The internet has gone through three distinct eras, and each one ends the same way: extraction. 1. Eyeball era → chase users, monetize attention and data 2. Surveillance capitalism era → “free” services, monetize the users themselves 3. Enshittification era → lock everyone in, extract from all sides I interviewed Cory Doctorow on @Trust Revolution last week. He has the clearest model of how this happens. The best critics (him included) blame monopoly, network effects, and weak antitrust. They’re describing the symptoms perfectly—and still missing the root cause. It’s the money. Fiat debasement turns high time preference into the only rational strategy. New essay:

Shawn Yeager | Bitcoin Go-to-Market & Revenue Leader

Extraction is rational

Every wave of the internet promised to democratize something. Every wave ended in extraction. The pattern isn