Tuesday July 15, 2025
What a Failed Internet Prediction Still Teaches Us
Above my desk hangs a 1995 Newsweek article by Clifford Stoll, the astronomer-turned-author and computer scientist. The article is titled Why the Web Won’t Be Nirvana, and over the years, it has become something of a cautionary tale. Not because it was right, but because it was so spectacularly wrong.
In the piece, Stoll expressed deep skepticism about the internet’s promise. He portrayed the web as chaotic, isolating, and ultimately lacking in real value. He dismissed online communities, doubted the usefulness of digital education, and ridiculed the idea that the internet could change government or media.
He famously wrote:
“No online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher, and no computer network will change the way government works.”
That quote is often shared today as a punchline, but I keep the article on my wall for a different reason. I read it as a reminder to stay open-minded. It’s easy to fall in love with the present and resist the future, but doing so can cloud judgment and lead to missed opportunities.
For years, I treated this article as a case study in short-sightedness. But recently, I’ve started reading it with a different perspective.
At the end of the piece, Stoll asks, “What’s missing from this electronic wonderland?”
His answer: “Human contact.”
That line, which I once dismissed as nostalgic or overly cautious, now feels meaningful. As someone who is genuinely excited about an AI-powered digital future, and who believes in the potential of immersive metaverse experiences, I find myself returning to Stoll’s words. The more time I spend inside the digital universe, the more I recognize the value of staying rooted in real life.
I text with my family constantly, but nothing compares to the simple joy of sharing a meal together. I spend early mornings writing this letter, and it brings me real satisfaction. But I still need to step away from the screen. An afternoon in the park, a live performance, or just sitting quietly on the beach is something no technology can replicate.
Stoll may have missed the mark on the internet’s long-term impact, but he was right about something more timeless. As technology continues to reshape how we live and work, we cannot lose sight of what matters most. Presence. Conversation. Connection.
The real challenge is not whether to embrace the digital future. It is whether we can do so while still honoring the richness of real human experience.
◾ Grayscale Investments confidentially filed a Form S-1 Registration Statement with the SEC and is considering a public offering. (GlobeNewswire)
◾ The Federal Reserve, FDIC, and OCC released a joint statement recommending risk governance frameworks for crypto-asset safekeeping. (FederalReserve.gov)
◾ Serial crypto founder Robert Leshner acquired a controlling stake in micro-cap liquor company LQR House $YHC, stating plans to “replace the board and… explore new strategies.” (X)
Government & NGO Actions
◾ President Trump is expected to unveil $70 billion in AI and energy-related investments. (Bloomberg)
◾ The Trump Administration will allow Nvidia $NVDA to resume sales of H20 AI chips to China (WSJ)
◾ Kazakhstan’s central bank is considering allocating portions of its gold and foreign exchange reserves to digital assets. (Kursiv)
◾ Hungary passed legislation criminalizing the use of unlicensed crypto exchanges. (TheBlock)
◾ Germany aims to ensure 10% of its economic output comes from AI by the end of the decade. (Reuters)
Financial Notices & Public Company Releases
◾Glimpse Group $VRAR preliminary Q4’25 results:
Revenues: ~$3.5 million
Adjusted EBITDA: “Positive”
Cash and equivalents: ~$6.85 million
◾ BitMine $BMNR disclosed that its ETH holdings now exceed $500 million. (PRNewswire)
◾ Strategy $MSTR acquired 4,225 bitcoin last week, valued at $472.5 million. (SecFiling)
◾ DeFi Technologies $DEFT reported Valour’s bitcoin AUM reached $302 million and its bitcoin treasury valuation hit $25.6 million.. (PRNewswire)
◾ BTCS $BTCS added 2,731 ether ($8.2 million) bringing its total ETH holdings to 31,855 ($96.2 million). (SecFiling)
◾ Genius Group $GENS purchased 32 bitcoin increasing its treasury to 180 BTC. (GlobeNewswire)
◾ DeFi Development $DFDV purchased 10,758 solana (worth $1.7 million) and issued near-term guidance targeting 0.1650 SOL per share by June 2026 and 1.0 SPS by December 2028. (GlobeNewswire)
◾ BTC Digital $BTCT acquired $1 million in bitcoin to mirror its recent $1 million ether purchase, projecting $10 million in total crypto reserves by year-end. (PRNewswire)
◾ Sixty Six Capital $SIX purchased the equivalent of 6.1 BTC through shares of the Purpose Bitcoin ETF $BTCC. (Newsfile)
◾ Riot Platforms $RIOT reduced its stake in Bitfarms $BITF to 10.2% through share sales. (RiotPlatforms)
◾ Bit Digital $BTBT signed a placement agreement to raise $67 million for ether purchases. (PRNewswire)
◾ Luxxfolio $LUXX completed a $2.5 million non-brokered private placement. (Newsfile)
◾ Digital Commodities $DIGI completed a $2 million private placement. (Newsfile)
◾ FRNT Financial $FRNT will allocate “a portion” of its recently raised $2 million to bitcoin. (PRNewswire)
◾ Hyperscale Data $GPUS reduced its outstanding debt by over $20 million. (GlobeNewswire)
◾ Sonnet BioTherapeutics $SONN is merging with Rorschach I and intends to build a reserve of the Hyperliquid Layer-1 blockchain token, HYPE. (Sonnetbio)
◾ 3iQ’s XRP ETF $XRPQ surpassed $35 million in AUM within 23 days of launch. (PRNewswire)
Restructuring, Hacks, Losses & Legal News
◾ Abacus Market, the largest bitcoin-enabled darknet marketplace, went offline in what appears to be an exit scam. (TRMLabs)
◾ A Los Angeles Sheriff’s Department deputy pled guilty to working as a private security guard for the jailed crypto “Godfather.” (Justice.gov)
AI Announcements
◾ Mark Zuckerberg committed to investing several hundred billion dollars into the development of large-scale AI data centers. (Reuters)
◾ CoreWeave $CRVW will invest $6 billion to develop a 300 MW data center in Lancaster, Pennsylvania. (Bloomberg)
◾ xAI’s Grok model launched a new suite of products for US government clients and signed contracts with the Department of Defense and the GSA. (X)
◾ Meta $META is acquiring AI-voice startup PlayAI. (Bloomberg)
◾ xAI introduced two companion characters: Ani, an anime-style female, and Rudy, a red panda mascot. (TechCrunch)
Protocols, Applications & Business News
◾ Ant Digital Technologies launched a blockchain testnet for institutional-grade applications called Jovay. (PRNewswire)
◾ Standard Chartered will offer bitcoin and ether spot trading to its institutional clients in the UK. (Reuters)
◾ Atlas Financial announced it is incorporating stablecoins into its wealth management offerings. (PRNewswire)
Exchange, Custody & Product Updates
◾ Crypto exchange OKX is joining the Global Dollar Network to offer the USDG stablecoin to its users. (PRNewswire)
Thoughts on the Ecosystems
◾ CNBC’s Jim Cramer believes Jamie Dimon will reverse his earlier criticism and “go all in on crypto.” (Benzinga)