Bitcoin, Tesla, Bears, and Ducks

This is an issue of my newsletter focusing on the psychological and technical aspects of the Internet, particularly remote work, online economy, and cognitive load. Sign up below to join the club

Bitcoin and Tesla.

Yeah, I know – such a tech bro topic, right? I’m only going to mention this to squeeze in “I told you so”. I concluded last week’s Deliberate Internet issue with:

Maybe this all will accelerate cryptocurrency adoption similarly to COVID accelerating Remote Work? We’ll see.

Turns out Tesla has bought 1.5 Billion USD in BTC this January. Here is the Bitcoin price over the last week (32% increase):

Despite being a finance guru, and a clairvoyant to the future, I am more skeptical of BTC than your average tech industry worker. I don’t understand how debt is supposed to work in a Bitcoin-first economy, and it’s bugging me.

Debt is an integral element of the economic cycle and small or big “busts” are both expected, and necessary. You can learn more in this 30-min video by Ray Dalio.

Since Bitcoin has a “hard limit”, it cannot be inflated and in consequence – disallows Quantitative Easing. If you have an idea how QE will work in a BTC world, let me know (also let me know if you want me to expand on this question). Until then, I’m going to treat Bitcoin as a speculative investment vehicle.

A few things I wrote

I have drafted all these pieces some time ago, but haven’t found the time to publish them before. Enjoy!

Amazing things other people wrote

  • The Town That Went Feral
    I’ve mentioned one argument why I am careful around Bitcoin. The other being that it sounds a little too libertarian. People have learned to cooperate via social norms for a reason, and hard libertarians tend to learn that lesson a little too late. The Town that Went Feral is a story of Bears and Men. Particularly, libertarian Men.
    A group of libertarian activists attempted to take over a tiny New Hampshire town, Grafton, and transform it into a haven for libertarian ideals (…) Enter the Bears (…) Free Town Project began to come apart. Caught up in “pitched battles over who was living free, but free in the right way,” the libertarians descended into accusing one another of statism, leaving individuals and groups to do the best (or worst) they could. Some kept feeding the bears, some built traps, others holed up in their homes, and still others went everywhere toting increasingly larger-caliber handguns.
  • The Career Page Crisis
    Paul Millerd has browsed corporate career pages and has found claims ranging from unsettling to hilarious to cult-like.
    Companies started to market working at their companies and use language like “find your calling” or “do the most important work of your life.” AirBnB’s page tells people that they can “life their best life” at AirBnB.
  • Australian Duck Fashion Show
    Nuff said.

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