Tag: Elite

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Internet Culture Startups

Day 509 and History Lesson

I’ve been working on a talk for Coindesk’s Consensus in June. I’m doing a talk for their Big Ideas stage that Alex cleverly named the InDAOstrial Revolution. I’m pretty excited about the topic as it’s science fiction & finance history and social organization. It’s basically all my favorites. A

The invention of corporations was a transformative innovation for human organizing, driving the growth of the industrial revolution. Can DAOs drive an equally explosive innovation cycle? Decentralized autonomous organizations, or DAOs, offer us a shift towards open and inclusionary entities for marshaling resources and energy. This session dives into their potential futures, including open web public goods, the end of doomer capitalism, techno-optimism collectives, and the possibility of a networked nation state. Come for the sci-fi vibes, stay for the boomer neoliberal skepticism and get a pleasant dose of economic history in the process.

I’ve been doing a little bit of deep diving into the history of the corporation and it’s role in American history in particular. And when I was procrastinating during my flu I watched Gilded Age. Just so you’ve got an idea of my mind set. And honestly it’s been a mind fuck.

I’m not a historian but I think you can make the case that America had corporate governance before we had a functional state or federal government. In fact, this History of the Corporate Form from Fordham Law showed me the wildest fact I’ve ever seen. In America the corporation came before the state.

Other notable “joint-stock” companies, such as the Virginia Company, helped expand British control of North America. In fact, the Virginia Company established the General Assembly, which was the first legislature in North America.

The idea that some monarchy set a corporate charter up to extract commodities and that corporate organization led to a three hundred year experiment in self governance is astonishing. You really never can tell about an event’s downstream ripples. Our entire political way of life was downstream of property rights.

Of course, the reason I point this out is that how we organize and govern our resources and at what scale is what defines history. The ability to trust your goals and your investment will be executed, even if you are not personal overseeing it, is as it turns out a key innovation catalyst for all other technologies. The more efficient we are at at marshaling and deploying resources the further we get as a civilization.

The case I would like to make is that DAOs could help us unlock more sophisticated financing that enables ever further scale and coordination. If the corporation created American, can the DAO led other new nation states?

I can imagine a network state made up of sub-DAOs that provide interlocking economies. Some DAOs are responsible for infrastructure. Others are for services. Maybe we share some key responsibilities across one oligopoly for key social services like health care. The more something needs scale to succeed the more large scale collaborative behavior gets rewarded. I don’t doubt we can create some truly dystopian shit but also maybe it finally gets us to Mars.

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Internet Culture Media Politics

Day 482 and Vibe Shift

A month or so ago a piece written by a New York marketing executive titled Vibe Shift went viral among the chattering classes. The premise is that we are on the precipice of a cultural change that is upending everything from politics to fashion. And depending on your perspective, this shift might include crumbling dystopian decay or vibrant fuck it optimism. Or in the case of web3 absolutely both.

I think the Vanity Fair piece on the New Right is chronicling one of the first emergent vibe camps to emerge from the vibe shift. The article is a look at the art, intellectual environment and personalities of the “not quite conservative” new right. And it’s a largely positive even glowing send up.

If you believe the Citadel is a corrupt institution and moral moral crisis then the Vanity Fair piece should have been negative. It’s a surprise that it wasn’t. Not long ago we were subjected to intense narratives about the dangers of nRX neo-reactionaries and it’s infiltration of Silicon Valley. It was a real and urgent issue that the center of so much money and power might doesn’t align with the cultural values of media or academia. If you don’t speak this language the Citadel is code for the left leaning creative and cultural institutions like Hollywood, academia and media.

So why isn’t it a crisis any more that there is a new breed of influential “not quite” conservatives? If anything the right in America has shown itself to be capable of so much more than just boat parades and goofy hats. Some of these fuckers were expanding the Overton window on peaceful transitions of democratic power on January. It might actually be getting worse.

Except now the left fucking sucks too. Now I’m not justifying fascists. These Christian Nationalists are trying to roll back modernity and pluralism. Fuck them. They fuckers don’t even have a demographic majority. So it pains when I say the vibe shift is showing the left as the worst version of themselves while the right is showing a new cultural ascension.

To a lot of normal moderate people the left looks controlling, scolding, frigid, and conformist. Everything from mask politics to gender relations has started to make the left look insane. It’s entirely rational people would be seeking a vibe shift for something more welcoming.

My theory is we are about to see a massive resurgence of affection for all kinds of conservative hobby horses. Especially of vibes that used to be the province of the traditional left. Everyone is sick of being shamed while they go about living their lives. And whoever wins that vibe war will win America.

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Internet Culture Medical Startups

Day 415 and Accessibility

I don’t think of myself as disabled or requiring special accommodations, though I have a well controlled medical condition that swells my spinal cord called ankylosing spondylitis. But for the first time since my diagnosis I really felt like I was handicapped. And I am feeling so much sadness over the idea that I might genuinely be disabled.

I’m attending ETHDenver and it’s wildly over capacity. No consideration has been given to any kind of basic accessibility. I didn’t think it would effect me though till I got here. I can walk without a mobility aid and if you met me you’d never know I have an issue. But I can’t stand in line on cold concrete for two hours. It turns out I would need a wheelchair for that kind of activity. And even if I had a wheelchair the first two days were in the cold and snow so I couldn’t have wheeled over or around the slush and water.

So I have only attended private parties and small events and group outings. This is great for me as I’m a well networked established member of the startup ecosystem. I’ve got a popular Twitter handle and can easily reach out to people. But I’m noticing just how much a bit of inaccessibility will gatekeep the crypto and web3 community. If you don’t have my heaps of privilege there is no way you could navigate this conference.

And we really need web3 to be welcoming and accessible. To build a better future with infrastructure and economies we all collectively own and benefit from we need an order of magnitude more people participating. But if no one can get in and experience things first hand than web3 will just be a repeat of the oligarchy of web2. It’s honestly my worst fear for crypto. We will accidentally exclude the people who will benefit the most from our innovations.

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Finance Internet Culture Startups

Day 414 and Empire’s End

Being at a crypto convention in 2022 is something else. It’s full jubilee at the end of the world shit. You are surrounded by millennials and gen-zers who know in their gut that their future has been stolen from them. And instead of being pissed they decided to build. And they decided to gamble. And it’s not clear which one is which sometimes.

You’d be forgiven being a nihilist right now. Capitalism looks like an excuse for the oligarchs to consolidate state and private power to enrich themselves. Everyone is soaking in student debt and working shitty interchangeable jobs for corporations owned by private equity. No one can afford a house. No one is stable enough for a marriage and children. Our fucking parents won’t retire and won’t listen to reason when we say their neighborhood needs more housing density.

But if you are in crypto the future looks pretty rosy. You are discussing real estate for your second home and the tax advantages of different jurisdictions. Swapping stories about your friend who accidentally didn’t set up estate planning and his company had a big exit and now he’s got to pay full rate to some expensive Democratic run city and state. If you are at the nice cocktail parties you are building the future and the venture capital is flowing and it’s possible that this is the next big wave of innovation. It’s time to fuck around and find out.

But not everyone in crypto is part of the smart money. Not everyone has institutional backing and the professionalization of long time startup operators coming to build real value. Right right below that success is a teeming horde of brutalized and completely marginalized people who are praying they hit it big on some new coin or hot new NFT project. They saw Bitcoin and then Ethereum go to the moon. So now they are praying to the full moon and hoping they ape into the next big thing.

But what’s scarier is that the prevailing attitude is who cares if it’s risky because no one believes they are going to have a future anyway so you might as well gamble. They might get lucky and build the next Google if they join the right DAO and buidl. Yes I typed buidl. I’m a degen too. I’m a doomer that isn’t convinced the empire is going to hold for much longer. And if I’m going to watch it all crash down I want to be a part of building something better for all of us. Maybe we get lucky and innovative faster than the apocalypse. To be fair, humanity always has in the past.

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Preparedness

Day 376 and Unnormal

I’ve been going about my life as if everything were normal this past week. I had meetings. I did long term strategic planning for various business interests. I went to a doctor’s appointment. I went grocery shopping. I went house hunting for a mountain house. I was living life.

But absolutely nothing is normal. The doctors appointments needed extra planning as old of the offices burned. Going to the grocery store was particularly emotional as I was so sure we’d lost it in the Marshal Fire that completely devastated two entire towns in Boulder County. Much of my planning meetings incorporated issues related to uncertainty on government interventions and the concern of regulatory overreach.

It feels totally normal to be concerned about political uncertainty and incorporating the aftermath of a climate disaster into errands. It is absolutely “unnormal” to use a term I heard on the “It Could Happen Here” podcast. Shit is just getting weirder and weirder. And there is absolutely no evidence to suggest we should expect life to ever return to some kind of normal. There is no “before times” normal I’ll ever see again in my life.

I say this as someone who is investing time and money into finding a homestead that I wish to be resilient against the background of an uncertain world. I believe things will get worse. And I’m actively taking steps to make my life more livable and productive even in worse conditions.

Because I don’t want another wildfire close call. I don’t want to be totally dependent on supply chains that have natural vulnerability to disease or weather. On Reddit this week our local sub had 200 comments on an empty milk refrigerator at Whole Foods. The discussion couldn’t decide if the issue was the wildfires that destroyed other area groceries leaning to increased demand, that the rival chain was having a strike labor action so more people were shopping Whole Foods to avoid crossing a picket line, or that too many Covid cases hit the trucking company that does Amazon’s logistic legs meaning goods never made it to the store. And what’s wild is no one seemed that worried that even on of those issues would have been viewed as a national crisis a few years ago. This was just all part of living our new unnormal.

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Politics Preparedness

Day 367 and Flat Out Grossings

December was a pretty gnarly month for me. I tore a ligament. I got Covid. A fire burned down two entire towns. I’m emotionally burnt out right now and letting myself feel it because tomorrow I go back to work. So apologies if this is even more stream of consciousness than usual.

When I was a teenager I wanted to be a reporter. So I talked my way into an internship at our local television station Channel 8. I loved it. I got to be the assistant for such glamorous events as city council land use meetings. Which is how I happen to have the misfortune of knowing how Boulder became surrounded by suburban sprawl. I don’t have a grand unified theory. I just witness a lot of little decisions that compounded into unspeakable disaster no one could have predicted. Except we did.

There used to be a crappy mall in Boulder. It had a Macy’s and a Foley’s but it couldn’t sustain its anchor tenant department stores even in the late 90s and early aughts. Now big developers and chain stores knew that Boulder was fast becoming a wealthy town and wanted in. Maybe we could upgrade from middle market to premium retail. But Boulder is run by a bunch of hippies and wanted no part of upgrading big box stores. City council meeting turned into an endless parade of “no” to various folks coming in attempting to take over the mall on 28th street. It languished for years.

Eventually the developers gave up. Decided to construct a mall outside of the open space belt outside of the city. You see Boulder is the prototype for NIMBYS. We literally bought up a bunch of land that the town owns and can never ever be developed so no one could sprawl the town. It’s gorgeous and amazing and expensive to maintain and makes Boulder a haven for its natives and an impossibly expensive place if you didn’t buy real estate in the 60s. But I digress. This is about the mall.

The developers called the new mall out on the prairie beyond the town’s open space Flatiron Crossing. It’s an homage to Boulder’s signature feature the flatiron mountains. And the views from up town highway 36 into town driving back from the mall are amazing.

And Boulder honestly felt like it won. The ugly box stores went up around it. Our town was saved from Costco and Chuckee Cheese and Ann Taylor. We all snobbishly called it Flat Out Grossings. We thought it was a nasty money grab. It was wise we let them develop outside the open space band and protected the town.

Except that mall and all the box stores turned into the anchor for all the surrounding towns. We called them the L towns. Well that and Superior. And that’s where the growth happened. That’s what enabled Colorado to thrive. And that’s exactly how an urban fire that was started on Boulder open space ended up destroying so many homes. We pushed out the development thinking we’d done a good thing.

I actually have to stop writing this as I can’t make the point I want to which is that Boulder brought much of this misery on itself. We wouldn’t let the land be developed in town. So someone else did outside of town. And now that land got wiped out from a fire in our open space. And everyone is going to be snide and awful but our policies have consequences and by pushing out our development to Flat Out Grossing the law of unintended consequences has taken over. And I’m sick to my stomach knowing the well intentioned hippies ended up doing so much more damage.

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Finance Internet Culture Startups

Day 353 and Wagmi

Gaming is what finally pilled me on crypto. When I took a medical leave a few years ago I felt isolated. I picked up a number of social games as a way to feel connected to other people. What started as fucking off ultimately transformed my perspective on investing. I didn’t know it yet but it was setting the stage for my fascination with web3.

I made friends. Real friendships despite none of us ever spending time together IRL. I made friends all over the world in completely different places, from wildly different social and economic classes, and we all easily collaborated to win together.

And while this sounds obvious I learned just how much talent and intelligence is evenly distributed to my fellow humans. The only difference between me and many of my fellow gamers was that I was born with a good passport. While everyone had the same access to internet as me, what they didn’t have was the same access to to global markets as I did. We could play together but we couldn’t invest together.

Their ambitions were cut short because of geopolitical decisions that had nothing to do with their ability to contribute and accumulate meaningful value. I had always known this intellectually, but never before had I been so deeply emotionally connected to so much human diversity as I was through gaming online.

Frankly it radicalized the fuck out of me. People in the West have no idea how good they’ve got it. And it’s a crime that we are not all actively working for all of our species to have equal access to markets. It’s just fucking time to drop the colonialism and the exceptionalism and combine our ambitions. We’ve got big problems to solve.

For me wagmi is some powerful solidarity shit. And I’m basically a foot soldier to the plutocracy. I am at the top of the food chain. I’ve get every reason to want to rent seek and act a protectionist to preserve my place. But thanks to something so simple as playing with others got me back to the golden rule. Do unto others.

Web3 offers a radical cultural position that everyone should own their work and everyone should compete with the same rules. When we say “we are all gonna make it” it’s an optimism about the kind of future we can build together. Sure the wealth is good. We need those incentives to come together. Markets operate on self interest. So let’s use that slay the beasts of collaboration and make stuff together. Wagmi.

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Politics Preparedness

Day 346 and Pandemic Inequalities

The last two years have been pretty good for the wealthy and pretty shitty for everyone else. Mostly because when governments slash interest rates and pour in stimulus, it’s the wealthy who can flood into equities and secure loans that make money functionally free. Everyone else has to rely on salaries that are paid in a currency that is being inflated.

I don’t think we are coming back from this widening division. It started before this anyway. The Great Recession and the Global Financial Crisis decoupled a lot. And you can probably blame the rest on Reagan. Hell go back to Nixon and the gold standard. Doesn’t matter. Compound interest and power laws have pretty clear math. The rich get richer.

But I’m somewhat more offended by the cultural chasm that is emerging. The labor class that lives under restrictions and fear while the elite with good passports and wealth move into Dubai apparently.

In a very fine demonstration of the power of public relations, The UAE appears to have placed glowing article in the Wall Street Journal about how Dubai is the new Covid free home of the monied. It’s a fascinating piece of propaganda about freedom to live life and do business. As long as you can afford it. It’s expensive to move to Dubai but once you are there apparently life is back to normal.

Sky high vaccinations and low taxes make Dubai a pandemic boomtown. Open borders and low infections are drawing the wealthy, businesses and tourists.

If you aren’t wealthy enough to pick up and start life over, you are stuck with whatever restrictions your nation places on you. Or conversely, you accept the risks of local transmission, vaccine uptake & political disposition of wherever you live. If you want to travel good luck with things like visas and the expense of quarantines.

I don’t know why this offends me. It’s been clear from the start that some people have had very different pandemics. The middle class has had the benefits of work from home. It’s been the working class that has had to live with all the risk and restrictions. But I do find it a bit upsetting that we are accepting new tiers of global citizenship based simply on your ability to pay to be without Covid cases. Since we can’t end this together I guess we are doomed to escape it on our own with our own abilities.

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Media Politics

Day 331 and No Going Back

We were never getting rid of the downstream effects of the pandemic. All the joking about the “before times” was just our collective psyche exhibiting normalcy bias. There is no going back. Inequality is rising and people are struggling and attitudes have ossified. Not because of some bizarre conspiracy but because you can’t put toothpaste back in the tube.

Every restriction and panic is just another day where the world gets more unfair and the prepared and the wealthy have more moves than those at the bottom. And so more people suffer and the gyre widens.

The thing about being privileged is that it compounds over time. Every instance of success and every lucky break build on each other. The math is an inexorable process that leads to one conclusion. The rich get richer.

The reverse is true too. Every barrier, every bill, every setback, every issue compounds too. An object in motion stays in motion.

If this all seems very unfair, I regret to say there is absolutely nothing any individual can do about the physics of success. The best you can do is try to bring others up with you. Educate them on the logic of success and arm them so they can begin to compound their own.

You can’t do it at mass scale. Individual outliers will distort every set of rules and every game within a handful of moves and the accretion of influence begins anew. There is no such thing as revolution. There is only hoping you can enable enough people to change the direction for good. That enough people chose collectively to make better choices for each other.

Anyone who preaches anything other than individuals aiding each other in freedom will have to acknowledge that all systems are prone to corruption and self serving. There is no level playing field.

Some of us just have enough ego to think if it is our people and our tribe or our political party in charge we’d do it better. That’s a lovely lie and history is riddled with the graves of societies that fell to egos of Caesars and strong men. Humans wouldn’t be interesting without our sins. We have to chose to overcome them and accept responsibility for their consequences rather than put our problems at the feet of elites.

And this unfortunate logic can lead one of two ways for America. We can either accept the personal freedom and self responsibility of each other. Or we can get smaller as a nation. What’s more likely to happen is the inequality widens. The rich and productive will write their own destiny. They will take advantage of the sifting sands. New fortunes will be built on pandemic logic and technology.

And the insecurity of the chaos will erode the positions of most fragile members of society and they will fall further as we climb higher. We will force rules on them we don’t abide by. Masks, testing, vaccines, restrictions of movement become for thee but not for me. We will restrict their capacity because it doesn’t affect our lives. It’s corrosive and unequal and cruel. It’s entirely without empathy. And we are accepting that because our stars are rising. The money is being made off this societal transition. It’s already in motion.

Categories
Aesthetics

Day 214 and Their Rules

“If he wants to play their game, then he has to learn their rules.” – Downton Abby

I’ve been on a bit of a kick with taking notes for my grand unified theory of shitposting. Naturally I’ve been obsessed with the British aristocracy melting down during modernity in Downtown Abby. A great deal of class implosions make for excellent drama. Class and it’s privileges are crucial to understanding who can get away with what. And I’m becoming rather sure that shitposting is a way of changing the rules, through satire, of who gets to accumulate social capital.

I own a reasonably good library on the intersection of class, wealth, and capitalism. I suspect that sort of preoccupation isn’t that odd of a leaning when you come from family that jumped from working class to bourgeois and had set its sights even higher for their children. And it’s reasonably amusing that I file the topics together in my head and on my bookshelf.

Class, Greed, Liquidated, Capitalism and of course Zizek.

Money has never been the determining factor for class, but the American preoccupation with capital has led us to develop elaborate social mores to try to distance that we have overlapped wealth and status into the term “upper class” in this county. We don’t have peerage so things like taste and creativity has come to dominate. We absolutely hate the nouveau rich and disdain people with bad taste.

I spent a number of years working in “style” which is the overarching set of professions that dominate who has class. I worked for luxury houses, founded a cosmetics brand and even did marketing for a very high end gym. All of the kinds of things you can buy to demonstrate you have good taste and thus are worthy of being considered upper class.

Honestly it seems easier to have to learn the manners of the aristocracy than to have to bother with keeping up on style. At least those assholes had a consistent dress code. But an elaborate set of social distinctions overlaying signifiers on who has taste and credentials is fundamentally more accessible. Hipster are social progress.

Showing you’ve got the capacity to read social signals has lead to a lot of weird shit. Our current preoccupation with critical theory for one. But it’s opened up class status to people who are capable of demonstrating their understanding of what it takes to occupy their place on the ladder. And yes I think shitposting is the new Harvard degree or house in Newport. I guess it’s no weirder than marrying someone with an estate on a cold island off the coast of Europe.