I wanted to tell a little story about one of the most fascinating Parisian muses of the 19th century:
Jeanne Duval.
She was known in her time as "the Black Venus."
Here's one of his poems about Jeanne, original title "Sed non satiata" ("but not satisfied").
Here's the thing tho—and so far the cheese stands alone on this one, so be warned—I actually don't think it's Jeanne.
Apollonie Sabatier is perhaps best known for her work modeling for Auguste Clésinger's "Woman Bitten by a Serpent." But she has something really interesting in common with Édouard Manet as well...
(Paintings: Manet. Catalogue of Sabatier.)
There is also another possibility, which is that the painting is of Apollonie Sabatier (seen left) and not Duval.
Another comes from Constantin Guys, a Dutch-born French painter, illustrator and journalist. Baudelaire was a big fan of his, even though Guys is mostly unknown today.
(Here's a portrait of Guys by Manet)
So anyway, Guys did this drawing, which is now referred to as a "presumed" portrait of Jeanne Duval.
But I'm most interested in the photographs taken by the guy known as the world's first celebrity photographer, Gaspard-Félix Tournachon, who adopted the nom de guerre "Nadar." (Below, a goofy self-portrait.)
To my knowledge, it was formerly called just "young model, draped in black velvet, with loose hair," but the BNF has now added a tag with the name Jeanne Duval to a print of it in their online database https://t.co/7cTQIuopT8
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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.
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
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.