1/ I am writing this in actual shock. I should not be shocked but I am. Reached out to a girl I worked with in Russia to see if she was ok. Anyone that wants ANY insight into how the average Russian citizen is thinking, you HAVE TO READ these messages from her. Propaganda is the

2/ scariest form of war these days. I’m even sitting here asking myself if I’ve been fed propaganda regarding this war. I thankfully am able to critically think and challenge people’s words THANK GOD but this Russian has no ability to critically think
3/ it started out with a reach out to her via email from me bc I was genuinely curious how she felt about all this and wanted to see if she was ok
4/ and here’s the WhatsApp response from her. 🙀🤯🤯
5/ to give the WhatsApp messages context, I screen recorded this video and sent it to her

https://t.co/KGYCDM3491
6/ are people shocked by this complete brainwashing? How HOW HOW do you even remotely bring people back to reality? WOULD any of you say anything back? I’m floored. #GloryToUkraine #BRAINWASH
7/ I think my previous screen shots from WhatsApp got messed up but here they are

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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.


The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.

This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.

The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."

This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.