A conversation with the great Ben Katchor.

"The thing is, wealth doesn’t corrupt you just criminally, it also corrupts your tastes. You don’t look at things, you don’t study things, you become, you know, an

On America's 'Data-Driven Defeat in Afghanistan'

"They mistook war as a matter of process, when its nature is ruled by paradox."
https://t.co/ColMD35yFf
On Our collective Deathwish.

"The true defining characteristic of American political society at present isn’t widespread violence from either the left or the right, but a propensity for dramatic overreach combined with utter toothlessness."
https://t.co/RaBQsrKHTj
On The New Truth.

"And so the new argument proceeds, burying contrary evidence in unmarked graves while erecting new religious monuments and shrines at which the growing number of the faithful pay obeisance."
https://t.co/FotGnphMqX
On the deadly new regime of total information control.

"Perhaps the most messed-up thing about the case of the purged Google doc is that no one seems to care that it happened, aside from those publications that celebrated the monopolist’s censorship."
https://t.co/lCPGd6Csvd
On Our Superdense Foreign Policy Black Hole.

"Russiagate merging with the war in Afghanistan was inevitable because both wield America’s world-powerful military & intelligence apparatus against domestic political foes, dressed up as foreign adversaries."
https://t.co/KfBGVzJkB8
On Left Heretics and the New Media Collective.

"The secret motive driving people in the news business is the fear of standing alone. Most journalists look around to see what the journalists they imagine are important are doing, and they copy that."
https://t.co/Vj5p2qENz8
On Joe Rogan, Aleph.

"Joe Rogan's prominent cranium and bulging physiognomy are physical manifestations of a fluctuating aperture through which one glimpses the cultural mood that is, at that moment, most popular and most repressed."
https://t.co/lKABT6oHzG
And closing out the year, my first piece for @unherd On the Iron Law of the Elite: as long as everyone fails together, everyone fails upwards.

"For the American ruling class, expertise is a ceremonial costume conferring power through mystifying rituals."
https://t.co/zwWXqQ1DXx

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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.


The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.

This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.

The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."

This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.