The worst of tech in 2022
, rather than nabbing a near $1 billion payout.)
And now we have Musk’s Twitter, an increasingly toxic pit of the internet’s worst, driven entirely by the richest man in the world’s id. Advertisers are leaving in droves, and Twitter obsessives are making their way to whatever alternative they can find. Meanwhile, Musk is learning just how difficult running a social network is . At this point, we can only hope Twitter will go the way of Tumblr: Mismanaged until it’s sold at a fire sale price to someone who actually cares about the internet.
An Aside: I studied company law and finance for two years, and while I’d never pretend to be a high-minded finance type, even a cursory look at FTX should have aroused suspicion. The business was structured so opaquely that it seemed like an obvious ploy to mask something, be it amateurishness, or criminality.
The other thing that FTX’s collapse should remind us all is that, while the current banking system is hardly a paragon, it does it least. The fact that FTX was allowed to hold so much money in a system run by a bunch of comparatively unqualified figures is ludicrous. Maybe there’s a reason we don’t let a bunch of relatively young kids with little real-world experience in the banking world run major financial institutions.
I do think, however, that what will really hammer the nail into crypto’s coffin in 2023 is the recession, as people need to cut down on their luxuries to pay for the essentials. Sure, you could justify buying a Bored Ape as an “investment” when there were stimulus checks rolling around the economy. But when you’re deciding between getting $100 bucks to cover your fuel bill this month or a JPEG of Jimmy Fallon as a monkey, a lot of people are going to make the sensible choice.
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