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Ranked #1 on Hacker News with 54 points and 19 comments.

I’m a kid of the 90s, and I still remember the early internet. It was slow, ugly, unreliable, and full of cranks, a strange world of wheezing dial-up modems, Usenet flamewars, <marquee> tags, and dancing babies. It was also stubbornly alive and human. People built websites about Babylon 5, model rockets, train timetables, shareware, and whatever else had colonised their minds. Most of it had no business model. That was the literal point. The web felt like a public square assembled by obsessive amateurs.

None of this was entirely innocent. There were scams, viruses, Nazis, pornography, and chain emails from deposed Nigerian princes. But then predation moved from the periphery to the centre. It used to be an abuse of the network. Now it is the network’s organising principle. The scammer once had to find a victim. The platform now finds one, profiles the weakness, optimises the pitch, processes the payment, and recommends the next scam. What was once an aberration has become the norm.

The bleak part is not that grifters exist. Every society has hucksters. It is that much of the population has been conscripted into the downline. Ordinary people now spend their lives promoting investments they barely understand, products that do not work, and political claims they have never examined. Many earn nothing. They are unpaid distributors for someone farther up the pyramid. The consumer, salesman, and product have collapsed into the same exhausted person.

People increasingly behave like addicts because addiction is the business model. The feed supplies alternating doses of outrage, fear, envy, lust, and hope. Each feeling arrives with something to buy. People doomscroll until they acquire the anxiety that the next influencer will monetise. Then they purchase a bet, a coin, a supplement, a course, or an enemy. Finally, they repost the pitch. Consumption becomes distribution. The mark becomes the salesman.

This is an industrial system for manufacturing weakness at scale. A legitimate business can survive a satisfied customer. A grift cannot. It needs the customer frightened, aggrieved, lonely, sick, or greedy forever.

When I started writing about cryptocurrency in 2020, I still carried a naive assumption about the size of this economy. I thought people were generally decent and the grifter class was a small pool of degenerates with rotten moral character, preying on those made vulnerable by the material conditions of our time.