This Machine Kills

We are joined by Bennett Tomlin and Cas Piancey, hosts of the great podcast Crypto Critics’ Corner, for a deeper dive into stablecoins—a cornerstone // time bomb of the crypto financial system. They explain how stablecoins, and specifically Tether, have become systemically important to the workings of the system and the wealth of big players, creating too big to fail institutions that continue gro...

We dive into chapter 9 – Hiding in Plain Sight – of The Dawn of Everything by Graeber and Wengrow. We discuss the utopian experiment of Teotihuacan in Mesoamerica 2000 years ago: a city that revolted against authoritarian rule and instituted a socialist system, complete with universal housing and democratic governance, which lasted for hundreds of years. Subscribe to hear more analysis and comment...

(While Jereme works to overcome a technical problem from our last record, we are unlocking an episode.) We continue our discussion of Hilary Allen’s paper on DeFi and shadow banking and dive into her comparative analysis between Wall Street and Silicon Valley. We see how there are direct analogues between the kind of financial innovations and systemic fragilities that led to the 2008 crash and the...

(Sorry for the delay!) We comb through Andreessen Horowitz’s inaugural 2022 State of Crypto Report, devoting more time and attention to discussing its claims and framing than it should warrant. But considering the outsized influence a16z has here, they force us to take seriously even their most inane fever dreams. In the process of reviewing the report, we receive a masterclass in how to lie with...

We check in on our old friend / enemy / mentor, Masayoshi Son, and see how the SoftBank Vision Fund has been faring over the last year. The Masa multiplier effect is his ability to amplify the state of the larger tech sector. When it’s good, it’s really good. But when it’s really bad—in the way tech sector valuations have been dropping this year—oh boy, it’s enough to make you want to [redacted]....

We dive into chapter 8 – Imaginary Cities – of The Dawn of Everything by Graeber and Wengrow. We talk about the origins of cities and contradict the commonly held belief that proto-state governance—e.g. centralized, hierarchical administration—developed in tandem with urban society. Instead, early cities existed for hundreds of years, organized by bottom-up self-governance, before the palaces and...

We review China’s hard, fast, and big regulatory responses to big tech’s rising power over the last year, discuss the vastly different political theories motivating tech policy in the US, Europe, and China, and look ahead for what’s to come as China unveils a new set of sweeping, world leading regulations for AI decision-making. Some stuff we reference: ••• China’s Tech Crackdown: A Year-in-Review...

We continue our discussion of Hilary Allen’s paper on DeFi and shadow banking and dive into her comparative analysis between Wall Street and Silicon Valley. We see how there are direct analogues between the kind of financial innovations and systemic fragilities that led to the 2008 crash and the crisis dynamics of DeFi: overleveraging and crypto tokens; rigidity and smart contracts; bank runs and...

We discuss an extremely good paper by law professor Hilary J. Allen – DeFI: Shadow Banking 2.0 – which lays out a very clear, critical, and comparative analysis of the unregulated financial instruments that led to the 2008 global financial crash and their systemic similarities to the unregulated financial innovations that are emerging in DeFi / Web3. In this first part, we lay out the causes of th...

We dive into chapter 7 – Ecology of Freedom – of The Dawn of Everything by Graeber and Wengrow. In which we discuss the tragedy of the commons, ecological imperialism, flirtations with farming, domestication of plants and animals, dangers of teleological reasoning, and much more. Subscribe to hear more analysis and commentary in our premium episodes every week! patreon.com/thismachinekills Grab fr...

We take a walk on the weird side as a brief reference to the novel Guns of the South by Harry Turtledove—a graphomaniac author of alternative histories and all around beautiful mind—leads us down a rabbit hole of increasingly bizarre discoveries. Enjoy a little something different from our normal programming… Subscribe to hear more analysis and commentary in our premium episodes every week! patreo...

We talk about the absurdities of proptech – or the real estate technology sector – which is jam packed with out-of-control purchasing by house-flipping algorithms powered by automated valuation models that lead to balance sheets filled with liabilities and it’s all fuelled by way too much free-flowing capital. In other words, a classic recipe for disaster. The article we discuss: ••• House-flippin...

We are unlocking a premium episode in which we discuss Ed’s new reporting on the political economy of play-to-earn games, focusing on Axie Infinity and its super-exploitative system of “managers” and “scholars.” Surprise, surprise – the technological and financial foundation of Axie Infinity is just a house of cards built on a bed of sand. Its failure is inevitable. The question is: how much damag...

We dive into chapter 6 – Gardens of Adonis – of The Dawn of Everything by Graeber and Wengrow. Here we bust the myth of the “Agricultural Revolution” in two main senses. First, we bust the idea of agricultural development as a linear, deterministic, teleological transitional stage in human society. Second, we bust the idea of agriculture as a revolution that happened immediately, spread quickly, a...

We’re joined by Richard Nieva, reporter at Buzzfeed, who, along with his colleague Aman Sethi, just published a massive investigation into Worldcoin, a company that aims to distribute crypto to people around the world in exchange for having their eyes scanned by an ominous biometrics device called the Orb. We discuss the long list of major issues with Worldcoin’s operations—including faulty techno...

We discuss Ed’s new reporting on the political economy of play-to-earn games, focusing on Axie Infinity and its super-exploitative system of “managers” and “scholars.” Surprise, surprise – the technological and financial foundation of Axie Infinity is just a house of cards built on a bed of sand. Its failure is inevitable. The question is: how much damage will it do along the way? Some stuff we re...

We dive into chapter 5 – Many Seasons Ago – of The Dawn of Everything by Graeber and Wengrow. Subscribe to hear more analysis and commentary in our premium episodes every week! patreon.com/thismachinekills Grab fresh new TMK gear: bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (twitter.com/jathansadowski) and Edward Ongweso Jr. (twitter.com/bigblackjacobin). Production / M...

We’re joined by one of the best critical observers of Web3 around – Molly White, creator of Web3 is Going Just Great – to discuss what made her, as a software engineer who is immersed in the tech sector and discourse, finally have to take a stand on Web3. We then break down how Web3 fetishizes its own apparent complexity-as-convolution, the pitfalls in how it is covered by reporters, the cynicism...

Content warning: this episode has explicit discussion of anti-Black racism experienced by Black workers at Tesla, including racist discrimination, imagery, and slurs. We discuss the details of a class-action lawsuit filed on behalf of more than 4,000 current and former Black workers at Tesla. The lawsuit is based on a long list of allegations of rampant, systemic, abhorrent acts of racism and disc...

Our impromptu discussion last week about Jame C. Scott and dual use anthropology made us revisit a classic essay in which Malcolm Harris critically analyzes the anarcho-liberal politics advocated for by Scott. Imagine if the normative basis for your “radical” politics amounted to: throw your hands up like you just don’t care, because nothing matters anyway. We then move on to a new essay offering...

Our intrepid reporter goes gonzo as Ed descends into the doltish phantasmagoria of SXSW. There are nightmares of humanoid rabbits as Web3 meets Midsommar. Spectacles and speculations of all varieties multiply faster than the mind can process. The old world is dying; long live the new flesh. Ed’s article – At SXSW, A Pathetic Tech Future Struggles to Be Born https://www.vice.com/en/article/88gb75/a...

We dive into chapter 4 – Free People, the Origin of Cultures, and the Advent of Private Property – of The Dawn of Everything by Graeber and Wengrow. This chapter is bookended by discussions of two key political distinctions that organize societies in fundamentally different ways. We start with formal freedom vs substantive freedom. Or, freedom as an ideology (e.g. the land of the free; the pursuit...

We're unlocking the latest episode from the premium feed on the political economy of Buy Now, Pay Later companies. What are they, where did they come from, how do they work, why are they booming, and who is winning and losing? We focus our analysis on the big three BNPLs – Klarna, Afterpay, Affirm – each one a super decacorn company that has benefited immensely from debt fuelled spending during th...

We investigate the political economy of Buy Now, Pay Later companies. What are they, where did they come from, how do they work, why are they booming, and who is winning and losing? We focus our analysis on the big three BNPLs – Klarna, Afterpay, Affirm – each one a super decacorn company that has benefited immensely from debt fuelled spending during the pandemic. Some stuff we reference: ••• Woul...

First up is old friend FTC’s recent actions ordering companies to destroy “models and algorithms” derived from “ill-gotten data.” This is a massive regulatory precedent that targets the underlying business model of tech companies, rather than just slapping them on the wrist with fines. We then roll into the latest news from old enemy Uber, who has rolled out a new secretive algorithm that determin...