In this book, Neil Postman argues that the contemporary world is more akin to Aldous Huxley's 'Brave New World' than George Orwell's '1984'. Postman contends that television's emphasis on entertainment has led to a decline in rational discourse and the trivialization of politics, education, and religion. He contrasts the print-based culture of the 19th century with the televisual culture of the 20th century, highlighting how the medium of television inherently promotes incoherence and triviality, turning serious information into a form of entertainment.
Eugene Wei's "Status as a Service" essay provides a framework for understanding how status operates within various online platforms and digital economies. It explores the dynamics of attention, scarcity, and competition for social standing in the digital age. Wei's analysis delves into the parallels between social media and cryptocurrencies, highlighting the emergent forms of capital and proof-of-work mechanisms that shape status hierarchies. The essay offers valuable insights into the psychology of status seeking and its implications for the design and evolution of online platforms. It challenges conventional thinking about user engagement and network effects, providing a nuanced perspective on the interplay between technology, culture, and human behavior.
Many of our listeners are familiar with Li Jin, an investor and co-founder of Variant Fund and is one of our favorite thinkers on crypto and the creator economy. Li is also joined by Eugene Wei. He’s a web2 product visionary. Listeners may be familiar with some of his incredible blog posts such as, “Status as a Service”, “Invisible Asymptotes”, “Why Information Grows” and more.
In today’s episode, these two gigabrains, one from web2 social, one from web3 crypto, talk about the future of status as a service, psychological ownership, and the future ties between social and crypto.
------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-li-jin-eugene-wei
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------ TIMESTAMPS
0:00 Intro 8:00 Web2 Social History 18:55 Is Web2 Ending? 24:50 Network Effect Theory 27:45 3 Paths to Break Free 32:17 The Internet’s Good, Bad, & Ugly 41:48 The Algorithm’s Constraints 46:25 Web2 to Web3 Learning Lessons 54:40 Love vs. Fame 1:00:24 Web3’s Potential 1:07:00 Crypto's Social vs. Financial Problem 1:19:30 Ethereum’s Social Network 1:25:14 Increasing Psychological Ownership 1:31:25 Price vs. Psychological Ownership 1:35:00 Eugene’s Advice to Crypto Builders 1:42:00 Li’s Take on Crypto’s Potential Closing & Disclaimers
----- RESOURCES
Li Jin https://twitter.com/ljin18 https://li.substack.com/p/the-ownership-economy-2022 https://www.youtube.com/watch?v=N6AJlmB2h8k https://li.substack.com/p/building-psychological-attachment https://li.substack.com/p/love-vs-fame-a-framework-for-social
Eugene Wei https://twitter.com/eugenewei https://www.eugenewei.com/blog/2019/2/19/status-as-a-service https://www.eugenewei.com/blog/2018/5/21/invisible-asymptotes
----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
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