An investor once gave advice to a man invested in a speculative bubble. “Enjoy the party, but dance near the door.” If you own bitcoin, litecoin, or ethereum, Attack of the 50 Foot Blockchain will make you want to dance near the fire escape. Author David Gerard argues (successfully, I think) against virtually every technology derived from blockchains.
His view can be summarised as “blockchains fail at solving nonexistent problems.” They are speculative and sexy, making them flypaper for con artists, but that’s not the point – even good-faith implementations don’t work.
No major company utilises blockchain-based technology at scale. Ten years after the Satoshi Nakamoto paper, and after five years of loud media hype, cryptocurrency has few visible uses except as an asset (and perhaps it’s already time to remove “except as an asset” from that sentence). In light of this, dramatic fiascoes like the Mt Gox collapse seem more like irrelevant sideshows, distracting from the pervasive pointlessness of the technology. The problem isn’t “suppose your money is stolen.” It’s “suppose it isn’t. Then what?”
The book covers fifteen years of cryptocurrency, from the cypherpunks to the Satoshi whitepaper to the rapidly deflating bubble. It mixes tales of hilarious Wolf of Wall Street-style misadventures with serious analysis of the mathematical and economic weaknesses of blockchains. Bitcoin was supposed to be decentralised. In practice, it is chokepointed by a handful of big exchanges, subjecting their users to increasingly onerous KYC requirements. Bitcoin was supposed to limited to 21 million coins. In practice, any keyboard equipped with Ctrl, C, and V keys can fork the coin, defeating the purpose. Bitcoin’s tamper-proof ledger is frequently cited as a strength, but there are times when you want to tamper with the ledger. Transactions might be made by mistake, for example. The difficulty and risk of bitcoin has all but deep-sixed its small economy of legitimate users, leaving a small number of defiant “HODLers”, convinced that wide adoption is around the corner and things will be better tomorrow.
Gerard also discusses blockchain-based “smart contracts”. Again, they’re hip, and happening, but don’t appear to actually solve any problems with real world contracts, which have always been interpretation (what does “anticipatory breach” mean?) and enforcement (how do you punish anticipatory breach if it happens)?
A famous example: Robin Williams voiced the Genie in Disney’s Aladdin, he stipulated that the genie’s likeness not take up more than 25% of the space on any poster associated with the film (he didn’t want to be typecast as a cartoon character). Disney famously screwed him by making the Genie take up 25% of the space…and making the other characters significantly smaller. Williams joked that they drew Mickey Mouse with three fingers so he couldn’t pick up a cheque. How would putting his contract on a blockchain have helped Robin Williams?
These case studies, and many more, give the impression that blockchains aren’t a viable asset so much as a melon dropping towards the pavement. The book is comprehensive, and well written. Certainly out of date date by now, but that’s hard to avoid – in fast-moving fields, a book can easily be out of date before it reaches publication.
The most interesting parts (which could have been elaborated on more) were the mental psychographies of bitcoin’s users. Cryptocurrencies are a selection filter for unusual brains. The concept is futuristic. The very name sounds Gibsonian. They massage your preconceptions and ideologies: you’re John Galt, Johnny Mnemonic, and . Sadly, they’re also attractive to scammers: the concept is complicated enough that you can bamboozle laypeople, but not so complicated that you can’t fake the jargon with a little practice.
I’ve seen bitcoin evangelists in action. They’re like robots. They probably aspire to be robots – robots that don’t need to eat or sleep or do anything except refresh market depth charts twenty four hours a day. Their arguing styles are almost thrilling in their casuistry and dishonesty. “Blockchains might be used for x” is equated to “blockchains are used for x”, which in turn is equated to “blockchains are the best solution for x”. Sometimes they bust out tu quoque arguments. “Fiat money is imaginary, too!” I don’t follow the logic. All money is worthless…so buy bitcoin?
But they’re making money. Or at least, they used to, and they’re convinced they will again, if they weather the storm of negativity and FUD stirred up by the enemies of freedom. In short, they’ve fallen prey to self deception. “I have invested in bitcoin. This can’t possibly be a bad decision, because this would mean I am stupid. And I’m not stupid, so investing in bitcoin was smart.” I think many of them will look back after the crash and wish they could erase every single post and Tweet they ever typed about bitcoin. But that day is not today.
When the Hindenburg fell, it fell hard, billowing fire across many acres. By then, its failure was obvious, but for the people on board this knowledge came too late to save them. Why not get ahead of the curve? Why not stay clear of the Hindenburg altogether? Attack of the 50 Foot Blockchain has all the information you need not to throw your money into the blockchain bubble, or at least to be very cautious if you do.
Remember how people said that Judas Priest is old? Obsolete? Yesterday’s news? Irrelevent? Remember how this was thirty years ago?
Judas Priest is now so cartoonishly old that it’s difficult to know how to relate to them. They formed a year before the first Black Sabbath album, and their story encompasses every single rock cliche in the book. The young, scrappy upstarts (the first album), the creative prodigies (the next few), the complacency and artistic rot (the few after that), the inspirational rally (Screaming for Vengeance and Defenders of the Faith), the immediate collapse into self-parody (Turbo and Ram it Down), the even more inspirational comeback (Painkiller), the years in the wilderness following the loss of their singer (Jugulator and Demolition), the awkward picking up of pieces (Angel of Retribution), the self-indulgence Spinal Tappery (Nostradamus), and now we have their eighteenth album, Firepower, for which no storyline seems to apply.
The album’s firepower risks being overshadowed by the fireworks happening behind the scenes. Glen Tipton simultaneously revealed that a), he will not be touring with the band, and b), that he has Parkinsons, thus precipitating a). Additional controversy was provided by former guitarist KK Downing, who started rumors that Glen didn’t even play on the album. You know there’s a problem when your gay singer isn’t the most dramatic person in the band any more.
Firepower is hard to draw a bead on. On one hand it embraces nostalgia, mostly for the band’s Killing Machine and Painkiller sound. The title track and “Evil Never Dies” are both quite fast, and feature a downtuned approach to the angular E minor riffing that characterised Painkiller. But “No Surrender” and “Firepower” are quite consonant and radio-friendly, to the point of sounding like something from Rob Halford’s solo albums.
There’s no experimentation, and little blues (which is something I’ve always wanted Priest to revisit).
This contrast is found in the production job, which finds the band’s venerable early producer Tom Allom paired with veteran of the loudness wars Andy Sneap, who brickwalls Judas Priest relentlessly and leaves the listener little room to breathe among the overcompressed guitars. The overall package is entertaining and powerful, and even benefits a little from its fetishistic excess.
I wish it was shorter, but I also can’t pick which songs should be cut. They all have appealing moments, and good performances. Special attention must go to Halford, who sounds ridiculously good. The credits assure me the band still has a bass player, and I will take them at their word. Glen Tipton’s soloing (if it is really him) feels a little compromised. Probably the worst case is “Necromancer”, where he sounds like he’s wearing oven mitts. Ritchie Faulkner is more confident and poised, and strangely now one of the stronger points of the band.
As the final notes of “Sea of Red” fade like a bleached photograph, I’m left with a strange feeling: that this will never end. Judas Priest have always depicted fantasy in their lyrics and album covers. Perhaps the most fantastical was Stained Class, which depicted an android with a projectile embedded in its head. It’s not fantasy because of the android. It’s fantasy because it suggests Judas Priest can die.
Dillon Naylor is an Australian comic artist, most remembered for Da’n’Dill, which I’m uncomfortable in my ability to pronounce. It’s the verbal equivalent of a missing stair.
Da’n’Dill were endemic to Australia’s mid-90s landscape. They appeared in kids’ magazines such as K-Zone, in amusement park showbags, and were syndicated in newspapers. The comic was a disease, infesting every blank piece of paper you could name. Every kid I knew seemed to read them.
The concept was a riff on Mork and Mindy‘s “aliens in suburbia”, but Naylor correctly understood that humor doesn’t come from silliness, it comes from conflict, and he changed the Mindy character into a thin-skinned, teeth-grinding nerd who was constantly having his plans ruined by the dumb, well-meaning aliens.
Naylor’s comics were funny, and seemed even funnier when you were riding a sugar high on the train home from Luna Park. There are legends about casinos that hyper-oxygenate the air to induce euphoria (and compulsive gambling) in their patrons. Naylor had a similar racket going with the under-twelve set.
Penni in Vegetaria is another of Naylor’s works. The setup is as relatable as you can get: it’s dinner time, and Penni doesn’t want to eat her greens. She hides from her parents in a pile of leaves, discovers a spaceship, presses buttons, gets whisked away to a distant planet inhabited by sentient plants, and is soon caught up in a war between rival kingdoms of fruit and vegetables. I hate it when that happens.
The story is kid-friendly, and layered with moralistic overtones. It’s never in doubt that Penny will resolve the war, and will both learn and share some lessons along the way.
But there’s also that typical Naylor subversiveness: such as a visual gag involving a WWII-style internment camp (the detainees are tomatoes, because nobody’s sure what side they’re on!)
Naylor’s art is wonderfully grotesque and expressive. Australian writers (Paul Jennings, Morris Gleitzman, and Andy Griffiths) have always excelled at making twisted and disturbing nightmare fuel that technically isn’t objectionable at all, and Penni in Vegetaria is no exception. Naylor’s specialty? Teeth. They’re huge and scary and jut out like tombstones in nearly every panel. It’s actually pretty frightening. I’ve never worried about being bitten by a comic before.
Penni in Vegetaria is printed on incredibly thin A4 pulp, which might be a result of pro-plant lobbying. It’s rather short and Naylor might have taken the concept further, if he’d had more pages (it’s a disappointment to see the fruit and vegetables fight each other with human weapons, rather than in some funny plant-based way. And I just know that Queen Broccoli was busy planning the Final Solution to the Tomato Problem.)
I’m not sure if there were more Tales from the Ovoid, or whether there’s any connection to the Da’n’Dill universe. Memory tells me that Penni is the sister of the aforementioned nerd, but a re-read revealed that this isn’t true. I also learned that only Da is an alien, whereas Dill is only a mutated parrot. It’s important to know these things.
Although it’s not quite “cult classic” status yet, Penni in Vegetaria is a neat comic, and well worth tracking down. Luna Park closed in the middle of the 90s, but then came back. Naylor’s work is overdue for a similar renaissance.