Hungover & bored, might do a thread of my favourite little known stories about The KLF/The Justified Ancients of Mu Mu
Since The KLF are in the news, a reminder that my film about their return from a 23-year silence in order to build a pyramid of the dead in Liverpool has just been released streaming:https://t.co/o1TC5GeEtI
— Paul Duane (@paulduanefilm) January 1, 2021
He said "I had to meet these guys because I couldn't believe how shit they were."
Tony Thorpe became a key part of their arsenal, crafting the machine-tooled Stadium House that made them the best-selling singles band of 1992.
The record was a massive hit anyway.
6.237 cans were needed to make the perfect cube.
https://t.co/0upvLpKyUN
One of The Residents had his long hair visibly poking out from under his eyeball mask.
They went to Heaven nightclub together to check it out.
They decided they should try out this ecstasy the kids were doing too.
As Bill tells it, he sat there waiting to be overwhelmed by the feeling of community & happiness promised by this new designer drug.
He was nervously rubbing his hands & gurning a little by now.
Jimmy reckoned that this was a phrase they could work with, and they did.
Bill was staggered that Van would have any idea who he was but went over to say thank you.
"You're the fella that got out of the music business' said Van.
Bill agreed that, yes, he was that fella.
"HOW DID YOU DO IT" asked Van.
The KLF were asked to do it & they grabbed as many blank cassettes as they could.
https://t.co/50EaaUcXMX
I don't know what that says about Bill's favourite group The Beatles, though.
Bill wanted to claim the music biz.
This was the final epitaph for The KLF.
They could not beat the music business.
It will co-opt whatever you throw at it.
Disappearing was the only option left.
The money they made from their freak novelty #1 hit Doctorin The Tardis got spent on making a quixotic road movie in Spain, THE WHITE ROOM.
But they had already recorded the soundtrack for it.
This music ended up being the basis for their run of huge hits.
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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.
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
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.
