Categories
Chronicle Finance Internet Culture

Day 57 and The Fungible

Finance commodifies. The value of one thing must be stacked against the value of another. We can put “a thing” in a ledger and trade it for another thing.

Making something that is not a commodity into a piece of property that can be valued, traded, sold, or transferred is the natural order of financialization.

Not content with turning food or labor into commodities, we have created financial products to divine literally anything into an asset that can be owned, traded, or hedged against.

We’ve decided on fancy vocabulary words like fungible to make the basics of human reality seem more exciting. Or maybe just to charge more for it. 2 and 20 requires a bit of song and dance I suppose.

Fungible is a funny word too. Interchangeable makes more sense. It has more inherent meaning when brought to the context of finance. Sure, we bristle at the idea that our labor, our time, our creations are interchangeable, but we assign values to them so human creations largely have value that are easily exchanged. Finance commodifies. Just because you are unique doesn’t mean your creations aren’t things.

This week we sell non-fungible tokens (nft’s). A financial person might stop and think “ok, but I prefer the fungible, as I myself trade interchangeable things”. And this isn’t, it’s right there in the name. And if I’m not, I damn well better be doing it with something that has a price we agree on like a dollar or an ounce of gold.

And yet here we are with the NFT. Art lands in this category. It is unique. It is non-fungible (say that at a party and see how fast people walk away). It is unique it and cannot be made interchangeable. And yet we sell set.

So how do we trade it? How do we assign value? This contradiction tickles the minds of thoses who have aggregated many interchangeable items with agreed upon values. The rich I mean. The rich enjoy the tension inherent in a thing not being a fully agreed upon commodity. A “not thing” can be worth more than a “thing” precisely because we don’t agree on it. Even if the process of assigning something a price can often feel like it is toeing the semiotic line of “not a thing” assigning value brings it into “thing-ness” by anchoring its reality to the present.

Signifiers are required. The semiotics of value. The desired exchange. And so we toss technical terminology on top like fungible and pretend these frameworks make it easier to turn a “not thing” into a “a thing”

The non-fungible token. It is right there in the name. It is not interchangeable. And yet it has an assigned value. It has been funged.

Standardization, interoperability. Tradeability, liquidity, immutability, scarcity. Amazing what finance can do to a “not thing” in no time at all.

Categories
Internet Culture Media

Day 44 and The Press Culture Wars

While I am a child of Silicon Valley (literally), I came of age professionally in media soaked New York City. The battle of startups versus the press has been one I’ve largely ignored as I think it represents cultural misunderstandings between two very distinct groups. I love startup life and I love media people. But to say they don’t grok their different motives and power incentives is an understatement.

So watching them fight is a bit like watching your two best friends in a spat. It’s awkward, you don’t want to pick sides, and you just hope everyone simmers down. But I’m beginning to think the beef between the 4th estate and the tech sector is starting to have some collateral damage. Not least of all because bad actors have infiltrated both: on the tech side we’ve got blackpilled monarchic misogynists and their jackbooted political protofascist admirers, on the nominally left wing media side we’ve got neo-reactionary Jacobins. Kinda hard to pick a side when those are your bedfellows.

I have generally sided with skepticism of media as I was raised on AdBusters and am vaguely aware there was a time when corporate media really was dominant. I’ve also been in control of large advertising budgets and seen first hand the little compromises that get made to stay in business. But the newest volley in tech versus media has erupted a new low of bickering and ad hominem attacks that have the memetic mobs of both sides are hungering for blood.

All this to say that I’m finally considering picking sides. And I don’t like it.

In the current narrative tension portrayed as techno-optimists rationalist thinkers (lol) versus the new reactionary left wing media, I’m sad to say I’ll end up siding with media. Not because they are right (they aren’t), but because the fragility of these self proclaimed centrists aren’t worth preserving over the 4th estate. We need the press more than we need “‘well, actually’ reply guys.” Feel free to take bets on how fast I get my first reply correcting me.

Too many of the critics of media have been black pilled by operatives that chose to be fascist influencers when they couldn’t make it in the traditional realm. Gamergate brought us the first wave of directed mobs sent to harass nominal new media figures. A lot of that was misinterpreted, but the end result has been that portions of the technologist and web set adopted too many of their rhetorical gambits. Which is not a winning strategy. Mid tier thinkers would rather martyr themselves on the sharp dicks of clout defenestration than actually win anyone over to their cause. So instead of being decent media critics, which we need, they just throw themselves down on their chosen causes.

Like I get it. I too was once a kid who was convinced being right was the only moral cause. Then I realized what “to the victor go the spoils” actually means.

You have to win so being right matters. Being morally right without a win is Pyrrhic victory.

So to the “rationalists” pissed at the New York Times I want to say you are not fighting a righteous enemy. You are fighting bitchy queens who are better at this narrative thing than you. It’s the fucking styles section for Christ’s sake. It’s normally used to skewer ugly clothing and idiot bourgeoisie real estate trends. Yes, it’s often the source of the most incisive cultural commentaries and the best writers are often housed there. So by all means fear it. Actually you should fear it as if one mean queen has it in for you they can do a lot of damage as they are really good at it. Just understand that it’s also a petty mean clique run by the same people that probably tortured you in high school (or for some of you that you bullied so sorry turn about is fair play).

There’s plenty of good reason to be mad at the New York Times or Washington Post right now. They are owned by plutocrats. Their operations are opaque. But so are the companies where you probably work. And I bet you think they do shady shit now and again you’d like someone to bring to light. Human institutions fail because they are run by humans. And no matter how smart you are you can never be free of bias. You can barely be less wrong. But the alternative of having no 4th estate is pretty bleak. So be careful what you wish for as you just might get it.

Categories
Aesthetics Chronicle Media

Day 43 and The Freeze

I’ve been watching the television adaption of Snowpiercer. So I’m delighted to have the polar vortex collapse that is chilling most of American dovetail so well with my current media aesthetics. I’ve always loved the cold.

Colorado has been in the single digits all day and will be below freezing for the weekend. I had to drive out to a doctor’s office for some treatments and was terrified I’d slip off the road at every intersection. As the sun slipped behind the flatirons a gloomy grey quickly turned into a pitch back snowstorm.

The aesthetics of disaster and apocalypse generally lean more towards heat and explosions but the subgenre of extreme cold holds our attention. Day After to Tomorrow, Snowpiercer, The Revenant, The Thing, The Grey and many other freezing fear movies capture an aesthetic.

The natural fear of cold isn’t just about freezing to death. Much of the claustrophobic feeling of cold crisis movies comes from isolation, loneliness and it’s resulting paranoia. It’s why the genre does so well when mixed with horror or action. Game of Thrones regularly intoned the threat of winter.

Freezes typically operate on bleak but wide open spaces like arctic tundra or within the confines of a station or refuge that quickly closes in on its people. Scenes of mayhem and violence come out of close quarters that are supposed to guard you from the even more fearsome freeze right outside your door.

All of this conditioning from film and television makes a weather condition like a polar vortex collapse take on a bit of an edge. I indulged in my pre-storm prepping shopping to make sure we has enough beef for stew and chickens for roasting. But that’s partially ritual. A sacrifice to the gods that says I am worthy to survive the bitter cold that is coming. It’s almost superstitious. But it’s also joyful. Humanity against the odds of Mother Nature. We’ve developed rituals and technology to live in the worst conditions.

Categories
Chronicle Internet Culture

Day 42 & Audio Engagement

When a new social media application hits the J curve, it’s the most exciting feeling in the world. The magic of network effects kicking in to make each day on the app more valuable than the next for its users.

It’s also stressful as hell for teams because everyone is watching and has opinions. So I feel a little bad that today I’m going to talk about live audio talk radio app Clubhouse, but it’s on my mind and I made a commitment to myself to hit publish every single day, so here I am.

First some disclaimers. I didn’t join the beta in the spring because early users do the bulk of culture building and I didn’t think I had it in me. Several female friends of mine had negative experiences and I didn’t want to be on clean up duty. Toxicity compounds and I get plenty of it having significant visibility on Twitter. I’ve been doxxed, stalked, harassed (my favorite story is about Glamour Magazine’s attempt to do a crowd sourced Dos and Don’t section), and canceled by Gawker. So I’m inclined to steer clear of being an early adopter these days as I don’t have the emotional bandwidth to build positive communities that I’m not getting paid to build. This is not a commentary on whether I think Clubhouse is a good or bad place so much as a personal preference I have.

So I’ve only been on Clubhouse since it hit exponential. That means most of my feedback reflects the experience of the app hitting popular consciousness and not it’s early Silicon Valley FOMO insider days.

Audio is a wonderful medium that carries emotional depth. It connects you more intimately and is exceptional at narrative. It’s also much slower as an informational conveyer than writing and an attention resource consumption hog when you pay attention (some people like background noise, I personally do not). These two factors are the driving tension in the Clubhouse product. You feel connected listening to other humans, but your attention quickly lags as your brain works faster than the content.

Unlike in photo feeds, or a mixture of image and written content, you cannot scroll out of a lull. And unlike in precorded podcasts you cannot play it at 2x speed or rewind for something you missed. So you get stuck in boring rooms in Clubhouse but feel bad that other nice humans bores you. People are on a stage in Clubhouse “rooms” so you tune out, as unless you jump on stage there is no way to improve the engagement. And in large rooms you aren’t getting on stage.

But you shouldn’t feel bad that you’re bored because it actually is usually pretty boring in Clubhouse. People don’t naturally talk in consistently engaging ways without significant production and preparation. No one is always concise and engaging. Literally being “interesting” means to hold interest. And no one, not even A list actors or television hosts, are interesting all the time. Even though they have entire teams dedicated to making it seem like they are.

So what does this mean?

First, Clubhouse is going to need to elevate influencers that have experience in the kind of production work that works in audio. That probably means talking product cues from talk radio like call screening, cueing the audience what is coming next, having prepared topics and set time frames and giving audio stitchers to drive attention. TikTok is the gold standard in narrative tool enabling creation and might be a good source for product inspiration on what tools to give those on stage.

Clubhouse is also going to need to decide if they want to be more conversation driven. A stage and an audience naturally begets status anxiety and a one-to-many dynamic. But that means you can’t drive the same massive numbers as a one-to-one or many-to-many social space. Maybe they will be content to have a smaller influencer driven creative pool that brings in audiences but they will be forced to adapt their tools to that reality. In that way it looks more like Spotify. People use Spotify because the talent is there and it happens to have some social feature. I believe Clubhouse could pull this off as it certainly has the money for it and there is clearly an appetite for produced audio. Rush Limbaugh is a very rich and influential man (disclaimer I worked at 77WABC as an EA and did stints on his show) and there is room for more types of voices.

I’d personally prefer a conversational platform as a user. I was a rabid fan of the first iteration of Anchor before it became a podcast product. It was call and response “voice messages” initially. It was enormous fun to talk into the ether and get messages back. I still talk to friends that I made on it. To call back to my opener, it was a magical time as the app grew quickly around a massive influx. They eventually pivoted and sold to Spotify for what was clearly a better business, but I look back on those few months as some of the best time I’ve ever spent on social media. The magic of asynchronous audio messages made me feel in control as a user. There something I don’t feel I have yet on Clubhouse which has given me a sense of being overstimulated and even anxious. Timing choice is a significant part of social media scale for users as not everyone can be extremely online.

Clubhouse’s product choices in the next few months will determine how long they can keep that magic going and for how many people. Their team has captured something special for a lot of people and and they some of the best institutional backing in venture capital. I’d personally love if they went in a more conversational less status audience driven direction. But it’s not my startup so all I can do is comment from the sidelines and wish them the best.

Categories
Chronicle Internet Culture

Day 30 and Aesthetic Signals

I’ve been chewing on an investment thesis for a bit.

Any of the angel investing I’ve done has mapped back to some very obvious principles in hindsight, and while I’m not quite ready to put it all out there, I’ve been doing the work to formalize it. I even bought the domain chaotic.capital.

I bring all this up because I’ve been thinking a lot about how aesthetics layer up to telegraph intellectual principles as part of my thesis work. One of the directions I’d like to consider is frustratingly expensive. In most established upper or hipster class aesthetic trends, the difference between being top half and top decile is probably the matter of only a few thousand dollars and working with someone who has taste.

The difference between top 10% and top 1%? At least a hundred grand. To really be world class takes millions.

We like to think that style doesn’t cost a whole lot of money. We give lip service to taste as an intrinsic talent. But it’s closer to being a skill developed through work and study. The people that make culture for a living have an eye for the granular details that make an aesthetic coherent. They can spot the third derivative inspired byproduct at a glance, and give its genesis to you step by step. They don’t do this to be snobs necessarily (which those who are insecure in their tastes tend to think) but simply because they cannot unsee their own aesthetic insights.

The downside to taste being partially a function of study is that if you want to adopt an aesthetic that has history, you can’t really half ass it.

This inexorably leads to new aesthetics arising and evolving simply because those with some study know they cannot afford to pursue an established aesthetic. If they did pursue something with lineage and no budget, they would need to bring an order of magnitude more taste to the whole affair. Now this doesn’t matter if you are middle of the pack. A spit and polish will do you good. But if you want to go from top ten to top one you need to invest the money and talent to get that order of magnitude.

And if you can’t? Well you probably need to pick a fresh aesthetic direction less burdened by history. Harder to pick it apart by showing it’s full lineage for one. But more crucially it gives you the space to build your own.

Categories
Chronicle Media

Day 29 and Momentum

I haven’t felt so invigorated by the internet in a long time. I’ve had a week of joyful chaotic fun alongside my virtual friends (which during pandemic times includes my IRL friends too). Without the alt right and their mascot President Trump sucking all the air out of the room I’m seeing a lot of relief. The slight diminishing of the existential threat has lead to a lot of what I can only call silly season.

Just about everyone I’ve encountered has been filled with newfound creativity this week. Stonk mania is really only a piece of the goofy energy. To be sure I’ve been riding high on the wave of GameStop and the other meme stocks (though to be clear we actually made money with a well timed bet on volatility and only bought one share of $GME for the fun). But it’s more than that. The giddiness that comes from any kind of upcrash raises spirits in all adjacent fields.

And as I spend a lot of time in financial and social media circles it’s been a hell of a party. Granted most of us are waiting for a hangover to hit but more than a few of us are wondering if we’ve tilted into an entirely new chapter of chaos as the world grapples with the power of loosely organized crowds.

Whatever comes next a momentum is building from the energy. We’ve seen a possibility that chaos can be fun and not destructive. A sorely lacking feeling in the last few years when memetic armies only fought on one side. Now it’s a free for all. And that is potentially a lot more interesting.

Categories
Chronicle Finance Internet Culture Preparedness

Day 28 and Limbic Memory

Today I want to talk about how this past year has set in motion the next hundred years of human imagination. Yes, I think it’s that important.

Mental elasticity is an incredible thing. We humans learn quickly and have a seemingly endless capacity to adapt to impossible things once we’ve wrapped our minds around it. Sadly though, forgetting doesn’t come as naturally to us as learning. Once we’ve seen the impossible happen, we never forget. Instead of storing miracles and crisis in the front of our minds like new knowledge, to be reinterpreted as new and possibly ephemeral, it goes right to our limbic back brain.

The limbic system is set in the deep structure of the brain where it regulates autonomic or endocrine function in response to emotional stimuli. It’s part of our survival response encoding. Which is why trauma is so crucial to evolutionary pressure. Those that survived, generally did because they took an impossible situation seriously. It becomes a part of our reactive unconscious survival instinct. And boy is this going to have consequences for American millennials.

The last year has had its share of impossible things occur. And we’ve gone about our business adapting to things that couldn’t possibly happen before. Early doomers were dismissed on the pandemic, political Cassandras ignored until an insurrection occurred, and now a new kind of financial mania which Stalwart Joe at Bloomberg calls an “upcrash”. He explains the impossible inversion using 1987’s Black Monday 22% drop.

Once people became aware that such a severe crash in so short a time was even possible, the likelihood that it could happen again was never dismissed. The consequences aren’t as big, but in a sense, what we’ve seen in GameStop could be thought of as a Reverse 1987. Upcrash. A gain so fast and rapid, that it might previously have been thought to be impossible.

Why do I include a seemingly jokey memetic internet troll in a list of traumas? Because a positive memory is just as jarring to our limbic memory as a bad thing. We overweight good experiences just as heavily as bad. Once the impossible becomes real our bodies retain the memory.

We’ve now got sense memory for global pandemics, political instability and positive market manias in America. Things we haven’t had for three generations (or more in the case of political instability). And the consequences, most of which remain unknowable, for these visceral impossibilities won’t leave our bodies till we are dead. We are stuck with the paranoia and exuberance of this last year till our grandchildren are in charge.

So we’ve just tossed several intense traumatic evolutionary events onto American millennials that not a single institution can do shit about. And I’ve honestly never been more excited for what our chaotic future might bring.

Categories
Chronicle Internet Culture

Day 27 and The Short Squeeze

The speed at which we’ve transited from insurrectionist attack on the heart of democracy to every man strikes at the heart of corrupt Wall Start has captured my attention. The GameStop squeeze may possibly be the most interesting story of the modern social age. The first wisdom of crowds moment striking at an institution and doing enough damage to get the beast’s attention.

We’ve careened from institutional faith crisis to the next in the long trudge out of the 2010s. And doubled down in 2021. Because it’s fundamentally the same energy. Tearing down the capital to stop the deep state to rallying around GameStop against the man is a straight line. The age of the extremely online is here

Both events have strong kek energy to it. It starts as a joke. Some sophomoric humor on the message boards. It is hilarious and fun how we all cosplay hax0rs blowing up Big Hedge Fund. But it will not be funny joke when a pension fund implodes. Just as it wasn’t funny when we had a kek coup on January 6th. One sounds like a stretch. We could never find ourselves in a place where trolls blow up an essential financial instrument on which millions rely for their futures. But then no one thought a D list celerity pretending to be a businessman could ride a gold escalator into the White House either.

The GameStop happening is just the first instance of memetic market manipulation. Institutionals will get caught without realizing it. Because mimicry online lets idea evolution happen swiftly. The base reference materials quickly get widely diffused and most folks aren’t even aware of the source. Ideas get separated from the original context, for good or ill. Hence Trump and sedition being both serious and a joke. It’s funny till it’s a federal crime. You may not realize you are perpetuating something with source material that is meant to either redpill or push a grift or policy position. Which probably explains why there were so many confused Boomers who couldn’t figure out how they had accidentally committed treason.

I’d be surprised if we bring any politicians to justice in the capital attacks. But I don’t doubt the SEC finds a way to make internet mob pump and dumps illegal. Sure that would require that literally anyone in regulatory oversight roles understood how meme cults perpetuate. We can barely wrap our head around memes electing politicians. Moving markets is too much for the imagination. Except that it’s happening right now it just may threaten the powers that be. Fuck with democracy fine. Fuck with the capital markets. Now you’ve got our attention.

What worries me the most is despite seeing the straight line from danger to democracy to internet mobs throwing themselves at the markets, I am having so much fun watching it all unfold.

Categories
Chronicle Internet Culture

Day 25 and Ease

I’ve been giving a lot of thought to my self limiting beliefs lately. The ideas I hold about myself and the world that get in the way of me changing. And one I seem most attached to is the myth of hardship.

I’ve fetishized the idea that life should be hard. Working through tough problems is good. Sticking it out through bitter failure is worthy. That goodness, attention, wealth and status are achieved through a moral pain.

I’m fairly sure I got this ridiculous idea as some type of parasitic add-on from Calvinist thought. It’s also preposterously, comically untrue. Like objectively the wealth, status and power in human society do not come from anything even resembling moral good. It’s this annoying fact that gives socialists succor in an otherwise unforgiving climate of capitalism (an objectively true statement that equally frustrates adherents of communitarian philosophies.)

So somehow I’ve equated hard work with good. So instead of pursuing talents in life where I enjoy ease and facility I force myself into difficult pursuits. I rationalize this as noble. But my core self knows that it’s bullshit to keep me stuck in the mud

So I am trying to resolve to not poo-poo that in my life that flows smoothly. I can do well at life by being at ease. I can lean into my talents and enjoy where they go without judgment.

But in the immortal words of every thirst trap: feel cute…might delete later.

Categories
Chronicle Internet Culture Media Politics

Distraction unto Death

I wasn’t allowed to watch television as a child. My mother has a firm view on the pedagogical benefits of using your full cognition range as a developing child. She simply thought the television did too much work for you which hindered building mental acuity in a child. But she also has a more personal reason. She believes distraction breeds stagnation.

As I’ve mentioned before here, my parents were utopian hippies committed to the manifest destiny of Silicon Valley. A classic book of the radical “information longs to be free” crowd Neil Postman’s Amusing Ourselves To Death showed distraction as the primary tool of the tyrant. The real tyrant wouldn’t need force. They only need us to be distracted. Bread and circus for the plebeians to keep us complacent. In this sense my mother feared Huxley’s Brave New World more than she did Orwell’s 1984. In her view information need discourse, disagreement, and nuance. Television wasn’t a medium suited to debate. Particularly news programs who digested and provided a narrative and a moral arc. No one could discern facts or testable hypotheses from a story. That was an affront to enlightenment values, science, and frankly even religion (she hates when you drag belief into science). So I didn’t watch television as a child as quite literally it would make me stupid and lazy.

It is with this knowledge that I realize the main weapon the populist right has wielded the last four years was distraction. A constant drum beat of incessant crisis after crisis. Never having a moment of peace after outage after outrage was laundered through mass media insistent on making sure it never became normal. The #Resistance committed to remembering that “this is not normal” wore us down daily.

So in a way I think we have come out from under totalitarian thought. It was impossible to make progress on problems when one could only see the next crisis. The question is now how do we react from having constant distraction finally relieved? Do we realize the mess we are in? Distraction bred stagnation. But can we shake it off and begin to the think for ourselves again.