Sunday Edition #18 - Social Media Use Really Is Declining
Also: Mass Stablecoins and Burning Money as Art, Ocean Vuong, and Hades 2
Welcome to the Sunday Edition where I share interesting articles and links alongside what I’ve been up to!
People Are Actually Touching Grass
For a long while on this newsletter, I’ve been talking about a desire to be less online. Touch grass, go outside, find local communities, and walk 500km. But, I wasn’t entirely sure whether this drive was from personal life experiences: like going through a divorce or just simply outgrowing social media. Turns out recent trends show that it’s at happening (to some extent).
It has gone largely unnoticed that time spent on social media peaked in 2022 and has since gone into steady decline, according to an analysis of the online habits of 250,000 adults in more than 50 countries carried out for the FT by the digital audience insights company GWI.
It’s notably become more about just being slop and not actually about it being “social”.
I believe that these trends do not include chatgroups (Discord, WhatsApp, etc). So, it’s not necessarily that people are replacing digital screen time with in personal time, but I do think it’s a part of the trend in some capacity.
Ultimately, the slow decline of social media feels both good, but also sad. Good, because I believe it might make the world a bit less insane and re-inject healthy dynamism. But, there’s also a feeling of loss to it, like seeing a pub/bar you used to spend amazing nights with friends eventually close down. My life had been inexorably improved with early social media years (2008 onwards). I met so many amazing people and was able to have a conversation with the world from the tip of Africa. And it’s kind of sad that these more innocent and public online spaces are disappearing (or have already died). It really feels like the only space it truly still flourishes is on Reddit.
Communal Cinema Round 2
Speaking of communal IRL. I made a point a few weeks back that cinemas should lean into being far more communal.
It’s actually baffling when you consider that when you go to a chain cinema these days, you’re watching a film with strangers. But, you all just saw the same thing, and it’s such a ripe opportunity to engage with the people who just saw it. Open up opportunities to mingle, talk to strangers, meet like-minded people. In some way, do it like a run club. Meet each week for a film and afterwards over snacks and drinks discuss the film with strangers that become friends.
Saw this tweet, which agreed. Let’s keep the meme spreading.
It’s always been *right there*.
Mass Stablecoin Future
I find this future good and interesting on two levels. The base fact/layer is, is that it is an accidental vampire attack on current depository institutions. They should absolutely be sharing more yield with consumers versus paltry access to less than %1 yield when most stablecoins currently map quite well to US interest rates (4%+).
Yes, there is an argument if banks are going to share more regular yield with their consumers that it might choke out economic lending activity elsewhere, and with general regulatory issues, it’s unsure to what extent new stablecoins will share this yield with holders.
But, it’s ultimately an interesting expansion or notion on early beliefs about the value of cryptocurrencies: if it’s cheap to issue, then the opportunity cost of holding any token is a signal to that currency’s message. But, that obviously is very volatile. But, if you can issue cheaply issue stablecoins, you can optionally opt to share the yield to a cause you believe in while simultaneously holding a more stable currency. There is a future where people will move their USD to derivatives of it that supports their cause: a USDPalestine, a USDFreedom, a USDEducation, or whatever.
It’s an interesting mix, especially in the US, of the value of first amendment rights (money as speech) and broader societal composability of money. In some sense, this integration feels like a better mainstream fit than some of the more esoteric earlier visions of tokenized communities.
Money as Art Medium
Speaking of the composability of money. Always been a big fan of Steve Pikelny’s art experiments that uses money, finance, and markets as medium. In a recent experiment, people could mail him USD dollar bills, he would burn it, and then issue a blockchain NFT of it. In his essay, he goes through the legal, tax, and artistic merits of the project.
Alternatively, I wanted to give each bill a dignified death with clear documentation. The project’s internal logic requires a clear connection between the physical bill’s destruction and the creation of a new digital object in its place. I tried to imagine how my bank would handle this if it provided money burning as a financial service. Each bill’s destruction needed to be slow and methodical, without leaving much room for speculation that this was faked.
What I’m Up To
✍️ Writing - Novel #2 Revisions
Been very writerly focused this week, attending feedback groups/sessions, going to a fellow writer’s book launch, and doing quite a lot of revisions on my second novel. It’s really coming together! I’m focused very much on hunkering down in October: finishing this revision and also sending it back out to a new batch of agents.
📺 Watching - Jim & Andy: The Great Beyond
Got recommended this documentary and I’ve been wanting to watch it for a while too.
I put this kind of work in the bucket of comedians like Nathan Fielder as well. How far is it reasonable to push the boundaries of identity and reality, especially when it could impact the people around you? It’s a fascinating watch and Jim Carrey is undoubtedly a master.
🕹 Gaming - Hades 2
Most of my free time has been spent playing Hades 2. Enjoying it as much as I thought I would. Really fun. Engaging mechanics, fist-in-the-air moments when you beat a boss unexpectedly, entertaining characters, and just more surprises in general.
📚 Reading - Ocean Vuong - On Earth We’re Briefly Gorgeous
I’m really glad I gave this book a go. While I’m still generally a plot-heavy reader vs a literary reader, it was was wonderful to have the words be the point and not have the words disappear in service of some story train trudging along. I sometimes think of literary novels as visual art against visuals-as-container (like genre films). Visual art usually asks us to reckon with the medium itself, to be aware of how canvas, strokes, and form is used to convey a message beyond it. In literary work, the words are self-aware. It’s like gourmet food, where you’re aware of the food-as-experience versus simply grabbing a solid slop bowl full of carbs, fiber, and protein from cavasweetgreenchoptchipotle. Personally, it’s the type of writing I have to take time to get used to. Have my palette get used to it.
The book is an epistolary novel of a Vietnamese American boy writing a letter to his mother. It details life as an immigrant in the US from the Vietnam war to the modern day. It’s vivid, deeply immersive, and hits quite a few strong emotional beats. There’s a particular vivid juxtaposition of scenes related to making love and death, which was striking. This is for you if: you want to dabble in literary fiction and enjoy slice-of-life immigrant Americana.
🏃 Running - Trails!
Been hitting a lot of trails in preparation for running an ultra trail in November. 35km + 2000m of elevation. 😱. But with the cooler weather and the leaves slowly undressing its greens to all the wonderful autumn colours, it’s been quite lovely running in general. Just look at this colour!
How inviting. Why am I at my computer? 😂
🎶 Listening - Lutalo - Ocean Swallows Him Whole
Actually no idea how to describe the genre of this? Indie rock? Feels too broad. Regardless. A lovely track. Been on repeat this week!
It’s autumn in the US and I’m really enjoying the sunsets lately. The cool air is making them a bit weaker, like the sun itself is a bit tired of the year, hoping to also go into its own hibernation soon. There’s a sweet melancholy to autumn sunsets. Enjoy!
See you all next week,
Simon