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Insider Trading Is Better From Home
Insider Trading Is Better From Home
Oh ElonWell, look, if I were the newly hired chief executive officer of a social media company, and if the directors and shareholders who brought me in as CEO had told me that my main mission was to turn around the company’s precarious financial situation by improving our position with advertisers, and if I spent my first few weeks reassuring advertisers and rebuilding relationships and talking up our site’s unique audience and powerful engagement, and then one day my head of software engineering came to me and said “hey boss, too many people were too engaged with too many posts, so I had to limit everyone’s ability to view posts on our site, just FYI,” I would … probably … fire ... him?
I mean I suppose I might ask questions like “Is this because of some technological limitation on our system? Is it because you were monkeying with the code without understanding it? Is it because you tried to stop people from reading the site without logging in, 3 and messed up and stopped them from reading the site even when they logged in? Is it because you fired and demoralized too many engineers so no one was left to keep the systems running normally? Is it because you forgot to pay the cloud bills? Is it because deep down you don’t like it when people read posts on our site and you want to stop them, or you don’t like relying on ad revenue and want to sabotage my ability to sell ads?”
no matter what the answers are, this guy’s gotta go. If you are in charge of the software engineers at a social media site, and you make it so that people can’t read the site, that’s bad.
Over the past 10 days, [Ultimate Fighting Championship President Dana] White said he, Mr. Musk and [Mark] Zuckerberg — aided by advisers — have negotiated behind the scenes and are inching toward physical combat. While there are no guarantees a match will happen, the broad contours of an event are taking shape, said Mr. White and three people with knowledge of the discussions.People keep emailing to ask about, like, the fiduciary duties and securities-law disclosure issues here, but I’m gonna wait until they’re in the octagon before I worry about that stuff
·bloomberg.com·
Insider Trading Is Better From Home
Tiktok’s enshittification (21 Jan 2023) – Pluralistic: Daily links from Cory Doctorow
Tiktok’s enshittification (21 Jan 2023) – Pluralistic: Daily links from Cory Doctorow
it is a seemingly inevitable consequence arising from the combination of the ease of changing how a platform allocates value, combined with the nature of a "two sided market," where a platform sits between buyers and sellers, holding each hostage to the other, raking off an ever-larger share of the value that passes between them.
Today, Marketplace sellers are handing 45%+ of the sale price to Amazon in junk fees. The company's $31b "advertising" program is really a payola scheme that pits sellers against each other, forcing them to bid on the chance to be at the top of your search.
Search Amazon for "cat beds" and the entire first screen is ads, including ads for products Amazon cloned from its own sellers, putting them out of business (third parties have to pay 45% in junk fees to Amazon, but Amazon doesn't charge itself these fees).
This is enshittification: surpluses are first directed to users; then, once they're locked in, surpluses go to suppliers; then once they're locked in, the surplus is handed to shareholders and the platform becomes a useless pile of shit.
This made publications truly dependent on Facebook – their readers no longer visited the publications' websites, they just tuned into them on Facebook. The publications were hostage to those readers, who were hostage to each other. Facebook stopped showing readers the articles publications ran, tuning The Algorithm to suppress posts from publications unless they paid to "boost" their articles to the readers who had explicitly subscribed to them and asked Facebook to put them in their feeds.
Today, Facebook is terminally enshittified, a terrible place to be whether you're a user, a media company, or an advertiser. It's a company that deliberately demolished a huge fraction of the publishers it relied on, defrauding them into a "pivot to video" based on false claims of the popularity of video among Facebook users. Companies threw billions into the pivot, but the viewers never materialized, and media outlets folded in droves:
These videos go into Tiktok users' ForYou feeds, which Tiktok misleadingly describes as being populated by videos "ranked by an algorithm that predicts your interests based on your behavior in the app." In reality, For You is only sometimes composed of videos that Tiktok thinks will add value to your experience – the rest of the time, it's full of videos that Tiktok has inserted in order to make creators think that Tiktok is a great place to reach an audience.
"Sources told Forbes that TikTok has often used heating to court influencers and brands, enticing them into partnerships by inflating their videos’ view count.
"Monetize" is a terrible word that tacitly admits that there is no such thing as an "Attention Economy." You can't use attention as a medium of exchange. You can't use it as a store of value. You can't use it as a unit of account. Attention is like cryptocurrency: a worthless token that is only valuable to the extent that you can trick or coerce someone into parting with "fiat" currency in exchange for it.
The algorithm creates conditions for which the necessity of ads exists
For Tiktok, handing out free teddy-bears by "heating" the videos posted by skeptical performers and media companies is a way to convert them to true believers, getting them to push all their chips into the middle of the table, abandoning their efforts to build audiences on other platforms (it helps that Tiktok's format is distinctive, making it hard to repurpose videos for Tiktok to circulate on rival platforms).
every time Tiktok shows you a video you asked to see, it loses a chance to show you a video it wants you to se
I just handed Twitter $8 for Twitter Blue, because the company has strongly implied that it will only show the things I post to the people who asked to see them if I pay ransom money.
Compuserve could have "monetized" its own version of Caller ID by making you pay $2.99 extra to see the "From:" line on email before you opened the message – charging you to know who was speaking before you started listening – but they didn't.
Useful idiots on the right were tricked into thinking that the risk of Twitter mismanagement was "woke shadowbanning," whereby the things you said wouldn't reach the people who asked to hear them because Twitter's deep state didn't like your opinions. The real risk, of course, is that the things you say won't reach the people who asked to hear them because Twitter can make more money by enshittifying their feeds and charging you ransom for the privilege to be included in them.
Individual product managers, executives, and activist shareholders all give preference to quick returns at the cost of sustainability, and are in a race to see who can eat their seed-corn first. Enshittification has only lasted for as long as it has because the internet has devolved into "five giant websites, each filled with screenshots of the other four"
policymakers should focus on freedom of exit – the right to leave a sinking platform while continuing to stay connected to the communities that you left behind, enjoying the media and apps you bought, and preserving the data you created
technological self-determination is at odds with the natural imperatives of tech businesses. They make more money when they take away our freedom – our freedom to speak, to leave, to connect.
even Tiktok's critics grudgingly admitted that no matter how surveillant and creepy it was, it was really good at guessing what you wanted to see. But Tiktok couldn't resist the temptation to show you the things it wants you to see, rather than what you want to see.
·pluralistic.net·
Tiktok’s enshittification (21 Jan 2023) – Pluralistic: Daily links from Cory Doctorow
Life After Lifestyle
Life After Lifestyle
A hundred years ago, when image creation and distribution was more constrained, commerce was arranged by class. You can conceive of it as a vertical model, with high and low culture, and magazines and product catalogs that represent each class segment. Different aspirational images are shown to consumers, and each segment aspires upward to the higher level.
The world we live in is no longer dominated by a single class hierarchy. Today you have art, sport, travel, climbing, camping, photography, football, skate, gamer.
Class still exists, but there’s no longer just one aesthetic per class. Instead, “class” is expressed merely by price points that exist within consumer subcultural categories
In the starter pack meme, classes of people are identified through oblique subcultural references and products they are likely to consume. Starter pack memes reverse engineer the demographic profile: people are composites of products they and similar people have purchased, identified through credit card data and internet browsing behavior tracked across the web. While Reddit communities for gear were self-organizing consumer subcultures from one direction, companies and ad networks were working toward the same goal from the other direction.
API-ification has happened across the entire supply chain. Companies like CA.LA let you spin up up a fashion line as fast as you’d spin up a new Digital Ocean droplet, whether you’re A$AP Ferg or hyped NYC brand Vaquera. Across the board, brands and middleware were opening new supply chains, which then became accessible entrepreneurs targeting all sorts of subcultural plays. And with Shopify, Squarespace, and Stripe, you can open an online store and accept payments in minutes. Once the goods are readily available, everything becomes a distribution problem—a matter of finding a target demographic and making products legible to it.
Now it’s less about the supply chain & logistics and more about the subcultures / demographics. Brands aren’t distinguishable by their suppliers, but by their targets.
Products begin their life as an unbranded commodities made in foreign factories; they pass through a series of outsourced relationships —brand designers, content creators, and influencers—which construct a cultural identity for the good; in the final phase, the product ends up in a shoppable social media post
way: in the cultural production service economy, all culture is made in service of for-profit brands, at every scale and size.
European and American commentators of all political stripes recognize the current cultural moment as one that is stuck in some way. Endless remakes and reboots, endless franchises, cinematic universes, and now metaverses filled with brands who talk to each other; a culture of nostalgia with no real macro narrative
Beyond our workplaces, what else is stepping in to provide a sense of community and belonging?
All in all, product marketing businesses can only do so much to situate their goods in these broader cultural worlds without eating into their margins. This seemingly insurmountable gap is what my workshops were trying to address. But what would it mean for brands to stop pointing to culture, and to start being it?
Culture is a process, with the end result of shaping human minds.
Today, social media has become a more perfect tool for culture than Arnold could have imagined, and its use a science of penetrating the mass mind. All communication now approaches propaganda, and language itself has become somebody else’s agenda. Little
When you bought Bitcoin and Ether, it’s with the knowledge that there was also a culture there to become part of. Now years later, there are many tribes to “buy into,” from Bitcoin Christians to Bitcoin carnivores, from Ethereum permissionless free market maxis to Ethereum self-organizing collective decentralized coop radicals. Even if none of these appeal to you, you still end up becoming what “the space” (crypto’s collective term for itself) calls a “crypto person.” The creation of more and more “crypto people” is driven by the new revenue model cryptocurrencies exhibit. The business logic of these tokens is “number go up,” a feat accomplished by getting as many people to buy the token as possible. In other words, the upside opportunity is achieved with mass distribution of Bitcoin and Ethereum culture—the expansion of what it means to be an ETH holder into new arenas and practices. Buyers become evangelists, who are incentivized to promote their version of the subculture.
In the 2010s, supply chain innovation opened up lifestyle brands. In the 2020s, financial mechanism innovation is opening up the space for incentivized ideologies, networked publics, and co-owned faiths.
Under CPSE models, companies brand products. They point to subcultures to justify the products’ existence, and use data marketing to sort people into starterpack-like demographics. Subcultures become consumerized subcultures, composed of products
Authenticity, I came to understand, was more than a culture of irony and suspicion of everything commercial culture has to offer. It drew on a deep moral source that runs through our culture, a stance of self-definition, a stance of caring deeply about the value of individuality.
·subpixel.space·
Life After Lifestyle