A number of my friends and colleagues have descended on Nashville this week for the Bitcoin Conference. I didn’t make the trek as southern heat in mid-July isn’t for me.
Despite being remote, it’s been easy keeping up on the event. I connected various friends who all different politics & interests. It’s been a delight to get selfies and “ussies” sent to me as my network connects in person. My virtual network exist IRL.
Meanwhile back in “extremely online” land where I spend my workday it feels as if the virtual insanity is at a fever pitch.
We’ve been recycling the same fears of virtual worlds since I was a kid. When I was in middle school the big hit was Jamiroquai’s Virtual Insanity.
Oh, futures made of, now, virtual insanity Now we all, we seem to be governed by a love For these useless twisting of our new technology And now there is no sound, for we all live underground Yes, we do, oh
It doesn’t seem like much has changed in the intervening quarter century or so. Everything is a twisting of technology as hyper partisans battle for mindshare on who decides on who can owns the virtual world and its creations.
I hope it provides some small comfort that the things we are challenged by not new. Intractable human nature doesn’t change much. So before drowning in the virtual insanity consider doing something in real life. I’d be happy to facilitate introductions.
All I wanted the first time I raised venture capital was to be able to make my business case. Once I’d done that I was sifted into into the wider cultural moment of girlbossism with everyone else in my cohort.
It quickly became the way to raise money because heaven forbid gender not be important. I was no Diane Green so I better get comfortable mugging for the cameras. I’d not so secretly hoped I’d be able to offload some of that lifestyle element to someone else. Someone more suitable.
At first I figured fine whatever it takes to get the money who cares embarrassing shit like becoming avatars for the zeitgeist doesn’t matter.
But now I think maybe it did. Every time a piece of social media goes viral with women messing around at the office I think what did we do? I’d envisioned that the difference between me in 2014 and the new younger, better, more ambitious versions of me 2024 to be, well, actually better?
Maybe they are. Media isn’t reality. But I had visions of women quietly running companies and venture funds competently and without concern for their gender. Surely in ten years more would have changed?
And it’s all grist for the mill. People want to blame feminism and gender studies. Pffft. Cute. It’s not gender studies or critical theory that got us here. For all the Baudrillard, Foucault and Judith Butler we all absorbed, the thing is just a representation of a reality that never existed.
Jean Baudrillard’s Simulacra and Simulation explores the concepts of simulacra, simulation, and hyperreality. Simulacra are copies or representations that become detached from their original reality, leading to a state where distinctions between reality and representation blur. Baudrillard identifies four stages of simulacra: the faithful copy, the perversion of reality, the absence of profound reality, and pure simulacrum, where the representation becomes reality itself
If you want a crack in the timeline go decide what the Summer of 68 produced as a culture. Maybe they were just reactionaries. Maybe I’m just a reaction to them. These girls are a reaction to me.
If you want to be a cynic there is no shortage of commentary on how media showed us culture that didn’t serve us. Those Summer of 68 men turned into Yuppie midlife crisis dads who weren’t there for their children and wives. Feminism giving depressed stifled women a chance to not regret their choices. But the choices already exist.
Your cultural war mileage may vary. Now we have cowardly millenial man children and forever princess boss bitches and endless rounds of upset every time we see women in an office doing something silly.
You can rage at critical theory all you like but this just one elaborate morality play being accountable. And no one wants that. Real fake Girlbossism selling blemish cream.
Everyone deserves better than this. I deserved better than this. The horror of contortions required to simply pursue work means you must do what media and finance require of you to succeed. Go watch Margin Call and see if you think you’d fare better in making those choices.
I see this reflected in my H1 investments. Access to energy, access to compute, and decentralization of both compute & energy are directionally the major trends that I believe will matter over the next decade.
From where we stand, capital serves the founders who make things of real value. That takes time. Regular builders have simpler needs while they do it: the freedom to make what they want with readily accessible tools without interference.
We originated #FreedomToCompute as a tagline that shows our values. Not only has it driven me deal flow, but the coalition of e/acc, crypto, and El Segundo hardware/deep tech autists even changed a political party’s platform.
I’ll admit that I was surprised by the Republican Party’s adoption of innovation in crypto, artificial intelligence, and space as a core policy plank. They must really be courting startups as a constituency but I’m happy to have as many as possible aligned with us.
Science and progress are values traditionally associated with liberalism’s left leaning parties, but it seems the axis of “the best is yet to come” is a wide coalition. My heuristics have thusly been updated so we can remain up and to the right.
Everyone has their entertainment and mine is makes me a little bit of a stereotype. I hate podcasts but do most of my chores while listening to Bloomberg’s Odd Lots podcast.
I was catching up today with an interview with equities analyst Tom Lee. My attention got caught and stuck on his description of Bitcoin.
“Yes, Bitcoin is unlike other asset classes because there is a cooperative value. You know, the people who contribute to the network benefit from it. And that’s different than any other asset class.”
Now I don’t think this is unique to Bitcoin. Cooperative value can be found in everything from nationalist politics to luxury handbag resale pricing. But I do this it’s important to have cooperative values be baked into a network for it accrue value.
We’ve traditionally mitigated concerns about market cooperation through clear property rights and legal protections. We’d backed up those claims with things as abstract as a monarch. We’ve evolved to it to the slightly more concrete full faith of the United States and Byzantine bodies of securities law. Fiduciary duty and all that.
But as we become less inclined to trust that the buck does in fact stop “anywhere” we are looking for ways to mitigate that risk. How to operate in a world without trust? You develop trustless protocols. Humans have plenty of intuitions about trust and many these intuitions struggle without a clear person with authority to act.
So I ask if we are heading into a “headless” age?
As distrust in institutional power struggles we are seeking out new ways to continue the business of life and civilization even if a high trust society is in question.
You could even argue that we’ve got headless political parties as the Democrats and Republicans both struggle with defacto heads nobody particular trusts. I don’t know if we can live in a headless democracy. Deciding who is a citizen is a very different matter than deciding who is a shareholder.
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.
Despite the record breaking number of travelers, I had a pleasant United flight. The westward flights can be tricky for sleep as it’s not an overnight.
The logistics of this worked out as I slept 6 hours before a 4am wake up for the positioning flight and then on my flat lay got nearly a very decent four plus hours.
Munich to Houston is 10 hours & I slept well
My RHR was pretty high from the stress of flying but I was quite impressed that I got restorative sleep and REM. Those flat lays on Polaris really are worth it.
Once I landed in Houston I had a short layover where I was lucky enough to enjoy a sit down meal in the Polaris Lounge. I only wish I’d had more time to enjoy it but clearing customs, going back through security and rechecking luggage takes time.
United Polaris Lounge menu in Houston
After all this incredibly pleasant travel there has to be something right? I had a half mile walk to the E gates for my Austin flight. Americans don’t queue well so I arrived at the beginning of boarding. The entire plane boarded only for us to realize we had a serious mechanical issue.
We then deplaned and walked from the end of E gates to the very end of the C gates (about 22 minutes as the New Yorker walks and a mile and a half) to get to the new plane.
The crew was in danger of timing out while catering needed to do a supply for a down line flight. Someone’s executive decision worked in our favor as we got into the air without getting ice for whoever had the airplane next.
What is a two hour drive turned into a five hour ordeal but I made it in one piece and passed out much later than I intended after a full twenty four hours in transit.
Finally asleep at my hotel in Austin after a 4 hour mechanical failure & airplane change for a 30 minute fly time
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.
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
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.
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.
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.
I can’t predict your choice, but I’ll admit my “rational” conscience mind desperately wants me to pick numbers.
Alas my emotional subconscious intelligence quickly goes intuitive, lurching my feelingsto a grabby place with “words.” That the right answer. I’d be hard pressed to correct my gut.
Humans love a good story. Even a single word can contain centuries of meaning. Just ask someone to define “woman” if you don’t believe me.
In the battle between numeracyand literacy, the bell has long ago been rung on the fight. Cave paintings transitioned to runes. Runes became alphabets. Literacy won before numbers got beyond accounting for the treasures of a king.
Priesthoods may have hated man understanding “the Word” but human minds were already on board with incantations of auspicious words before we got formal symbolic systems.
Probably understandably attempts to introduce topics like algebra were was a bit of stretch. Even simple arithmetic proved to be a contentious abstraction for many humans.
Ideas like property are a not a long haul from understanding “mine” and “yours” but it’s quite a leap to understand “how much” and “in what ways across different time and organizational schemas” which gets humans upset over specific collection of things.
Look at your hands and you understand that base ten allows you to calculate simple transactions for resources within your life.
Beyond that good luck. Got an abacus? Understanding that zero and one can communicate a universe’s worth of information is an even further leap. Attention wanders quickly without a computer.
And yet, as I enjoy the aesthetics of my own numeric symmetry in my 1212 days of consecutive writing, I know it’s my private counting mechanism.
“The need for numeracy today is enormous. Business requires people who have grasped the principles of reducing chaos of information to some kind of order.”
The Economist 1966
The narrative overlay of what numbers mean matters more than the numbers. So I’ll ask again. Which would you pick? Words or numbers?
No one seems to be responsible for anything anymore. To take on a duty seems almost quaint in a world where honor has become a historical oddity. To have responsibility means you have an obligation to do something. And sadly many seem to be saying who wants that?
And yet we can’t substitute liability for responsibility. At best a liability has a specific meaning in financial and legal realms.
To be liable for something means there are repercussions if something bad happens. We’ve got whole professions dedicated to avoiding liability.
The interplay between the obligation to prevent harm and the prohibition to cause harm, the question of cessation and the procedural treatment at the International Court of Justice of the issues of injury, causality and reparation owed
What we owe each other seems to only ever resolve itself when money changes hands. And perhaps that’s simply not good enough. If we only look to reduce liabilities because duty is simply too much to ask (or too dangerous a commitment) then is it any wonder no one wants to be bond to one another?
