The Metaphor

Decential Media

Hey Everyone! Welcome to the latest Web3 Rewind. As always, please send your thoughts and prayers to [email protected] — I’d love to hear what you think and to know if there are crypto topics you’d like us to cover in the newsletter. Cheers! — Matthew Leising, editor in chief, Decential Media

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The metaphor

1944, Foreign workers boxing match

Did you happen to watch the metaphor last week? One of the best jokes, besides the metaphor itself, going around social media pointed out that Jake Paul now has more wins at AT&T Stadium than the Dallas Cowboys this season. I mean, calling it a win is a bit much; it felt more like an aggressive hoe down.

The symbolism of it all, though, coming on the heels of Americans voting Donald Trump back into office, was top notch. A brash huckster who made his fortune in ways not many understand and fewer still would consider honorable coming up against an aging maneater who embodies a traditional and core American belief that you can go from the streets of Brooklyn to being world champion. I wanted Tyson so badly to wipe the floor with Paul, and I know I’m not alone. I wanted repudiation, the elder pro to clobber some sense into this young punk. My nostalgia, though, blinded me, and I bet I’m not alone in that either.

There’s a purity to what Tyson does – or did. Could you engineer a better fighter? His upbringing was incredibly rough -- he’d been arrested 38 times by the age of 13 – so it’s hard to wax too lyrical about a kid put in that situation through no fault of his own. But unlike so many other kids, Tyson found a way out, and worked his ass off to become the best boxer of his generation.

Everything in his life was aimed at those three-minute spells in the ring. I wasn’t a big boxing fan in the 90s when Tyson was at his peak, but it was hard to miss it when he was fighting on a Saturday night. His ferocity was capitalistic. He destroyed opponents, often in the first round. Watching him fight last week, I realized the appreciation I have for watching someone who has dedicated their life to a single pursuit, and they excel at it. This was an American ideal I grew up with, you work hard to get what you’re after.

That idea has taken some body blows in recent years. Donald Trump is a liar and a con man, a racist and misogynist whose vile character is animated only by vengeance and greed. He’s not the guy who worked hard to succeed in this country. He fails upward. And yet so many Americans look up to him. They validate everything that’s wrong with the man.

I wanted release in the metaphor. I’m not saying Jake Paul is Donald Trump, just that in the metaphor he’s a perfect stand in. But again, nostalgia took over my senses and I should have known Tyson wouldn’t have the gas he did in the 90s. But I also thought this country would see through Trump’s lies and support a candidate who wants to make things better for people.

So Paul walks away with his $40 million and Tyson with his $20 million. And I’m left feeling naïve for still believing in American ideals. It’s going to be a long four years. Maybe the metaphor is all that’s left to believe. — Matthew Leising, editor in chief, Decential Media

Quote of the Week from Decential Media

“I can be a fraudster calling you and I know your name, date of birth, social security number, every address you’ve ever lived at, your Coinbase or your crypto account holdings, what your balances are. I have all this information that makes it incredibly easy for an attacker to establish fake bone fides as a security rep of a bank or a crypto exchange.”

People stuff

A now hiring sign outside a business

So as we alluded to here in this space last week, it’s now been announced that Gary Gensler, chairman of the Securities and Exchange Commission, will step down on Jan. 20. A fitting riposte to Gensler’s abysmal approach to cryptocurrencies and blockchain technology is simply to point out to him that Bitcoin is about to be valued at $100,000. You lost, Gary.

Have you seen Charles Hoskinson’s name in the mix for a crypto role in the Trump administration? It looks like that rumor was too much, and instead Hoskinson is set to work with lawmakers on crafting crypto-friendly legislation. If you don’t know his history, Hoskinson ran afoul of everyone in the early Ethereum community within months of joining the project and was fired. His reputation hasn’t improved much that I’m aware of — trying to convince people you’re Satoshi or that you jumped out of Blackhawk helicopters during covert ops in Afghanistan isn’t a great look. So he sounds like the perfect crypto conduit who already speaks Republican.

One last one — Howard Lutnick as commerce secretary. Lutnick has a long history on Wall Street, both for his acumen and his ability to not pay traders what they’re owed. But what I find much more interesting is that Cantor Fitzgerald is now holding the assets for Tether, the world’s largest stablecoin. For many years no one was really sure the money Tether claimed to have in the bank existed. It did, they just liked to piss everyone off. And then they got Lutnick on board. It’s an amazing story, honestly. — ML

That’s it! Until next week, ML 

Have you read the definitive history of Ethereum? No? Well then get your copy of Out of the Ether while you can.