WRITE FOR THE WEB3

Why web3’s messaging is lost and how crypto winter is growing growth seeds

People interested in crypto, blockchain, and web3 typically read Bitcoin and Ethereum's white papers. It's a good idea. Documents produced for developers and academia aren't always the ideal resource for beginners.

Given the surge of extremely technical material and the number of fly-by-nights, rug pulls, and other scams, it's little wonder mainstream audiences regard the blockchain sector as an expensive sideshow act.

What's the solution?

Web3 needs more than just builders.

After joining TikTok, I followed Amy Suto of SutoScience. Amy switched from TV scriptwriting to IT copywriting years ago. She concentrates on web3 now. Decentralized autonomous organizations (DAOs) are seeking skilled copywriters for web3.

Amy has found that web3's basics are easy to grasp; you don't need technical knowledge. There's a paradigm shift in knowing the basics; be persistent and patient.

Apple is positioning itself as a data privacy advocate, leveraging web3's zero-trust ethos on data ownership.

Finn Lobsien, who writes about web3 copywriting for the Mirror and Twitter, agrees: acronyms and abstractions won't do.

Web3 preached to the choir. Curious newcomers have only found whitepapers and scams when trying to learn why the community loves it. No wonder people resist education and buy-in.

Due to the gender gap in crypto (Crypto Bro is not just a stereotype), it attracts people singing to the choir or trying to cash in on the next big thing.

Last year, the industry was booming, so writing wasn't necessary. Now that the bear market has returned (for everyone, but especially web3), holding readers' attention is a valuable skill.

White papers and the Web3

Why does web3 rely so much on non-growth content?

Businesses must polish and improve their messaging moving into the 2022 recession. The 2021 tech boom provided such a sense of affluence and (unsustainable) growth that no one needed great marketing material. The market found them.

This was especially true for web3 and the first-time crypto believers. Obviously. If they knew which was good.

White papers help. White papers are highly technical texts that walk a reader through a product's details. How Does a White Paper Help Your Business and That White Paper Guy discuss them.

They're meant for knowledgeable readers. Investors and the technical (academic/developer) community read web3 white papers. White papers are used when a product is extremely technical or difficult to assist an informed reader to a conclusion. Web3 uses them most often for ICOs (initial coin offerings).

White papers for web3 education help newcomers learn about the web3 industry's components. It's like sending a first-grader to the Annotated Oxford English Dictionary to learn to read. It's a reference, not a learning tool, for words.

Newcomers can use platforms that teach the basics. These included Coinbase's Crypto Basics tutorials or Cryptochicks Academy, founded by the mother of Ethereum's inventor to get more women utilizing and working in crypto.

Discord and Web3 communities

Discord communities are web3's opposite. Discord communities involve personal communications and group involvement.

Online audience growth begins with community building. User personas prefer 1000 dedicated admirers over 1 million lukewarm followers, and the language is much more easygoing. Discord groups are renowned for phishing scams, compromised wallets, and incorrect information, especially since the crypto crisis.

White papers and Discord increase industry insularity. White papers are complicated, and Discord has a high risk threshold.

Web3 and writing ads

Copywriting is emotional, but white papers are logical. It uses the brain's quick-decision centers. It's meant to make the reader invest immediately.

Not bad. People think sales are sleazy, but they can spot the poor things.

Ethical copywriting helps you reach the correct audience. People who gain a following on Medium are likely to have copywriting training and a readership (or three) in mind when they publish. Tim Denning and Sinem Günel know how to identify a target audience and make them want to learn more.

In a fast-moving market, copywriting is less about long-form content like sales pages or blogs, but many organizations do. Instead, the copy is concise, individualized, and high-value. Tweets, email marketing, and IM apps (Discord, Telegram, Slack to a lesser extent) keep engagement high.

What does web3's messaging lack? As DAOs add stricter copyrighting, narrative and connecting tales seem to be missing.

Web3 is passionate about constructing the next internet. Now, they can connect their passion to a specific audience so newcomers understand why.

Microsoft co-founder Bill Gates assesses digital assets while the bull is caged.

Bill Gates is well-respected.

Reasonably. He co-founded and led Microsoft during its 1980s and 1990s revolution.

After leaving Microsoft, Bill Gates pursued other interests. He and his wife founded one of the world's largest philanthropic organizations, Bill & Melinda Gates Foundation. He also supports immunizations, population control, and other global health programs.

When Gates criticized Bitcoin, cryptocurrencies, and NFTs, it made news.

Bill Gates said at the 58th Munich Security Conference...

“You have an asset class that’s 100% based on some sort of greater fool theory that somebody’s going to pay more for it than I do.”

Gates means digital assets. Like many bitcoin critics, he says digital coins and tokens are speculative.

And he's not alone. Financial experts have dubbed Bitcoin and other digital assets a "bubble" for a decade.

Gates also made fun of Bored Ape Yacht Club and NFTs, saying, "Obviously pricey digital photographs of monkeys will help the world."

Why does Bill Gates dislike digital assets?

According to Gates' latest comments, Bitcoin, cryptos, and NFTs aren't good ways to hold value.

Bill Gates is a better investor than Elon Musk.

“I’m used to asset classes, like a farm where they have output, or like a company where they make products,” Gates said.

The Guardian claimed in April 2021 that Bill and Melinda Gates owned the most U.S. farms. Over 242,000 acres of farmland.

The Gates couple has enough farmland to cover Hong Kong.

Bill Gates is a classic investor. He wants companies with an excellent track record, strong fundamentals, and good management. Or tangible assets like land and property.

Gates prefers the "old economy" over the "new economy"

Gates' criticism of Bitcoin and cryptocurrency ventures isn't surprising. These digital assets lack all of Gates's investing criteria.

Volatile digital assets include Bitcoin. Their costs might change dramatically in a day. Volatility scares risk-averse investors like Gates.

Gates has a stake in the old financial system. As Microsoft's co-founder, Gates helped develop a dominant tech company.

Because of his business, he's one of the world's richest men.

Bill Gates is invested in protecting the current paradigm.

He won't invest in anything that could destroy the global economy.

When Gates criticizes Bitcoin, cryptocurrencies, and NFTs, he's suggesting they're a hoax. These soapbox speeches are one way he protects his interests.

Digital assets aren't a bad investment, though. Many think they're the future.

Changpeng Zhao and Brian Armstrong are two digital asset billionaires. Two crypto exchange CEOs. Binance/Coinbase.

Digital asset revolution won't end soon.

If you disagree with Bill Gates and plan to invest in Bitcoin, cryptocurrencies, or NFTs, do your own research and understand the risks.

But don’t take Bill Gates’ word for it.

He’s just an old rich guy with a lot of farmland.

He has a lot to lose if Bitcoin and other digital assets gain global popularity.

This post is a summary. Read the full article here.

RESEARCH

We must create separate ideas and handle our own risks to be better investors. DYOR is crucial.

The only thing unsustainable is your cluelessness.

DYOR: Why

• On social media, there is a lot of false information and divergent viewpoints. All of these facts might be accurate, but they might not be appropriate for your portfolio and investment preferences.

• You become a more knowledgeable investor thanks to DYOR.

• DYOR improves your portfolio's risk management.

My DYOR resources are below.

Messari: Major Blockchains' Activities

New York-based Messari provides cryptocurrency open data libraries.

Major blockchains offer 24-hour on-chain volume. https://messari.io/screener/most-active-chains-DB01F96B

What to do

Invest in stable cryptocurrencies. Sort Messari by Real Volume (24H) or Reported Market Cap.

Coingecko: Research on Ecosystems

Top 10 Ecosystems by Coingecko are good.

What to do

Invest in quality.

• Leading ten Ecosystems by Market Cap

• There are a lot of coins in the ecosystem (second last column of above chart)

CoinGecko's Market Cap Crypto Categories Market capitalization-based cryptocurrency categories. Ethereum Ecosystem www.coingecko.com

Fear & Greed Index for Bitcoin (FGI)

The Bitcoin market sentiment index ranges from 0 (extreme dread) to 100. (extreme greed).

How to Apply

See market sentiment:

• Extreme fright = opportunity to buy

• Extreme greed creates sales opportunity (market due for correction).

Glassnode

Glassnode gives facts, information, and confidence to make better Bitcoin, Ethereum, and cryptocurrency investments and trades.

Explore free and paid metrics.

Stock to Flow Ratio: Application

The popular Stock to Flow Ratio concept believes scarcity drives value. Stock to flow is the ratio of circulating Bitcoin supply to fresh production (i.e. newly mined bitcoins). The S/F Ratio has historically predicted Bitcoin prices. PlanB invented this metric.

Utilization: Ethereum Hash Rate

Ethereum miners produce an estimated number of hashes per second.

ycharts: Hash rate of the Bitcoin network

TradingView

TradingView is your go-to tool for investment analysis, watch lists, technical analysis, and recommendations from other traders/investors.

Research for a cryptocurrency project

Two key questions every successful project must ask: Q1: What is this project trying to solve? Is it a big problem or minor? Q2: How does this project make money?

Each cryptocurrency:

• Check out the white paper.

• check out the project's internet presence on github, twitter, and medium.

• the transparency of it

• Verify the team structure and founders. Verify their LinkedIn profile, academic history, and other qualifications. Search for their names with scam.

• Where to purchase and use cryptocurrencies Is it traded on trustworthy exchanges?

• From CoinGecko and CoinMarketCap, we may learn about market cap, circulations, and other important data.

The project must solve a problem. Solving a problem is the goal of the founders.

Avoid projects that resemble multi-level marketing or ponzi schemes.

Your use of social media

• Use social media carefully or ignore it: Twitter, TradingView, and YouTube

Someone said this before and there are some truth to it. Social media bullish => short.

Your Behavior

Investigate. Spend time. You decide. Worth it!

Only you have the best interest in your financial future.

Research on preventing disease, extending life, and caring for your body from the inside out

Grapefruit and pomegranates aren't on the list, so ignore that. Mostly, I enjoyed the visual, but those fruits are healthful, too.

15 (or 17 if you consider the photo) different foods a day sounds like a lot. If you're not used to it  — it is.

These lists don't aim for perfection. Instead, use this article and the science below to eat more of these foods. If you can eat 5 foods one day and 5 the next, you're doing well. This list should be customized to your requirements and preferences.

“Every time you eat or drink, you are either feeding disease or fighting it” -Heather Morgan.

The 15 Foods That You Should Consume Daily and Why:

1. Dark/Red Berries

(blueberries, blackberries, acai, goji, cherries, strawberries, raspberries)

The 2010 Global Burden of Disease Study is the greatest definitive analysis of death and disease risk factors in history. They found the primary cause of both death, disability, and disease inside the United States was diet.

Not eating enough fruit, and specifically berries, was one of the best predictors of disease (1).

What's special about berries? It's their color! Berries have the most antioxidants of any fruit, second only to spices. The American Cancer Society found that those who ate the most berries were less likely to die of cardiovascular disease.

2. Beans

Soybeans, black beans, kidney beans, lentils, split peas, chickpeas.

Beans are one of the most important predictors of survival in older people, according to global research (2).

For every 20 grams (2 tablespoons) of beans consumed daily, the risk of death is reduced by 8%.

Soybeans and soy foods are high in phytoestrogen, which reduces breast and prostate cancer risks. Phytoestrogen blocks the receptors' access to true estrogen, mitigating the effects of weight gain, dairy (high in estrogen), and hormonal fluctuations (3).

3. Nuts

(almonds, walnuts, pecans, pistachios, Brazil nuts, cashews, hazelnuts, macadamia nuts)

Eating a handful of nuts every day reduces the risk of chronic diseases like heart disease and diabetes. Nuts also reduce oxidation, blood sugar, and LDL (bad) cholesterol, improving arterial function (4).

Despite their high-fat content, studies have linked daily nut consumption to a slimmer waistline and a lower risk of obesity (5).

4. Flaxseed

(milled flaxseed)

2013 research found that ground flaxseed had one of the strongest anti-hypertensive effects of any food. A few tablespoons (added to a smoothie or baked goods) lowered blood pressure and stroke risk 23 times more than daily aerobic exercise (6).

Flax shouldn't replace exercise, but its nutritional punch is worth adding to your diet.

5. Other seeds

(chia seeds, hemp seeds, pumpkin seeds, sesame seeds, fennel seeds)

Seeds are high in fiber and omega-3 fats and can be added to most dishes without being noticed.

When eaten with or after a meal, chia seeds moderate blood sugar and reduce inflammatory chemicals in the blood (7). Overall, a great daily addition.

6. Dates

Dates are one of the world's highest sugar foods, with 80% sugar by weight. Pure cake frosting is 60%, maple syrup is 66%, and cotton-candy jelly beans are 70%.

Despite their high sugar content, dates have a low glycemic index, meaning they don't affect blood sugar levels dramatically. They also improve triglyceride and antioxidant stress levels (8).

Dates are a great source of energy and contain high levels of dietary fiber and polyphenols, making 3-10 dates a great way to fight disease, support gut health with prebiotics, and satisfy a sweet tooth (9).

7. Cruciferous Veggies

(broccoli, Brussel sprouts, horseradish, kale, cauliflower, cabbage, boy choy, arugula, radishes, turnip greens)

Cruciferous vegetables contain an active ingredient that makes them disease-fighting powerhouses. Sulforaphane protects our brain, eyesight, against free radicals and environmental hazards, and treats and prevents cancer (10).

Unless you eat raw cruciferous vegetables daily, you won't get enough sulforaphane (and thus, its protective nutritional benefits). Cooking destroys the enzyme needed to create this super-compound.

If you chop broccoli, cauliflower, or turnip greens and let them sit for 45 minutes before cooking them, the enzyme will have had enough time to work its sulforaphane magic, allowing the vegetables to retain the same nutritional value as if eaten raw. Crazy, right? For more on this, see What Chopping Your Vegetables Has to Do with Fighting Cancer.

8. Whole grains

(barley, brown rice, quinoa, oats, millet, popcorn, whole-wheat pasta, wild rice)

Whole-grains are one of the healthiest ways to consume your daily carbs and help maintain healthy gut flora.

This happens when fibre is broken down in the colon and starts a chain reaction, releasing beneficial substances into the bloodstream and reducing the risk of Type 2 Diabetes and inflammation (11).

9. Spices

(turmeric, cumin, cinnamon, ginger, saffron, cloves, cardamom, chili powder, nutmeg, coriander)

7% of a person's cells will have DNA damage. This damage is caused by tiny breaks in our DNA caused by factors like free-radical exposure.

Free radicals cause mutations that damage lipids, proteins, and DNA, increasing the risk of disease and cancer. Free radicals are unavoidable because they result from cellular metabolism, but they can be avoided by consuming anti-oxidant and detoxifying foods.

Including spices and herbs like rosemary or ginger in our diet may cut DNA damage by 25%. Yes, this damage can be improved through diet. Turmeric worked better at a lower dose (just a pinch, daily). For maximum free-radical fighting (and anti-inflammatory) effectiveness, use 1.5 tablespoons of similar spices (12).

10. Leafy greens

(spinach, collard greens, lettuce, other salad greens, swiss chard)

Studies show that people who eat more leafy greens perform better on cognitive tests and slow brain aging by a year or two (13).

As we age, blood flow to the brain drops due to a decrease in nitric oxide, which prevents blood vessels from dilatation. Daily consumption of nitrate-rich vegetables like spinach and swiss chard may prevent dementia and Alzheimer's.

11. Fermented foods

(sauerkraut, tempeh, kombucha, plant-based kefir)

Miso, kimchi, and sauerkraut contain probiotics that support gut microbiome.

Probiotics balance the good and bad bacteria in our bodies and offer other benefits. Fermenting fruits and vegetables increases their antioxidant and vitamin content, preventing disease in multiple ways (14).

12. Sea vegetables

(seaweed, nori, dulse flakes)

A population study found that eating one sheet of nori seaweed per day may cut breast cancer risk by more than half (15).

Seaweed and sea vegetables may help moderate estrogen levels in the metabolism, reducing cancer and disease risk.

Sea vegetables make up 30% of the world's edible plants and contain unique phytonutrients. A teaspoon of these super sea-foods on your dinner will help fight disease from the inside out.

13. Water

I'm less concerned about whether you consider water food than whether you drink enough. If this list were ranked by what single item led to the best health outcomes, water would be first.

Research shows that people who drink 5 or more glasses of water per day have a 50% lower risk of dying from heart disease than those who drink 2 or less (16).

Drinking enough water boosts energy, improves skin, mental health, and digestion, and reduces the risk of various health issues, including obesity.

14. Tea

All tea consumption is linked to a lower risk of stroke, heart disease, and early death, with green tea leading for antioxidant content and immediate health benefits.

Green tea leaves may also be able to interfere with each stage of cancer formation, from the growth of the first mutated cell to the spread and progression of cancer in the body. Green tea is a quick and easy way to support your long-term and short-term health (17).

15. Supplemental B12 vitamin

B12, or cobalamin, is a vitamin responsible for cell metabolism. Not getting enough B12 can have serious consequences.

Historically, eating vegetables from untreated soil helped humans maintain their vitamin B12 levels. Due to modern sanitization, our farming soil lacks B12.

B12 is often cited as a problem only for vegetarians and vegans (as animals we eat are given B12 supplements before slaughter), but recent studies have found that plant-based eaters have lower B12 deficiency rates than any other diet (18).

Article Sources:

1. The Global Burden of Disease Study 2010 (GBD 2010)

2. I. Darmadi-Blackberry, M. Wahlqvist, A. Kouris-Blazos, et al. Legumes: the most important dietary predictor of survival in older people of different ethnicities. Asia Pac J Clin Nutr. 2004;13(2):217–20.

3. Guha N, Kwan ML, Quesenberry CP Jr, Weltzien EK, Castillo AL, Caan BJ. Soy isoflavones and risk of cancer recurrence in a cohort of breast cancer survivors: the Life After Cancer Epidemiology study. Breast Cancer Res Treat. 2009 Nov;118(2):395–405.

4. Y. Bao, J. Han, F. B. Hu, E. L. Giovannucci, M. J. Stampfer, W. C. Willett, C. S. Fuchs. Association of nut consumption with total and cause-specific mortality. N. Engl. J. Med. 2013 369(21):2001–2011.

5. V. Vadivel, C. N. Kunyanga, H. K. Biesalski. Health benefits of nut consumption with special reference to body weight control. Nutrition 2012 28(11–12):1089–1097.

6. D Rodriguez-Leyva, W Weighell, A L Edel,R LaVallee, E Dibrov,R Pinneker, T G Maddaford, B Ramjiawan, M Aliani, R Guzman R, G N Pierce. Potent antihypertensive action of dietary flaxseed in hypertensive patients. Hypertension. 2013 Dec;62(6):1081–9. doi: 10.1161/HYPERTENSIONAHA.113.02094.

7. Vuksan V, Jenkins AL, Dias AG, Lee AS, Jovanovski E, Rogovik AL, Hanna A. Reduction in postprandial glucose excursion and prolongation of satiety: possible explanation of the long-term effects of whole grain Salba (Salvia Hispanica L.). Eur J Clin Nutr. 2010 Apr;64(4):436–8. doi: 10.1038/ejcn.2009.159. Epub 2010 Jan 20. PMID: 20087375.

8. W. Rock, M. Rosenblat, H. Borochov-Neori, N. Volkova, S. Judeinstein, M. Elias, and M. Aviram. Effects of date (Phoenix dactylifera L., Medjool or Hallawi Variety) consumption by healthy subjects on serum glucose and lipid levels and on serum oxidative status: a pilot study. J. Agric. Food. Chem., 57(17):8010{8017, 2009.

9. Eid N, Enani S, Walton G, et al. The impact of date palm fruits and their component polyphenols, on gut microbial ecology, bacterial metabolites and colon cancer cell proliferation. J Nutr Sci. 2014;3:e46.

10. Li Y, Zhang T, Korkaya H, Liu S, Lee HF, Newman B, Yu Y, Clouthier SG, Schwartz SJ, Wicha MS, Sun D. Sulforaphane, a Dietary Component of Broccoli/Broccoli Sprouts, Inhibits Breast Cancer Stem Cells. Clin Cancer Res. 2010 May 1;16(9):2580–90.

11. Lappi J, Kolehmainen M, Mykkänen H, Poutanen K. Do large intestinal events explain the protective effects of whole grain foods against type 2 diabetes? Crit Rev Food Sci Nutr. 2013;53(6):631–40.

12. S. S. Percival, J. P. V. Heuvel, C. J. Nieves, C. Montero, A. J. Migliaccio, J. Meadors. Bioavailability of Herbs and Spices in Humans as Determined by ex vivo Inflammatory Suppression and DNA Strand Breaks. J Am Coll Nutr. 2012 31(4):288–294.

13. Nurk E, Refsum H, Drevon CA, et al. Cognitive performance among the elderly in relation to the intake of plant foods. The Hordaland Health Study. Br J Nutr. 2010;104(8):1190–201.

14. Melini, F.; Melini, V.; Luziatelli, F.; Ficca, A.G.; Ruzzi, M. Health-Promoting Components in Fermented Foods: An Up-to-Date Systematic Review. Nutrients2019, 11, 1189.

15. H. Funahashi, T. Imai, T. Mase, M. Sekiya, K. Yokoi, H. Hayashi, A. Shibata, T. Hayashi, M. Nishikawa, N. Suda, Y. Hibi, Y. Mizuno, K. Tsukamura, A. Hayakawa, S. Tanuma. Seaweed prevents breast cancer? Jpn. J. Cancer Res. 2001 92(5):483–487.

16. Chan J, Knutsen SF, Blix GG, Lee JW, Fraser GE. Water, other fluids, and fatal coronary heart disease: the Adventist Health Study. Am J Epidemiol. 2002 May 1;155(9):827–33. doi: 10.1093/aje/155.9.827. PMID: 11978586.

17. Fujiki H, Imai K, Nakachi K, Shimizu M, Moriwaki H, Suganuma M. Challenging the effectiveness of green tea in primary and tertiary cancer prevention. J Cancer Res Clin Oncol. 2012 Aug;138(8):1259–70.

18. Damayanti, D., Jaceldo-Siegl, K., Beeson, W. L., Fraser, G., Oda, K., & Haddad, E. H. (2018). Foods and Supplements Associated with Vitamin B12Biomarkers among Vegetarian and Non-Vegetarian Participants of the Adventist Health Study-2 (AHS-2) Calibration Study. Nutrients, 10(6), 722. doi:10.3390/nu10060722

While we played checkers, we thought billionaires played 3D chess. They're playing the same game on a fancier board.

Every medium has nuances and norms. Texting is authentic and casual. A smaller circle has access, creating intimacy and immediacy. Most people read all their texts, but not all their email and mail. Many of us no longer listen to our voicemails, and calling your kids ages you.

Live interviews and testimony under oath inspire real moments, rare in a world where communications departments sanitize everything powerful people say. When (some of) Elon's text messages became public in Twitter v. Musk, we got a glimpse into tech power. It's bowels.

These texts illuminate the tech community's upper caste.

Checkers, Not Chess

Elon texts with Larry Ellison, Joe Rogan, Sam Bankman-Fried, Satya Nadella, and Jack Dorsey. They reveal astounding logic, prose, and discourse. The world's richest man and his followers are unsophisticated, obtuse, and petty. Possibly. While we played checkers, we thought billionaires played 3D chess. They're playing the same game on a fancier board.

They fumble with their computers.

They lean on others to get jobs for their kids (no surprise).

No matter how rich, they always could use more (money).

Differences A social hierarchy exists. Among this circle, the currency of deference is... currency. Money increases sycophantry. Oculus and Elon's "friends'" texts induce nausea.

Autocorrect frustrates everyone.

Elon doesn't stand out to me in these texts; he comes off mostly OK in my view. It’s the people around him. It seems our idolatry of innovators has infected the uber-wealthy, giving them an uncontrollable urge to kill the cool kid for a seat at his cafeteria table. "I'd grenade for you." If someone says this and they're not fighting you, they're a fan, not a friend.

Many powerful people are undone by their fake friends. Facilitators, not well-wishers. When Elon-Twitter started, I wrote about power. Unchecked power is intoxicating. This is a scientific fact, not a thesis. Power causes us to downplay risk, magnify rewards, and act on instincts more quickly. You lose self-control and must rely on others.

You'd hope the world's richest person has advisers who push back when necessary (i.e., not yes men). Elon's reckless, childish behavior and these texts show there is no truth-teller. I found just one pushback in the 151-page document. It came from Twitter CEO Parag Agrawal, who, in response to Elon’s unhelpful “Is Twitter dying?” tweet, let Elon know what he thought: It was unhelpful. Elon’s response? A childish, terse insult.

Scale

The texts are mostly unremarkable. There are some, however, that do remind us the (super-)rich are different. Specifically, the discussions of possible equity investments from crypto-billionaire Sam Bankman-Fried (“Does he have huge amounts of money?”) and this exchange with Larry Ellison:

Ellison, who co-founded $175 billion Oracle, is wealthy. Less clear is whether he can text a billion dollars. Who hasn't been texted $1 billion? Ellison offered 8,000 times the median American's net worth, enough to buy 3,000 Ferraris or the Chicago Blackhawks. It's a bedrock principle of capitalism to have incredibly successful people who are exponentially wealthier than the rest of us. It creates an incentive structure that inspires productivity and prosperity. When people offer billions over text to help a billionaire's vanity project in a country where 1 in 5 children are food insecure, isn't America messed up?

Elon's Morgan Stanley banker, Michael Grimes, tells him that Web3 ventures investor Bankman-Fried can invest $5 billion in the deal: “could do $5bn if everything vision lock... Believes in your mission." The message bothers Elon. In Elon's world, $5 billion doesn't warrant a worded response. $5 billion is more than many small nations' GDP, twice the SEC budget, and five times the NRC budget.

If income inequality worries you after reading this, trust your gut.

Billionaires aren't like the rich.

As an entrepreneur, academic, and investor, I've met modest-income people, rich people, and billionaires. Rich people seem different to me. They're smarter and harder working than most Americans. Monty Burns from The Simpsons is a cartoon about rich people. Rich people have character and know how to make friends. Success requires supporters.

I've never noticed a talent or intelligence gap between wealthy and ultra-wealthy people. Conflating talent and luck infects the tech elite. Timing is more important than incremental intelligence when going from millions to hundreds of millions or billions. Proof? Elon's texting. Any man who electrifies the auto industry and lands two rockets on barges is a genius. His mega-billions come from a well-regulated capital market, enforceable contracts, thousands of workers, and billions of dollars in government subsidies, including a $465 million DOE loan that allowed Tesla to produce the Model S. So, is Mr. Musk a genius or an impressive man in a unique time and place?

The Point

Elon's texts taught us more? He can't "fix" Twitter. For two weeks in April, he was all in on blockchain Twitter, brainstorming Dogecoin payments for tweets with his brother — i.e., paid speech — while telling Twitter's board he was going to make a hostile tender offer. Kimbal approved. By May, he was over crypto and "laborious blockchain debates." (Mood.)

Elon asked the Twitter CEO for "an update from the Twitter engineering team" No record shows if he got the meeting. It doesn't "fix" Twitter either. And this is Elon's problem. He's a grown-up child with all the toys and no boundaries. His yes-men encourage his most facile thoughts, and shitposts and errant behavior diminish his genius and ours.

Post-Apocalyptic

The universe's titans have a sense of humor.

Every day, we must ask: Who keeps me real? Who will disagree with me? Who will save me from my psychosis, which has brought down so many successful people? Elon Musk doesn't need anyone to jump on a grenade for him; he needs to stop throwing them because one will explode in his hand.

In simple terms, you probably don’t.

But try. Grandma didn't grow up with Facebook, but she eventually joined.

Perhaps the fear of being isolated outweighed the discomfort of learning the technology.

Grandmas are Facebook likers, sharers, and commenters.

There’s no stopping her.

Not even NFTs. Web3 is currently very complex.

It's difficult to explain what NFTs are, how they work, and why we might use them.

Three explanations.

1. Everything will be ours to own, both physically and digitally.

Why own something you can't touch? What's the point?

Blockchain technology proves digital ownership.

Untouchables need ownership proof. What?

Digital assets reduce friction, save time, and are better for the environment than physical goods.

Many valuable things are intangible. Feeling like your favorite brands. You'll pay obscene prices for clothing that costs pennies.

Secondly, NFTs Are Contracts. Agreements Have Value.

Blockchain technology will replace all contracts and intermediaries.

Every insurance contract, deed, marriage certificate, work contract, plane ticket, concert ticket, or sports event is likely an NFT.

We all have public wallets, like Grandma's Facebook page.

3. Your NFT Purchases Will Be Visible To Everyone.

Everyone can see your public wallet. What you buy says more about you than what you post online.

NFTs issued double as marketing collateral when seen on social media.

While I doubt Grandma knows who Snoop Dog is, imagine him or another famous person holding your NFT in his public wallet and the attention that could bring to you, your company, or brand.

This Technical Section Is For You

The NFT is a contract; its founders can add value through access, events, tuition, and possibly royalties.

Imagine Elon Musk releasing an NFT to his network. Or yearly business consultations for three years.

Christ-alive.

It's worth millions.

These determine their value.

No unsuspecting schmuck willing to buy your hot potato at zero. That's the trend, though.

Overpriced NFTs for low-effort projects created a bubble that has burst.

During a market bubble, you can make money by buying overvalued assets and selling them later for a profit, according to the Greater Fool Theory.

People are struggling. Some are ruined by collateralized loans and the gold rush.

Finances are ruined.

It's uncomfortable.

The same happened in 2018, during the ICO crash or in 1999/2000 when the dot com bubble burst. But the underlying technology hasn’t gone away.