taking was actually having reply guys.

This system of trusting an audience to have immediate access to your good shit does takes some getting used to. I’ve written about my fondness for shitposting as an inherently healthy emotional act. Sharing who you are without any filtering is scary. But it’s a muscle that can be developed. When I am working with portfolio companies or my communications clients I encourage them to just start getting content out on whatever platform is easiest for them. I picked Twitter as I’m most comfortable with written formats but I obviously also find blogging on WordPress to be easy. Instagram or more visual platforms make me anxious. Formal platforms like LinkedIn make me second guess every word. For me immediate unpolished platforms where I can just say shit is the way.

Categories
Finance Internet Culture

Day 136 and The Ease of Centralization

We are a few days into a news cycle where Elon Musk’s corporate socialism interests and/or environmentalism has pushed the Bitcoin discourse to a fever pitch. I don’t begrudge Elon because it’s hard out there for someone who takes government subsidies and we’ve all got to lean into our economic interests. The renewable energy credit system is a policy choice and my neoliberal friends would argue it’s a good one. It’s also one that currently pay’s Tesla’s bills.

Tesla makes most of its $ from RECs, not cars. Last year, it made $1.58bn from sales of RECs to gas-powered auto companies (which must buy to offset their CO2 emissions). Tesla has never been profitable without REC sales to bolster its auto margins.

That’s about to change. Last week, @Stellantis (i.e. PSA Group + Fiat Chrysler) told @LePoint it’ll meet carbon emission rules this year. That means it won’t need to buy RECs from $TSLA anymore.
Fiat Chrysler accounts for $2.4bn of Tesla REC sales from 2019 to date and 55% of Tesla sales since 2008.

What I think is really interesting is that Elon DOES know a lot about money, in particular the benefits of a centralized trusted player. Which he himself points out since you know PayPal. Centralization has been pretty crucial to fast efficient financialization especially in modernity. Of course that has some downsides as institutional power tends to accrete. Good and bad amirite?

The exciting thing about cryptocurrencies is that they may offer us they same scale as global institutions but without the whole plutocrats and fossilized bureaucracy part. Not that I’m advocating for Ethereum or Consyns.us but they put it well in the below quote.

Whereas our traditional financial system runs on centralized infrastructure that is managed by central authorities, institutions, and intermediaries, decentralized finance is powered by code that is running on a decentralized infrastructure

We’ve got a couple decades of experience in computing on the challenges of decentralized infrastructure. It’s not easy and it has costs. The costs are both significant in time and money but the benefits are significant as well. I personally find the argument that systems which are not centralized are less fragile and it is worth diversification into systems that are less fragile. I often chose convenience and speed but I also put significant effort into having systems that can withstand crisis and disasters as well. Security has always been about trade offs. And cryptocurrencies, especially Bitcoin, is about making some trade offs in efficiency for the sake of hardening of financial system. I’m philosophically inclined towards this. If I’m trying to solve global warming and getting to Mars I might find this less compelling as I’d rather focus on efficiency. This is also why environmentalists make great villains as they decide on that choice for you. I’m not saying Elon explicitly going for Bond villain but it’s an aesthetic.

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Aesthetics Emotional Work Internet Culture Politics

Day 134 and A Short Guide to Being An Edgelord

As my friend Seyi wisely said; sometimes your life gets chosen for you and sometimes you choose your own life. So try to chose your own life as often and as soon possible before someone else does. This challenge seems especially relevant as the culture wars rage on and regular peons like you and I can become collateral damage.

I’ve known for a while that I wasn’t going to be a fit for institutional settings like big tech corporations or civil service. I struggle to to be anything but myself. I mouth off too much. I’m not very good at kissing the ring. It’s not that I can’t engage in behaviors or manners you’d expect, I merely find it tiring. I’m also saddled with some physical limits. I’ve got the kind of medical conditions that gets a lot of virtue signaling from corporate communications types but isn’t really all that appealing except as a token. So unless I wanted to be miserable in middle management I knew I needed to opt out of the game. And that meant winning on my own terms.

Here is a harsh truth that the panic mongers in the cancel culture debate don’t want to say out loud. You cannot expect to survive a system and certainly not a culture war unless you take sides. Humans are riddled with bias and institutional self preservation is strong. The only side you should take is your own.

But you must accept that choosing your own life has consequences. Living out loud as the full uncensored you may cut off certain opportunities just as it opens new ones. Be aware of this reality and do not complain that you are a victim of circumstances when you have more choice than you realize. I’m not suggesting all areas are open to everyone nor that we shouldn’t fight for legal rights and protections. Merely that we are limited as individuals by the cultures and institutions of our time. Social mores move slowly even when pressed by revolutionaries.

My best advice? If want to be an edgelord. Be a real one. Go full crypto. Middle finger to the law. Fuck the police. Start a newsletter with monetization. Find your tribe. Learn some practical homestead skills.

You want to play corporate ladder? Play by those rules. There are dress codes and “ways things are done” and hierarchical structures you must obey. Get their credentials and be excellent at the values the organization wants.

You cannot straddle both worlds. This didn’t used to be a controversial statement. It wasn’t an affront that you had to put on a suit and say “yes sir” until pretty recently. Sometimes you just have to play the game. Go read the 48 laws of power and get back to me.

Trying to express who you are publicly if it’s not within bounds of the institutional norms might get you fired. Or maybe you take a stand that gets you promoted if you judge what norms can be pushed. Depends on the institution. So know that if you set onto the path of “choosing your own life” the consequences might be a lack of access and options. Or it might open you up to an entirely new world where you work and live with people who like you. But straddling the middle is recipe for emotional misery.

If I were you I’d begin to do the work to walk the path of the life you want now. Before someone else chooses for you.

Categories
Aesthetics Finance Internet Culture

Day 128 and Financial Aesthetics

Humans have imbued money with so much significance over the centuries that financial spaces (merchants, traders, banks, trading floors, brokers, hedge funds) show us the style of their times better than almost anywhere else. Even when power centers have shunned money directly (democracies), and sometimes even because of it, money has dictated the soft powers of perception and relevance.

This makes investigating the styles of finance particularly fun as their signifiers tend to hum with unsaid anger, greed and resentment. Sexy stuff generally as we fixate on ever finer granular details to indicate that our taste shows us to be worthy of holding power (and hopefully money).

There is a reason popular culture loves the Hollywood treatment of Wall Street. Even if some of the most iconic touchstones like American Psycho were meant as dark comedies we didn’t perceive them at way. We were supposed to laugh at the business card scene not get turned on. When Gordon Gecko bellowed “Greed is Good” we were supposed to know he was the villain. We didn’t. We don’t particularly like watching these heros get their comeuppance. Giovanni Ribisi in Boiler Room ratting out the pump and dump scheme doesn’t leave a very satisfied audience but oh how we loved the second act when the gambling prodigy finds a way to go “legitimate” and become a millionaire. Just ignore the crash at the end.

Americans in particular love to fetishize our villains. Our media is littered with anti-heroes that over time become our actual heroes. We throw jealous narratives at the preppy alpha males but love it when their power is subsumed by someone who plays their games better than them. We are riveted when a protagonist emerges that knows how to best the alphas at their own game and emerges victorious. Just be careful you don’t overplay your hand and remain a villain (sorry Martin Shkreli you deserved better) as we need you to be seen as the good guy. It’s a delicate tension.

Think poor savant Bobby Axelrod in Billions becoming the titan of industry. Sure you know he didn’t start out as a classic alpha male (that hard knock upbringing) but I doubt you could tell at the end as he styles himself in the cashmere of his former enemies. Sure now it’s a hoodie but that’s a small inversion of the original sweater. The WSJ has an extensive shoppable feature on the style of the show. Now that’s cultural relevance. Turns out we do want cosplay Carl Icahn or Bill Ackman.

I’m particularly excited about the aesthetics of the next phase of financial heroes emerging from the financialization of cryptocurrency. Scrappy upstarts that want to make a more just and free financial system free of cronyism and accessible to the entire world is a beautiful narrative arc. The chaos of outsiders making the system their own has an ending we all know. You might start out in a tee-shirt and hoodie like Axe but beware the creeping encroachment of luxury goods looking to ride on your newfound wealth.

Turning doge gains into jokey NFT art is just a hop skip and a jump away from getting subsumed into the Art Basel scene. Lest you one day turn up and wake up in a new Bugatti. And while right now it may seem funny to buy a Lamborghini remember the narrative the world wants. You may just claim the mantle of a new kind of power. Or the Feds will come for you. Have fun out there!

Categories
Aesthetics Internet Culture

Day 127 and Horizontal Thinking

In the beginning there was the word? I dunno, seems more likely it was the image and then the Levantine religions got around to giving God the word. And thank God too as internet culture couldn’t exist without binary stuff.

But lately it seems like we’ve decided to go all in on horizontal thinking. Now it’s all about images. Gifs, YouTube videos, twitch streams and TikToks giving us cultural understanding not though the written word, but vibes.

The weaving together of aural, visual and emotional planes is an aesthetic that I’m thrilled to see Gen Z adopting en masse. If vibes had a gender, it wouldn’t. But seriously, backing away from the linear is a lot of fun and all of this vibes zeitgeist has been throwing my thinking back to a 1998 pop-science book called “The Alphabet and The Goddess.”

The Alphabet and the Goddess by Leonard Schlain is about humanity’s progression from horizontal to linear thinking. Shlain, a neurosurgeon, argues that that learning written languages, especially alphabetic languages, altered human brain function from holistic thinking to linear thinking. In other words, humanity wasn’t always so limited in processing. That’s a kinda new development.

I can’t say I have any real expertise in different theory’s of the mind like lateralization, but it does seem as if we seek to reduce complex matters such as ethics to simple rules and numerical measures in human systems, this despite us having significant holistic and metaphorical capacity.

If you coded “holistic, simultaneous, synthetic” views as feminine and the masculine as a “linear, sequential, reductionist”, you’re not alone according to Schlain. The scanning of the written word and visual processing of images may be different processes for the mind and for some weird ass reason we gendered them. Even though it’s just a straight up difference in brain processing. Schlain says:

Images approximate reality. The brain simultaneously perceives all parts of the whole integrating the parts synthetically into a gestalt. The majority of images are perceived in an all-at-once manner. Reading words is a different process. When the eye scans distinctive individual letters arranged in a certain linear sequence, a word with meaning emerges.

Basically humanity has been livin’ la vida linear for a few centuries, even though we have been plenty holistic as a species. But maybe with the internet our horizontal image driven thinking is coming back? Which brings me back to vibes. Vibes getting the New Yorker treatment this week.

I learned that vibes have a strong tie to the critical theory crowd. I suspect this pisses off a number of more literalist thinkers that are dedicated to trad aesthetics… I mean, ummm, Burkean economics? Whatever. Maybe the trads and red pillers sense the critical theory backstory?

Gernot Böhme identified “atmosphere” as the basis for a new aesthetics of perception, a kind of over-all feeling that has much in common with vibe. Heidegger had used “mood” to describe the quality of being in the world, and Walter Benjamin had identified “aura” as the feeling inspired by the presence of a unique work of art.

I think I’ve finally found the through line of why the “woke, critical theory, Gen Z, gender fluid crowd” and their vibes upset the “Athens to Jerusalem Western Civilization” crowd. Going from “great works” to “vibes” is going from linear to horizontal. It’s big dick energy being trounced by hot girl summer. The patriarchy is falling to glitter queers. And there is nothing anyone can do about it. And personally I like these vibes.

Categories
Chronicle Internet Culture

Day 123 and Being Liked

I asked if folks cared if other people liked them today on Twitter. The results are surprisingly mixed on the issue.

A Twitter poll asking if folks care if others like them with 4 options: yes, no, yes but I like about it and no but I lie about it.

The four options were Yes, No, Yes But I Lie About It and No But I Lie About It. It is fascinating to see the breakdown in responses even a few hours into the poll. I don’t know what I thought the response would be but I don’t think it was an even split.

Now, of course, I didn’t ask if being likeable is good, or bad, or even helpful. I just asked if people cared. It’s likely people who do care don’t think it’s good that they care. And there are people who don’t care that maybe which wish did as caring about being liked may have benefits. I don’t actually believe that a third of folks don’t care as frankly society would look pretty different if 35% of us just didn’t care about perception. And sure you can argue that you don’t care but you hide the fact, but then your answer would have been the least popular option “no and I lie about it” which is lagging in the results. My guess is that a number of folks are aspirational “no” votes which I can respect. I’m confident I would have voted no in my twenties. I used to be an aspirational no vote

Currently my vote would be “Yes But I Lie About It” but I’m not sure if I’m lying to myself or others with that answer. I don’t generally care what people think of me but I think I lie to myself about needing to care. I think being liked is important and I want to act like I care more. I’ve got some hang ups about not having been a more palatable person when I was younger. Maybe if I had been nicer or better behaved or well…just more likable I’d be richer, more loved, have a better relationship with my family and other fantasies. I’m also not convinced that changing myself for others has the benefits I think. That’s just some 4 year old inner child trauma emotions. How others feel about me has little to do with me and a lot to do with them. That’s true for how I feel about others. My reaction to you says a lot about my emotions, trauma and hang ups than it does about if you are likable.

Categories
Chronic Disease Internet Culture

Day 121 and Health Data

One of the biggest blockers to taking up a more quantified approach to personal health is your ability to get good data. Why? It’s not because it’s hard to capture or track key metrics. Nope, one of the biggest blockers is the consistent portability of your personal health data. This frustrates me as biohacking has been key to regaining my health but it’s a challenge to keep my data sets in order.

No one uses one piece of hardware or software forever. Preferences evolve. Doctors want new metrics. A new device comes on the market. You decide one metric isn’t worth tracking anyone. Or maybe your Fitbit just shits the bed and you decide to buy a new type of step tracker. Whatever the reason our stack changes over time. And yet data interoperability seems like a pipe dream. Devices and applications act is if you will be with them forever. Your data gets parsed in their specific presentations with little indication that it can be exported for later use in another table or application.

If you are considering doing work in health data please take into consideration that even if you build the next billion dollars company with a decade of your leadership, it’s possible your customers will won’t make it for the whole ride. Please don’t tie them into your best case scenario. There are real people on the other end of your metrics and they are making important real world decisions with the health data that is making you money. Respect that we want you to make money for providing us with value but there may be a legitimate reason we need to make a change. We should have the ability to take our data and have it be usable somewhere else. So please don’t optimize for “sticky” user behavior that keeps us coming back. Give us value without having to sacrifice our freedom. If you can’t do that then maybe you shouldn’t be in the health business.