(1/2): I have met this person at nearly every crypto conference I have ever attended, and by now I can usually identify him before he even reaches the registration desk, because he arrives wearing the unmistakable expression of a man who has crossed three time zones, answered forty-seven Telegram messages from people he does not like, and paid twelve euros for airport water in order to be physically present at a gathering devoted to the future, only to discover, almost immediately, that the future appears to consist largely of men standing beneath purple lighting and discussing distribution. He checks into the hotel, opens the conference app, scrolls through a schedule containing panels called things like “Reimagining Coordination at Scale” and “The New Institutional Frontier,” and feels, for one brief and embarrassing moment, the stirring of hope, because perhaps this will be the one, perhaps this will be the conference where somebody says something real, where a conversation escapes the gravitational pull of fundraising announcements, ecosystem grants, and whatever the phrase “go-to-market motion” is currently being asked to conceal. By ten in the morning he has received a tote bag made from allegedly regenerative fabric, a metal water bottle that leaks from the lid, a lanyard large enough to function as a municipal permit, and three invitations to side events taking place simultaneously in different parts of the city, each one described as “intimate,” despite having eight hundred RSVPs and a DJ flown in from Berlin. He goes to the first panel. A founder says we are still early and venture capitalist says the next billion users are coming. Eventually a moderator, with the glazed composure of somebody who has already moderated this exact conversation in Singapore, Dubai, Paris, Denver, and a yacht off Mykonos, asks what needs to happen for mass adoption. Everyone agrees that UX must improve and the audience nods with the solemnity of a parliamentary vote. Nothing has technically been said, but the applause is loud. By lunch he has participated in six conversations, all of which begin with “What are you working on?” and end with “We should definitely find a way to collaborate,” which in conference language means that both parties will add one another on Telegram, exchange a fire emoji beneath a future announcement post, and never again occupy the same emotional universe. He meets a man building infrastructure for autonomous agents, although the infrastructure is not yet built and the agents are not yet autonomous. He meets another man launching a protocol for decentralized reputation, who spends most of the conversation explaining which well-known investors already trust him. He meets a founder who says he is obsessed with user sovereignty, then glances every twenty seconds toward the entrance in case someone more important has arrived. By the evening he is standing in a cavernous venue once used to manufacture turbines, now filled with dry ice, ornamental lasers, and several thousand people discussing credible neutrality while trying to get past a velvet rope. There is free food, technically, although it consists of two miniature tacos placed on a slate tile by a person wearing black gloves, and there is free alcohol, abundantly, which may explain why the revolution against extractive intermediaries has temporarily organized itself around a sponsored bar requiring three wristbands and a QR code.