Tag: Capitalism

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Internet Culture Politics

Day 1272 and GWOT

As an elder millennial fascinated by the mass media I have a lot of mixed feelings on the American government and how it waged the “war on terror.”

It is heavy on my mind with the current news of Julien Assange’s agreement with the American government.

I think a lot about media, and in particular the technology that powers media. An informed population can still act in its own best interests but what we get told affects what we perceive as our best interests. And as we become more informed naturally some skepticism of the intentions of power arise.

Media affects how nation states wage wars. As we’ve evolved from print to television to radio to the internet how we sell the costs of war changed. But there are always populations who pay enough attention to be skeptical.

The open internet was born of that skepticism of government even so much of the technology emerged thanks to America’s heavy investment in defense industries.

Scientists used to have a wide range of politics and it’s not a surprise that defending American interests is a popular idea amongst people who work for the government. But maybe you see things and fight for more accountability along the way.

The GWOT unevenly affected millennials. If you were middle class your kid probably didn’t join up unless being in the service was how you got to being middle class. There was no draft.

Being in Colorado I had exposure to folks who worked for defense contractors as a lot of the private sector had settled around the cluster of talent from Boulder’s science labs down to the Air Force Academy in Fort Collins.

But there has been skepticism in all the branches of government as it became harder to control the narratives. And Americans don’t particularly like the idea of having propaganda even though I’d argue we produce and consumer enormous quantities of it as a nation.

I wish I could be more cogent about any of this. I am regularly shocked by how little people seem to remember how we prosecuted these long wars. We quickly forget.

Don’t be too sure human nature had changed. Don’t be too keen to give the government power because you are afraid. We’ve already seen what they do with it.

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Internet Culture Preparedness

Day 1261 and the Jackpot

Dedicated roamers of the internet are people who like to notice things. Cyperpunk aesthetics made it romantic to experience global abstractions even as the reality of the power of oligarch, state and corporation blended into murky dystopian reality.

I said recently on this photo that we’ve got to stop hyperstitioning William Gibson. We keep finding ourselves further into the future. Just look at these anonymous accounts (so you can enjoy being a participant in the propaganda) joking about a drone operator in Ukraine.

We have netrunners. They’re autistic Ukrainian drone operators and their ice baths are niccy rushes

It’s hard to remember that real people exist on the other side of the abstractions. And yet here we are about to be those real people facing history. And it does seem like the time for taking action is now.

Venkatash Rao wrote an essay “many shoes are dropping” that gave me the kind of frisson of living in future, but as Gibson famously says, a bit unevenly. Across all narrative and technical arcs and and inside geopolitical realities we are starting to see the change.

In this I can’t help but see Gibson’s Jackpot. The elements that Rao calls out are multiple significant elections (not the least of which is the final installment of Biden vs Trump), the capital and nation state power consensus he calls “after Westphalia” and the intertwined fates of artificial intelligence and crypto.

A lot can change in a world where every form of power is being tested. I’ve written about this Jackpot energy before.

The fictional “jackpot” described in the novels is an “androgenic, systemic, multiplex” cluster of environmental, medical and economic crises that begins to emerge in the present day and eventually reduces world population by 80 percent over the second half of the 21st century

The Jackpot Trilogy.

I myself think it a privilege to even be a bit player in this moment in time. That I can allocate resources in any way feels high leverage in a way I didn’t anticipate experiencing.

We are the adults in the room. It may not be mich but we have agency. I feel good about putting my focus on crypto, AI and nuclear energy. Like Rao I can tie together past thoughts across a wide corpus by writing here every day and make decisions based on what has emerged.

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Startups

Day 1257 and Other People’s Labor

I am laying prone in bed hopped up on DayQuil and the good codeine cough medication. I have Covid and apparently this bout will be no picnic.

Being sick can feel vulnerable. I imagine to most eyes I am economically and socially unproductive in this condition. I am not able to labor.

When I am sick I am grateful I get to be capital. I feel capitalism should appeal anyone with a disability (as I do) simply because comparative advantage allows us to exist without being at of the mercy of the state. Illness being disabling doesn’t mean low productivity.

My ability to be capital relies on the comparative advantage of specializing in startup kinda of startups. Practically it means I got to play a part in helping further the labor of others looking build a company.

Today was a big day on that front for me. One of my investments (humble brag I was their first commitment) Squads announced their Series A today.

They have come a long way since when I wrote about them on day 301 to where they are today on day 1257. A lot happened between fall of 2021 and Summer 2024. Now they are the market leading multi-sig wallet on Solana thanks to their Squads protocol.

They began with a vision of DAO tooling and ended up simply dominating code Solana primitives. They are doing the work of developing smart account technology and products that make it easier for businesses and individuals to securely manage and own digital assets. And they continue to make crucial tooling like Fuse.

For all the mania of meme coins and tokens, we can forget it’s real companies making real infrastructure.

These things have to be built for grander vision to exist in crypto and Squads has clearly been the team to do it. They have worked relentlessly shipping tools people want to use and build with.

When first met their CEO Stepan in Twitter DMs I had the privilege of seeing their early days upfront. There was never a moment that they were not listening to the market and adapting. I spent much of the summer of 2021 on DAOs because of their influence.

Everyone on the team practically wanted to do the work of building out what was needed for us to transact and govern in a trustless environment as individuals and as groups. I was inspired by their commitment to execution.

I am just a small part of their journey. But being able to provide the kind of specialized capital that could understand what they wanted to build from the start is a huge source of pride for me. Without early stage oddity investors like me it would take just a little longer for the entrepreneurs like Stepan, Deni and Sean to get to market. And the market deserves a company like Squads. Their hard labor built something of value.

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Startups

Day 1255 and Venture Nurture

I sometimes wonder why venture capital hasn’t coded more feminine. The cynic in me say because it makes money and money accords status. Where there is status there are men competing for it. Which is a good thing in my book.

I just happen to find the kind of investing I do to be so feminine in character. I’d never really thought of my gender when I got into startups simply because I was a founder with a problem and technology solved it for me. I was a nerd about a few very specific things and the market agreed with me.

But now as the wider world has forced me reconsider gender and how my identity gets used by others in how I do business. And I do see that I approach my investing in traditionally feminine terms. I wasn’t that kind of founder. But I am that kind of investor. 

I nurture. I love finding a weirdo working on something in a weird corner of the internet. Nothing makes me happier than telegraphing out that I am weird and getting back other weirdos. I like to listen. I like to learn. I don’t mind unpolished or outlandish or even absolutely crazy. My best deals all started in DMs

Nerds aren’t a polished people. They may lack all kinds of social graces. They will often not care about anything but the thing they are obsessing over. And I happen to find this to be a good thing.

Not everyone agrees that we should work with their lack of graces. Ruxandra Teslo discussed how weird nerds are being pushed from institutions like academia.

Weird Nerds are being driven out of academia by the so-called Failed Corporatist phenotype”

Ruxandra Teslo

I am just absolutely here for the weird nerds. They are my tribe and I see it as part of my path to help bring more of them up behind me. To nurture is a feminine virtue. I am happy to bring it to my founders. They should all feel safe coming to me because they know that I am one of them and my goal is to see them thrive.

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Startups

Day 1254 and Zipppp

I hadn’t expected to have a busy day. I’m really not enjoying having Covid. It’s an inconvenience and it sucks.

But suddenly I was getting all good news from all sides. A startup with a round. Another founder preparing to go out for an enviable raise with exceptional traction. An SPV for a round everyone wants in on. A colleague who had been thinking of taking action on a thesis is going to run an experiment. It’s just all very much my investments and my ecosystem thriving.

I felt like I was in William Gibson’s Jackpot. Incredible things are happening across so many industries and the world is an absolutely chaotic mess. It’s nothing but wars, gerontocracy and resource constraints out there. But here we are working.

Chaos pulls acceleration out of us because we must solve the problems in front of us. War and geopolitical turmoil and climate change require us to shoulder more.

We have real engineering challenges in compute, nuclear, decentralized systems, artificial intelligence and open source to solve to get to meaningful breakthroughs.

The problems are not easy. But our tools are getting better and the compounding effect of this renaissance in intelligence is that we might be able to build for bigger things.

Doomerism wants to focus on how bad things are. And I am the last person to disabuse you of a realistic model of what we are up against. I live off grid in Montana, I own crypto and I like my freedoms.

Humans are resourceful. Given ingenuity and incentive incredible talent has the will to say that I will take on this piece of the future for all of us.

It’s such a privilege to be woven into the ecosystem that is getting us through the Jackpot. And dare I say maybe the application of our ingenuity gets a better result and we can improve on Gibson.

The fictional “jackpot” described in the novels is an “androgenic, systemic, multiplex” cluster of environmental, medical and economic crises that begins to emerge in the present day and eventually reduces world population by 80 percent over the second half of the 21st century

The Jackpot Trilogy.

Maybe we can improve on these numbers. We’ve got the doomer version in our imaginations so now we can find a solution. Life, as Jeff Goldblum reminds us in Jurassic Park, finds a way.

Categories
Startups

Day 1246 and Slightly Disappointed

I am a bit tired so this could all be jet lag speaking but I’m feeling slightly disappointed. While I’ve found great inspiration in the work of my peers, I see the failures and venality too.

I am at Consensus and I’m unsure if I feel like we’ve got enough people building the future I want to see. I fear for the unraveling of the old powers and what the transition looks like. It seems like a lot of people will be voting for a convicted felon for commander in chief.

And yet there is hope. The conference coincides with the annual Coincenter dinner which is an industry wide non profit effort to work towards policy goals for decentralized computing like Bitcoin & Ethereum and the wider cryptocurrency.

Our mission is to defend the rights of individuals to build and use free and open cryptocurrency networks: the right to write and publish code – to read and to run it. The right to assemble into peer-to-peer networks. And the right to do all this privately.

Erik Vorhees delivered an incredible moving keynote address and I found myself with tears in my eyes as I considered the long history of fighting to become your own master. We separated church and state. We are fighting to separate money and state. I feel these philosophical lineages across my entire life.

And so I am slightly disappointed at this point. But I’ll try to sleep and it will pass.

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Internet Culture Startups

Day 1239 and @ Consensus 2024 Next Week

I’ll be in Austin Texas next week for Consensus 2024. I’ve really enjoyed my last couple of years attending. The entire crypto industry gathers for it giving it a summer camp feel. Or as Coindesk says “10 years of decentralizing the future” which undersells their role in reporting the industry.

The conference coincided with the annual Coincenter dinner which is an industry wide non profit effort to work towards policy goals for decentralized computing like Bitcoin & Ethereum and the wider cryptocurrency.

Our mission is to defend the rights of individuals to build and use free and open cryptocurrency networks: the right to write and publish code – to read and to run it. The right to assemble into peer-to-peer networks. And the right to do all this privately.

In that vein, I’ll be discussing the intersection of artificial intelligence as the #FreedomToCompute at Consensus as this is THE issue for everyone who uses compute as a tool to solve problems.

It’s an opportunity to discuss the big public goals around the future of machine money and machine intelligence.

I’d argue this includes the entire software industry and by default anyone who is reading this post. Our most important rights will be decided by how we handle policy on these issues. Math is leverage.

One of the town halls I’ll be participating in at Consensus (a format I love to dig deep into topics) is about how artificial intelligence can be a tool for our efforts to decentralize and not end up as a master of big government or big tech.

Crypto has the basic problems facing artificial intelligence. Both spaces rely on open, available and trustless compute. Both are under intense scrutiny and face significant regulatory capture risks.

It’s never been a better time to get involved in these topics. We need open protocols and interoperability standards far more than we need fretting about safetyism and hysterics about science fiction.

Doom solves no problems but software does. We need safe harbors and policy sandboxes so we can continue to nurture algorithmic innovation for us all.

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Culture Emotional Work Uncategorized

Day 1232 and Crab Bucket

As I age from maiden into crone (many millennials missed mother) I find myself uncovering emotions I missed during the forced march through corporate feminism & Girlbossism. The meritocracy takes its pound of flesh.

I climbed the chaos ladder & am grateful for my perch but I did not understand what I sacrificed to participate in this climb. I doubt your average person does.

American Millennials intuited that we had an opportunity to class jump through the meritocracy of institutional human capital games & were encouraged to do so if we showed capacity. Largely that meant raw intelligence & affinity for playing by unwritten social rules. If you could get out you were told to do so. Social mobility is one of America’s great strengths.

It is not without costs. I sacrificed family & place. To climb above the station of my origin & “achieve” the American dream of education & assets you leave behind a lot. To go from the lower rungs to prosperity and security we leave behind parts of ourselves.

I do not regret this. Many millennials come from dysfunctional families. Boomer can read as slur to some because future shock & greed hurt so many of that generation. The narcissism of the new age experimentation with new cultures and expectations gave us divorce & rootlessness. Those insecure circumstances bred flexible performative children who adapted to incentives.

If I had not leapt onto the ladder of meritocracy I’d be struggling like many in my cohort and I’d still be without a people. The Millennial wealth gap is tearing social fabric because the divergence between our outcomes is so clear. Atomizing is part of assimilating.

I am now in a position in which I inhabit the lower rungs of the very top of the ladder. I have access & assets & a reputation for work in the infinite game of playing for leverage. There is security here to be had. But a Damocles blade hangs over us all.

American success isn’t cheap. And you may not always understand the costs at the outset.

If you’d like to read more about the millennial wealth gap I’d encourage you to look. I am lucky to be one of the “self made” in my cohort in that I picked work that ended up being well remunerated. I started from a decent place but we were poor for portions of my childhood. Startup life isn’t a smooth ride and Silicon Valley produces very uneven outcomes.

I will not however be a millennial heir. I’ll inherit debt. The great wealth transfer will not be coming my way. I’m grateful to have helped my family but equally grateful when they manage to take care of themselves. I am so sad so many of our elders spent so much that their heirs felt the best option was a race to climb out of the crab bucket of the meritocracy. I am glad I made it. But it hurt.

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Culture

Day 1228 and Fabric of Our Lives

I love cotton. In my Waldorf third grade, our year long class project was to plant, grow, harvest, gin, card, spin & dye cotton. Along with a similar wool project, this childhood experience instilled a love of fibers, fabrics & textiles in me.

Early in my career I crashed textile trade shows like Premiere Vision which is where I fell for the extra long stable fibers of American grown Pima cotton. Cotton remains a big business in America. We’ve got trademarked cotton like Supima is sold as a luxury fabric.

From the Supima cotton website

You’ve probably seen the work of organizations like Cotton Incorporated. Catchy campaigns like “the fabric of our lives” market cotton with the United States Department of Agriculture’s commodity check off program.

The Agriculture Marketing Service of the USDA oversees efforts to improve the position of various commodities produced in America. Other campaigns include Got Milk, Beef: It’s What’s for Dinner, and Pork: The Other White Meat

All commodity producers & farmers must pay into the check off program and it amounts to almost a billion dollars of mandatory spending. As you might imagine this system has had its share of controversy and corruption.

It’s not all sloganeering according to Cotton Incorporated.

We work to make cotton the best it can be through research, textile innovations (like water- and wind-resistant cotton apparel and moisture-wicking, wrinkle- and stain-resistant cotton), and sustainable advancements like finding new uses for cotton and cotton byproducts, reducing land and water usage, and modernizing agricultural processes.

We make sure you know about all of cotton’s amazing benefits through advertising, retail and influencer collaborations.

You might be annoyed to find that American cotton growers are obligated to pay into a government marketing program which underwrites social media influencers.

Cotton is the most popular natural fiber in the world with 25 million tons a year produced so it’s perhaps not unexpected American has an incentive to promote it as one of our commodities.

Cotton is crucial natural fiber which means it has its share of a controversies as commodity for things like its water & pesticide use and genetic engineering to withstand the herbicide glyphosate.

If you’d like to learn more about cotton and its history Empire of Cotton and Cotton: The Fabrice That Made the Modern World are both comprehensive. I personally recommend Virginia Postrel’s The Fabric of Civilization for a broader appreciation on how textiles drove crucial technological innovation of our species.

In The Fabric of Civilization, Virginia Postrel synthesizes groundbreaking research from archaeology, economics, and science to reveal a surprising history. The cloth business spread the alphabet and arithmetic, propelled chemical research, and taught people to think in binary code.

This thesis suggests to me that fashion bitches are one of the original tribes of technology brothers. To care this much about the feature sets of a base layer clearly marks us as nerds. So I’ll finish this up with a personal anecdote.

I am furious at a brand of upper market cotton basics called Splendid. I’ve been buying the same long sleeve classic tee-shirt from them for at least a decade. It claims to be a 50% blend of Pima cotton and Modal. Both are considered premium fabrics with long fibers. Modal is a semi-synthetic developed in Japan made from beech trees. There are many grades of both fibers Splendid could source and in the past I’ve found the tee to wear extremely well. I’ve got a half dozen that never pilled, held its color & shape, and gave me years of wear.

Last month I bought three new Splendid tees as I becoming fearful of the downward trend in quality of manufactured goods. I’ve been trying to stock up on basics I’ve relied on in the past. Alas it would seem my most reliable shirt in my favorite fabrics has come to an ignoble end.

Splendid no longer manufactures with premium extra long cotton fibers as a new shirt pilled & caught onto other fibers in my tee shirt drawer.

Categories
Finance Politics

Day 1223 and Human Wants Are Endless

The curriculum of classical economics can be a bit of a blackpill if you are an optimist about the good in humanity.

Economists operate from a model that presumes human wants are infinite but our resources are not. Yes it is reductive, but if your goal is to model something on spreadsheet give got to start from where and somehow the economists picked non-satiation.

I’m using Perplexity more than Google Search these days so I’m delving (apologies to Paul Graham) into deep Reddit territory anytime I’ve got a random query.

Which incidentally is not paying off for Reddit just yet.

Reddit, which is trading about 40 per cent above its opening initial public offering price, is expected to report a net loss of about $610mn on $213mn in revenue.

Via Financial Times (which oddly I can’t share a link to for unclear reasons but here is a link to old reporting in Reuters and I’m writing this before earnings are released today.

Reddit’s artificial intelligence licensing deals have made them more useful to me than ever but it’s unclear how anyone gets paid for the mountain of work required to make it remain useful. Such is the tragedy of the internet commons. Anyways.

I’m feeling particularly sad about infinite wants as a framework for anything today. Ive been disappointed by just how much others view me as a source of want gratification even when I explicitly ask them to clarify their needs.

Much of the language of human wands must be couched in the language of need. Asking someone to be obligated to another person spirals quickly into a sticky web of moralists insisting on the value of their chosen wants. Id be more inclined to say yes to an ask if someone was clear about their needs upfront. Just in case you find yourself asking me for something.