Tag: Social Capital

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Finance Internet Culture Media Politics

Day 219 and Crypto’s Publicist

Most industries have interest groups. Publicists, lobbyists, and spokespeople weave together stories, talking points and preferred legislative agendas. Anyone or any group is free to discuss why their preferred business or issue is worthwhile and convince others of their view. We have a marketplace of ideas. Sure, not all interests are good but anyone is free to promote what they believe in. So why aren’t we doing anything for our cause in the crypto community? I say it’s time crypto had a publicist.

Not every country allows for this. The crypto community has an obligation to recognize that when we fight for our own interests it isn’t just we who benefit. The entire world benefits from open, decentralized and permission-less systems. What we do benefits everyone who wants to live in a freer world. It’s time crypto had our own activist DAO to protect and promote our values.

I am proposing the formation of an activist DAO promoting the use of crypto. Our goal is to advocate for positive popular culture narratives about crypto. We vote on our issues, stories and key initiatives through the DAO’s native governance tokens. The DAO will hire publicists and communication professionals to promote our stories in mainstream media along with commissioning content meme-ers and creators to share opinions. Policy is crucial but public perception is faster and pushes the right policy down the right.

As place holder I’ve purchased CryptoCommsCoalition.org. The Crypto Communication Coalition. I am working on a shared collaboration doc in Google Sheets to collect input, feedback, and priorities. Anyone who is interested can participate in our effort. Email me Julie @ crypto comms coalition dot org or DM me on Twitter.

We need DAO creation specialists, legal experts, memers, streamers, Reddidters, governance folks, publicists, lobbyists, fundraisers and a thousand other specialists I haven’t thought of yet. This won’t be easy but it’s an eating our own dog food moment for crypto. We can use our own tools to advocate in a participatory, transparent and open way for our own interests. If banking and big oil can can afford publicists then so can we. gmi.

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Biohacking Emotional Work

Day 215 and Leisure

I’ve got a bad relationship with work. Since I was a teenager I’ve been compulsive about the idea of hard work. I don’t know how I got to have a problem with the Protestant Work Ethic but it seems likely I developed it long before I read Max Weber and found it’s comforting rationalizations about work’s inherent morality.

I’m fascinated by things like commodity aesthetics, the history of consumption, and theories of leisure & status. Partially because I got a kick out of supposing I was a better person than those wretched lazy types. I wasn’t so sophisticated to sneer “rentier” class as kid but I was well on my way to veneration of hard work and productive capital. An economics degree finished the job.

This was compounded by growing up in a family that worshipped the culture of Silicon Valley. The innovation of computers and the people that worked all hours to bring their creativity to the world were the most important people on the planet. They hadn’t quite crossed the cultural rubicon of power that the tech industry has now, but the power of making the future was hard work and heady stuff even before it captured the mainstream. I wanted to change the world like the people my father admired

There was a time when computing and automation raised questions of a new era of leisure. If we could move all of the work we’d previously done manually to automated systems perhaps humans could ascend to The Culture of Ian M Bank’s novels. In a distant future of abundance, sentient AIs run industry and production, so humanity can do, well, whatever it likes.

But we haven’t achieved a post scarcity world. If anything accumulating resources and showing you’ve done it by the rules of the meritocracy makes hard work even more crucial. You’ve got to play and win two games. You’ve got to make the money and show you’ve demonstrated the proper status while doing it. It seems like leisure is losing the battle quite soundly.

I’ve been pushing all year to get back to hard work. I’ve worked hard at my health. I’ve committed myself to biohacking. But really what if the obsession with working myself to the bone is killing me? I’ve been completely relaxed as I prepared for a medical procedure this week. I’ve never felt better. Which forced me to ask myself if maybe I better come to live leisure like the way I have loved work. It might be a much better life for me. The future sentient AIs might approve as well.

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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.

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Chronic Disease Emotional Work

Day 198 and Kindness from Strangers

I’ve written about how terribly I’ve felt physically for the past 6 straight days. The last positive day of writing I had was 8 days ago. People have noticed the emotional tone of this struggle.

Generally speaking a day or two of being down doesn’t get noticed on social media, but a continuous streak of being “off” tends to get noticed by your community. Your mutuals know who you are even from afar. Your mutuals see your struggles. Your mutuals may know more about you than you imagine. And I’ve found your mutuals may genuinely care about you.

I’ve never felt less alone than I have the past year under quarantine. Maybe it’s because the network of mutuals that shares their personality and life has spent more time on the give and take of commenting, posting, responding and messaging across social media. When we are forced to contend with our own inner emotional lives we can extend more empathy to others.

So while others may have seen politicization, partisanship and other externalized anger on social media, I’ve found mostly grace and kindness. People who I have never met in the flesh have shared their knowledge, their vulnerability and their network with me. When I have opened myself up I have been met with with compassion and understanding.

If you share a period of struggle and your desire to get out from under it you may not be far from help. The kindness of your community is within reach. Even, perhaps especially, your social media community. If you are hurting share that burden. I have and it is much lighter.

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Aesthetics Emotional Work

Day 197 and Status Anxiety

I’m becoming quite bored of feeling like shit as I go on maybe day 8 or 9 of a poor reaction to an anti-viral. It’s not fun when the cure is worse than the disease. I noticed something fascinating as more and more “days off” piled up. I’ve still got a lot of emotional shit when it comes to being sick.

My anxiety over being seen as weak, lazy or lacking in willpower started to compound the more days I’ve needed to recover. What will people think of me that just as I’m making a comeback to full time work that I let myself get waylaid by a virus? Every project and meeting that needed canceling felt like I should accompany it with an apology tour. I felt like I owed everyone my time and energy. I felt ashamed.

The social striving and status chasing that have gripped the aspirational class seems to have its claws firmly in my psyche. At least when it comes to work, I’m convinced I must always be working to be “better.” Where the fuck did this self limiting belief come from?

Who cares if I needed a week off to cope with health care needs when I’ve been on medical leave for nearly two years? What is another week. Why am I so anxious to show that I’m capable of going back to work? Who the fuck cares! It’s not as if I’m dependent on a salary to survive. I’m not chasing a resume or CV polish on LinkedIn. I can just not work.

Technically I’ve already made it out of the status social climbing games. I’ve got money. I’ve got traditional credentials. I have a well compensated skill set that is easily hired out for income without sacrificing much of my time. I should not be experiencing any class anxiety at all. I should happily go into the leisure class and not concern myself that my workaholism isn’t possible for health reasons. And yet I’m absolutely panicked that I’ll be see as lazy and unreliable every time I have a minor setback.

It’s abundantly clear that aspirational class signals, especially around meritocracy and knowledge work, are as bogus as Edwardian England’s aristocracy. Class division can be upended if you just stop giving a fuck. But I’m experiencing exactly this anxiety noted in The Hedgehog Review.

The aspirationals’ endless pursuit of better can produce psychic restlessness and doubts beneath the façade of confidence and accomplishment.

I’ve always thought of my habits as being high status. I read science fiction, make a hobby of macroeconomics, and pursue healthy biohacking experiments. Of course, that I think of these things as having status is precisely what makes me signaling it low status. The perception of me caring so fucking much is proof that I don’t think my status in life is secure. I’m no better than the middle class strivers in Downtown Abbey who miss manner cues. How embarrassing!

But if I can admit that I’m anxious about my place in the world maybe it’s a sign I’m not so beholden to class systems after all. I’ve just now admitted that I’m afraid of how I will be perceived if my climb back to health isn’t perfectly stage managed. I hope that is the first step in letting it go. Fixating on fear and anxiety isn’t great for physical health. So I’m putting it out there that I’m afraid of how I’ll be seen by others. And I’m letting it go.

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Startups

Day 182 and Operating Capital

Popular culture portrays Silicon Valley and the startup space as one where capital is king. But it’s not the kind of capital you might be envisioning. Money (literal capital) is less of a driver of success than your social capital. And a specific type of social capital is overlooked.

The people with the most social capital aren’t necessarily founders or venture capitalists. It’s the career startup operator that has a good reputation that matters. They have a type of social capital I call operating capital.

There is a reason the team slide matters in a pitch. Who you know and how much they like, respect and trust you has a lot more to do with what deals get done. Part of this is related to luck and timing. The most talented people aren’t always the ones that have big hits. In fact, we correlate failure more strongly to overall credibility.

This makes spotting who has the most status in startups tricky. In industries like finance, money keeps the score. In consumer packaged goods, it’s what brand team you were on. In startups, the score is tricky to quantify value. We’ve developed an elaborate system of social capital signaling that determines who is considered valuable. But within that social capital status in-group you will find that the executive team layer has some of the most pull as founders and board members build working trust with them over years.

Because we value operators as high social status individuals we build our social status signifiers around your proven capacity to problem solve. How you solve problems can make or break a startup.

And we need all kinds of thinking. We need system thinking, (ops), a knack for keeping talent motivated HR), an ability to drive excitement and warp reality (marketing and PR) and obviously you have to be able to make shit (product and engineering). The people with these capabilities are the ones that accrue the most operating capital. Find those high status people and you will never be far from a startup that may have a shot at the big time.

Categories
Finance

Day 163 and Favors

Some professional arenas are driven by the favor trading of social capital.

I’ve got a gut sense that this is true on the two poles of commodity products and services. The middle ground has a lot more nuance and is thus less susceptible to favor trading, as it’s clear what drives price and value of service. With complete commodities (identical replacement value) and the non-fungible (not interchangeable or replaceable) there are not simple price or value anchors. This makes it more likely your purchase or choice will be driven by the perception of social capital. We will do favors for those with higher status or by the recommendation of those we trust.

Interchangeable commodity products trade on price, which means favors from across the ecosystem act as the grease in otherwise equivalent deals. Think suppliers of everything from lumber to textiles. If the price is the same maybe you buy from someone you like who took you out to dinner. Or you buy because that person has a good reputation in the community so you use the person your neighbor recommended. This seems intuitively true of commodity services like accounting, plumbing or roofing. Within certain bounds of quality, a 2×4 or a roofing bid should fall into the same bucket so it’s ok to pick whoever feels best. That’s why it’s susceptible to favors and social capital exchange.

On the other end, extremely differentiated non commodity products are equally prone to being tipped by favors. Think professional services like public relations that are very hard to compare. A publicist with favors to trade gets their clients the best coverage. A reporter who has a lot of sources can trade them in to get a quote for a story. Venture capital is one of the least commodified types of capital, a founder will pick one firm over another not just based on the price of a term sheet but whether others recommend them. Reputation matters a lot. Social capital is what gets a deal done, a nudge to consider someone will push you into a cap table.

Not convinced? Think about a product that exists in the middle like clothing from a brand you know but isn’t connected to you in any other way. This is the least susceptible to favor trading or the pressures of social capital.

We can intuit a dress made from quality fabrics and a recognizable brand has a set cost because the brand of the designer is not interchangeable (maybe with others in their category but Prada isn’t the same as Old Navy) and the cost of the fabric is transparent. A silk blouse can’t ever get too cheap on a one off basis. Both the brand and the fabrics set the bounds of the prices.

I didn’t really have a point in writing this other than being curious about what impacts how we pick what to purchase and what sets the bounds of our pricing. We are in a narrative cycle around inflation and work shortages which is having an impact on how willingness to to spend or hire.

So be careful if something seems too expensive but comes highly recommended. Be equally wary if something is particularly cheap even if a friend likes it. Look for the sweet spot of pricing and reputation that is based on market price beyond your in-group.