<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[Field Notes with Ryan Johnson-Hunt]]></title><description><![CDATA[Weekly field notes from inside digital finance and frontier technology, documenting how our physical and digital lives converge over a 10-year horizon.]]></description><link>https://www.fieldnoteswithryan.com</link><image><url>https://substackcdn.com/image/fetch/$s_!fuqX!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff6043c1e-7771-4ebf-8458-b24e99b6be64_1048x1048.png</url><title>Field Notes with Ryan Johnson-Hunt</title><link>https://www.fieldnoteswithryan.com</link></image><generator>Substack</generator><lastBuildDate>Sun, 05 Apr 2026 12:29:55 GMT</lastBuildDate><atom:link href="https://www.fieldnoteswithryan.com/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[Johnson & Hunt Group Ltd]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[fieldnoteswithryan@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[fieldnoteswithryan@substack.com]]></itunes:email><itunes:name><![CDATA[Ryan Johnson-Hunt]]></itunes:name></itunes:owner><itunes:author><![CDATA[Ryan Johnson-Hunt]]></itunes:author><googleplay:owner><![CDATA[fieldnoteswithryan@substack.com]]></googleplay:owner><googleplay:email><![CDATA[fieldnoteswithryan@substack.com]]></googleplay:email><googleplay:author><![CDATA[Ryan Johnson-Hunt]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block><item><title><![CDATA[Field Notes Week 173/520: The Rise & Fall of Openclaw]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-173520-the-rise</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-173520-the-rise</guid><pubDate>Sat, 04 Apr 2026 22:44:54 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!KGAk!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!KGAk!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!KGAk!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!KGAk!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!KGAk!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!KGAk!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!KGAk!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2494e846-6a61-443d-b815-a369df6b356e_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:3063156,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/193210141?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!KGAk!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!KGAk!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!KGAk!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!KGAk!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2494e846-6a61-443d-b815-a369df6b356e_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-173520-the-rise?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-173520-the-rise?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-173520-the-rise?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><h4>Washington wants one AI law, and certainty is the keyword.</h4><p>Reuters reported last week that the White House is pushing for the first major federal AI law in U.S. history this year. The administration&#8217;s goals include protections for children, limits on data-centre-driven rate hikes, and a harmonised federal framework that would pre-empt conflicting state rules. The language around the proposal is telling. Officials are framing certainty itself as the product. Not just safety. Not just competitiveness. Certainty for builders, investors, and large incumbents trying to scale before state-by-state divergence hardens. (<a href="https://www.reuters.com/technology/artificial-intelligence/artificial-intelligencer-white-house-pushes-first-big-federal-ai-law-this-year-2026-03-25/?utm_source=chatgpt.com">Reuters</a>). That is a distinct legal instinct.</p><p>The American approach still looks less like a full architecture than a bid to stop fragmentation before it becomes structurally expensive. That sits in contrast to Europe, where the AI Act already has a risk-based structure and a staged implementation timetable. According to the AI Act implementation timeline and Article 113 summary, prohibited practices began applying from February 2025, general-purpose AI obligations are tied to the August 2025 to August 2026 window, and the main body of the Act applies from 2 August 2026, with further high-risk provisions phasing in after that. Europe is not waiting for one grand bargain. It is sequencing obligations across categories. (<a href="https://artificialintelligenceact.eu/implementation-timeline/?utm_source=chatgpt.com">Artificial Intelligence Act</a>)</p><p>The United Kingdom is taking a different route again. Rather than building a single cross-economy AI statute on the EU model, it has continued with its more sector-led, pro-innovation posture. The government&#8217;s January 2025 AI Opportunities Action Plan set the direction, and its January 2026 &#8220;one year on&#8221; update says the transition should boost growth, help workers adapt, and protect communities from the mistakes of past industrial change. More recently, the UK government also published guidance on agentic AI and consumers, making the point that businesses remain responsible for how they treat customers whether the interaction is mediated by people or AI systems. That is lighter than the EU approach, but it still uses existing law to pull AI back into accountable business conduct. (<a href="https://www.gov.uk/government/publications/ai-opportunities-action-plan/ai-opportunities-action-plan?utm_source=chatgpt.com">gov.uk</a>)</p><p>Australia sits somewhere else again. Its framework is still more distributed than Europe&#8217;s, but it is not simply laissez-faire. The Department of Industry describes the December 2025 National AI Plan as a whole-of-government framework intended to guide government, industry, research and communities, while official policy pages still point to the Voluntary AI Safety Standard and proposals for mandatory guardrails in high-risk settings. In other words, Australia is still building through standards, consultation, and administrative layering rather than one defining statute. (<a href="https://www.industry.gov.au/science-technology-and-innovation/technology/artificial-intelligence?utm_source=chatgpt.com">Industry.gov.au</a>)</p><p>South Korea has moved closer to the European instinct, though with its own balance. Reuters reported in January that South Korea enacted what it described as the world&#8217;s first comprehensive AI regulatory framework through its AI Basic Act. The law requires human oversight for high-impact AI in areas such as healthcare, finance, transport and nuclear safety, and mandates labelling for AI-generated content, though enforcement comes with a grace period and startups are already warning about vagueness and compliance burdens. That is a useful reminder that legal comprehensiveness creates its own friction.</p><p>What stood out this week is that &#8220;AI law&#8221; no longer means one thing. In Washington, the priority is federal pre-emption and innovation certainty. In Brussels, it is phased risk management. In London, it is regulator-led adaptation layered onto existing law. In Canberra, it is standards first, guardrails next. In Seoul, it is comprehensive legislation with high-impact categories and disclosure duties. The OECD&#8217;s framing is probably the clearest way to read the whole picture: global AI policy now depends on interoperable terms and foundations, even where jurisdictions choose very different ways of governing the technology. (<a href="https://www.oecd.org/en/topics/artificial-intelligence.html?utm_source=chatgpt.com">OECD</a>). The signal underneath all of this is less about ideology than administrative preference.</p><p>Some governments want to classify risk and sequence controls. Some want to preserve room to move. Some want one national rule before the patchwork becomes unmanageable. But across all of them, the same transition is visible. AI is moving out of the lab and into ordinary legal categories: consumer law, product liability, infrastructure, power pricing, disclosure, competition, labour adjustment. The frontier may still look technical. The governing questions no longer do. </p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><h4>What it is</h4><p>This week&#8217;s watch is <strong>&#8220;<a href="https://youtu.be/qKqrmS6dKDg?si=N-pXrqAAcfBvfTjv">The Rise and Fall of OpenClaw&#8221;</a></strong><a href="https://youtu.be/qKqrmS6dKDg?si=N-pXrqAAcfBvfTjv"> from ColdFusion</a>. At the centre of it is an open-source AI agent project released in early 2026 that promised something much bigger than a chatbot. OpenClaw was built to control a user&#8217;s computer directly: managing files, sending messages, remembering prior context, and gradually learning how to optimise a person&#8217;s workflow. The ambition was not conversational AI. It was delegated action. A software layer that could sit between the user and the machine, then start doing things on their behalf.</p><p>That is what made it compelling. It framed agentic computing not as theory, but as an immediate consumer product category.</p><h4>What stood out</h4><p>What stood out was how quickly the promise collapsed into operational reality. The core problem was not that the idea was too ambitious. It was that the system was too exposed. OpenClaw&#8217;s lack of meaningful guardrails made it vulnerable to prompt injection attacks, where malicious instructions could cause the agent to leak sensitive data, delete files, or send credentials elsewhere. In a conventional chatbot, that kind of failure is embarrassing. In a system with real machine access, it becomes infrastructural.</p><p>The second thing that stood out was cost. Agentic systems still carry the economics of large language models underneath them, and OpenClaw made that visible. Some users reportedly spent hundreds of dollars per day running tasks that were still brittle, inconsistent, and prone to failure. The software did not just expose security weaknesses. It exposed the gap between the fantasy of autonomous software and the actual cost of sustaining it.</p><p>Then there was the social layer. A strange ecosystem formed around the project, including Moltbook, a bot-only social network where users staged interactions to imply that the agents had become self-aware. That theatre sat alongside data leaks, compromised packages, and infected developer machines. The whole thing moved with a familiar rhythm: capability, hype, imitation, breach.</p><h4>Why it lingers</h4><p>It lingers because OpenClaw looks less like an isolated failure and more like an early field test for a category that is still coming.</p><p>The aftermath makes that clear. Peter Steinberger was later hired by OpenAI to work on personal AI agents, while companies like Anthropic and Nvidia continue moving into the same terrain with more emphasis on safety and control. So the lesson is not that agentic computing was disproven. It is that the first wave arrived before the basic conditions were ready. That feels directionally important.</p><p>Because OpenClaw shows what happens when agency is added faster than governance, and when software gains the ability to act before we have settled the boundaries around what it should be allowed to do. It is easy to read the story as a caution about hype. It is probably more useful to read it as a preview of the next set of design constraints.</p><p>The future agents may be better. But they will still inherit the same question: how much autonomy can a system hold before trust breaks faster than utility builds.</p><div id="youtube2-qKqrmS6dKDg" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;qKqrmS6dKDg&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/qKqrmS6dKDg?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!37zl!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!37zl!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png 424w, https://substackcdn.com/image/fetch/$s_!37zl!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png 848w, https://substackcdn.com/image/fetch/$s_!37zl!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png 1272w, https://substackcdn.com/image/fetch/$s_!37zl!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!37zl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png" width="1456" height="584" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/eccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:584,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:303983,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/193210141?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!37zl!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png 424w, https://substackcdn.com/image/fetch/$s_!37zl!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png 848w, https://substackcdn.com/image/fetch/$s_!37zl!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png 1272w, https://substackcdn.com/image/fetch/$s_!37zl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feccc2716-c025-4c67-aeae-f9fd8ef70506_2880x1156.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Np9M!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Np9M!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png 424w, https://substackcdn.com/image/fetch/$s_!Np9M!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png 848w, https://substackcdn.com/image/fetch/$s_!Np9M!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png 1272w, https://substackcdn.com/image/fetch/$s_!Np9M!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Np9M!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png" width="312" height="273.8515283842795" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1206,&quot;width&quot;:1374,&quot;resizeWidth&quot;:312,&quot;bytes&quot;:312549,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/193210141?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Np9M!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png 424w, https://substackcdn.com/image/fetch/$s_!Np9M!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png 848w, https://substackcdn.com/image/fetch/$s_!Np9M!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png 1272w, https://substackcdn.com/image/fetch/$s_!Np9M!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8974e7a7-6444-4bd9-be66-92e66d6a59ef_1374x1206.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><h4>Two digital-asset stories this week pointed to the same shift.</h4><p>The argument is moving away from whether this sector should exist and toward how tightly it will be folded into the financial system. In the United States, the Clarity Act continues to advance as the main attempt to sort digital commodities from digital securities and to settle the long-running boundary dispute between the SEC and CFTC. In Australia, Parliament has now agreed the <strong>Corporations Amendment (Digital Assets Framework) Bill 2025</strong>, with the final text presented for assent, marking a more direct move to bring exchanges and custody platforms inside existing financial-services law. (<a href="https://www.reuters.com/legal/legalindustry/clarity-act-future-digital-asset-market--pracin-2026-03-31/">Reuters</a>)</p><p><strong>The Clarity Act is becoming a fight about bank deposits</strong></p><p>The U.S. version still turns on classification. Reuters says the Act creates a structured market framework, gives the CFTC exclusive jurisdiction over digital commodities, leaves the SEC with traditional investment-contract assets, and includes a transition mechanism through which some tokens can become commodities once networks are sufficiently decentralised. Platforms would also face registration, disclosure, and consumer-protection requirements. The SEC&#8217;s own March 17 press release described its latest interpretation as a major step toward clarifying how federal securities laws apply to crypto assets and said it complements Congress&#8217;s effort to codify a comprehensive market-structure framework. </p><p>What stood out is that the sticking point is no longer really technological. Reuters reported in March that the bill hit a new impasse because banks opposed provisions that would let intermediaries offer stablecoin rewards, arguing that yield-like features could pull deposits out of the insured banking system and weaken lending capacity. The White House tried to broker a compromise that would allow rewards in narrower circumstances, but banks still warned about deposit flight. The signal here is that digital assets are now close enough to core money functions that the real contest is over funding, balance sheets, and who gets to intermediate idle cash. </p><p><strong>Australia has taken the more direct route</strong></p><p>Australia&#8217;s new bill is less philosophical and more administrative. The Parliamentary Library says the Corporations Amendment (Digital Assets Framework) Bill 2025 amends the Corporations Act 2001 and the ASIC Act to regulate digital asset platforms and cryptocurrency exchanges, with the stated aim of strengthening consumer protection, market integrity, and regulatory certainty while still supporting innovation. It does not try to solve every definitional question upfront. Instead, it defines digital tokens, digital asset platforms, and tokenised custody platforms, then pulls those activities into the existing architecture of financial-services regulation. (<a href="https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2526/26bd040">Parliament of Australia</a>)</p><p>That structure matters. Under the bill digest, digital asset platforms and tokenised custody platforms would be treated as financial products unless they are managed investments, which means they would face ordinary financial-services obligations such as licensing and consumer protections. The same digest says the bill is aimed at businesses that hold or manage digital assets on behalf of consumers. And the Parliament website now lists the bill in its &#8220;as passed by both houses&#8221; form, while the House&#8217;s own weekly summary records it among the bills agreed to in the week beginning 3 February 2026.</p><p><strong>What stood out</strong></p><p>The contrast is useful. The United States is still arguing about what these assets are. Australia has moved faster to decide what the intermediaries around them must do. One system is still drawing the map. The other is already putting gates, licences, and duties around the roads. </p><p>That feels directionally important. As digital assets move closer to mainstream finance, the market story keeps giving way to a systems story. Definitions matter. But so do custody, disclosure, licensing, and the quiet question underneath both bills: when digital money starts behaving more like infrastructure, who is allowed to run it.</p><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><strong>&#8220;We shape our tools and thereafter our tools shape us.&#8221;</strong><br><strong>John Culkin</strong></p></blockquote><p>John Culkin was an American media scholar, educator, and former Jesuit priest who became one of the early interpreters of Marshall McLuhan&#8217;s work. He taught at Fordham, later founded the Center for Understanding Media, and spent much of his career arguing that media should be studied not as background noise, but as forces that reshape perception, behaviour, and social life. Lance Strate describes this line as Culkin&#8217;s summary of McLuhan&#8217;s position, which is why it still feels useful now. It captures a simple condition of the digital transition: tools begin as extensions of intention, then slowly become structures we live inside.</p><p></p><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 172/520: Who Owns Your Digital Ghost?]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-172520-who-owns</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-172520-who-owns</guid><pubDate>Sun, 29 Mar 2026 06:43:57 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!FFfm!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!FFfm!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!FFfm!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!FFfm!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!FFfm!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!FFfm!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!FFfm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:3089990,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/192483789?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!FFfm!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!FFfm!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!FFfm!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!FFfm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc71c3eec-2cc0-4585-803a-ffae61834d69_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-172520-who-owns?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-172520-who-owns?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-172520-who-owns?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><p>This week, a cluster of AR and smart-glasses stories pointed in the same direction. Not toward the metaverse, which has mostly faded as a useful organising term. And not quite toward mainstream replacement of the smartphone either. What stood out instead was something quieter: the interface layer is starting to settle. The operating systems are maturing, the design languages are being named, and the privacy tensions are becoming harder to hide. The category still feels early. But it is becoming legible.</p><h4>Pico is preparing the software layer before the hardware arrives</h4><p>Pico used the past month to unveil <strong>Pico OS 6</strong> and preview <strong>Project Swan</strong>, its next flagship mixed-reality device, which it says is planned for global launch in late 2026. That sequence matters. The company is not just teasing hardware. It is showing the environment that future hardware will run inside. In categories like this, software previews are often a way of asking developers and partners to begin orienting early, before the product itself becomes concrete. (<a href="https://www.roadtovr.com/pico-project-swan-os-6-update/?utm_source=chatgpt.com">Road to VR</a>)</p><p>What lingers is the form factor implied by the move. Project Swan points toward a lighter, more glasses-adjacent future, while OS 6 suggests Pico is trying to make the operating layer visible now rather than later. The signal is that the battle may be shifting away from headsets as isolated devices and toward ecosystems preparing for something smaller, more ambient, and potentially more wearable. </p><h4>Google is designing the grammar of glasses before the market fully forms</h4><p>Google&#8217;s <strong>Glimmer</strong> is the company&#8217;s named design language for the interfaces in its coming Gemini smart glasses with transparent heads-up displays, and eventually fuller AR glasses. That is a small but important step. New platforms tend to become real not when the hardware arrives, but when the interface rules start to stabilise. Google is effectively trying to define how glanceable information, app views, and interaction should work when computing moves into the line of sight. (<a href="https://www.uploadvr.com/google-details-glimmer-its-ui-design-language-for-hud-ar-glasses/?utm_source=chatgpt.com">UploadVR</a>)</p><p>This feels more structural than promotional. Phones had to learn taps, swipes, notifications and cards. Glasses will need their own equivalents. By naming Glimmer now, Google is signalling that AR and HUD glasses are no longer being treated purely as speculative hardware. They are becoming a design problem, which usually means companies expect the category to persist long enough for habits to form around it. </p><h4>Meta&#8217;s glasses are starting to behave more like a platform</h4><p>Meta&#8217;s <strong>Ray-Ban Display</strong> received its first major OS update this month, adding widgets, two new minigames, a new app and other features. On paper, these are small additions. In practice, they suggest a shift from glasses as a narrow capture-and-assistant tool toward glasses as a lightweight computing surface with repeatable behaviours and its own software cadence. (<a href="https://www.uploadvr.com/meta-ray-ban-display-first-major-os-update-new-app-minigames-features/?utm_source=chatgpt.com">UploadVR</a>)</p><p>That is what stood out. A platform does not begin when everything works. It begins when updates, interaction loops, and recurring surfaces appear often enough that people start to expect them. The addition of widgets and other persistent features suggests Meta is testing whether glasses can become a place users return to, not just a device they occasionally invoke.</p><h4>The privacy story is moving from background concern to product condition</h4><p>The sharpest counter-signal came from reporting that subcontractors were able to see intimate <strong>Meta AI visual queries</strong> from the company&#8217;s smart glasses, sometimes accidentally triggered. The report, cited by UploadVR, raised concerns not only about bystanders and ambient capture, but about the owners themselves and what kinds of context their devices may be sending into human review systems. (<a href="https://www.uploadvr.com/subcontractors-see-intimate-meta-ai-visual-queries-from-smart-glasses/?utm_source=chatgpt.com">UploadVR</a>)</p><p>This matters because it shifts privacy from a theoretical objection to an operational one. Smart glasses are not just another gadget class. They are a way of collecting, interpreting, and routing lived context. Once that context passes through review pipelines, subcontractors, and AI systems, trust stops being a policy page issue and starts becoming part of the product itself. If glasses are going to become ambient infrastructure, then data handling will sit much closer to the centre of the category than the industry often admits. (<a href="https://www.uploadvr.com/subcontractors-see-intimate-meta-ai-visual-queries-from-smart-glasses/?utm_source=chatgpt.com">UploadVR</a>)</p><h4>What stood out</h4><p>Taken together, these stories suggest that AR is narrowing into something more specific. Less world-building. More overlays. Less immersion as spectacle. More computing at the edge of attention. Pico is preparing the environment before the device arrives. Google is naming the interface conventions. Meta is testing habitual software behaviour. And the privacy model is beginning to show strain under real use. That feels like a category moving from imagination into conditions. Still early. But less abstract than it was. </p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong></p><p>This week&#8217;s watch is a simple preview of Google&#8217;s emerging smart-glasses direction. But the more useful way to read it is as an early look at how the company thinks computing should behave once it moves into the line of sight. The glasses still feel early. The field of view is limited. The interaction model is not yet settled. But that is part of what makes the video useful. It shows the category before the conventions have fully hardened.</p><p><strong>What stood out</strong></p><p>What stood out is that this does not feel like a phone replacement. It feels more like a system for brief overlays. A prompt. A translation. A small layer of context appearing just long enough to be useful, then receding again. That is a different ambition from the older AR framing, which often leaned on immersion, spectacle, or the idea of entering a parallel digital space. Here, the logic feels lighter and more ambient.</p><p>That is why Google&#8217;s work on <strong>Glimmer</strong> matters. The video helps make visible what a design language for smart glasses might actually mean in practice. Not just menus and visuals, but the timing of information, the restraint of the interface, and the question of how much computing can sit at the edge of attention without overwhelming it.</p><p><strong>Why it lingers</strong></p><p>It lingers because it suggests the category may be narrowing into something more specific and more plausible. For years, AR has struggled with being either too ambitious or too awkward. This feels like a quieter path. Less world-building. More contextual assistance. Less immersion as destination. More computing as a thin layer over the real world. That may prove to be the more durable direction.</p><p>Still unresolved is whether people will actually want to live with this kind of interface, and under what conditions. Once computing sits inside the line of sight, design stops being only about utility. It becomes a question of interruption, trust, and social tolerance.</p><div id="youtube2-2DO8Td9F0VY" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;2DO8Td9F0VY&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/2DO8Td9F0VY?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!sKWU!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!sKWU!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png 424w, https://substackcdn.com/image/fetch/$s_!sKWU!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png 848w, https://substackcdn.com/image/fetch/$s_!sKWU!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png 1272w, https://substackcdn.com/image/fetch/$s_!sKWU!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!sKWU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png" width="1456" height="798" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:798,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:323707,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/192483789?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!sKWU!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png 424w, https://substackcdn.com/image/fetch/$s_!sKWU!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png 848w, https://substackcdn.com/image/fetch/$s_!sKWU!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png 1272w, https://substackcdn.com/image/fetch/$s_!sKWU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9aea2c93-355f-4962-99b0-fd2af5fb367a_3444x1888.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!7rS1!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!7rS1!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png 424w, https://substackcdn.com/image/fetch/$s_!7rS1!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png 848w, https://substackcdn.com/image/fetch/$s_!7rS1!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png 1272w, https://substackcdn.com/image/fetch/$s_!7rS1!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!7rS1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png" width="534" height="160.6401098901099" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:438,&quot;width&quot;:1456,&quot;resizeWidth&quot;:534,&quot;bytes&quot;:341492,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/192483789?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!7rS1!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png 424w, https://substackcdn.com/image/fetch/$s_!7rS1!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png 848w, https://substackcdn.com/image/fetch/$s_!7rS1!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png 1272w, https://substackcdn.com/image/fetch/$s_!7rS1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e9d4c96-1bb2-4b21-9c5a-a5f0d67a956e_2142x644.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p></p><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><h4>The digital ghost is not a product. It is a worldview</h4><p>The frontier tech story this week is not really about a patent. It is about what a platform believes a person is.</p><p>On last Thrusday, <a href="https://www.taiuru.co.nz/meta-digital-ghost-patent/">Karaitiana Taiuru published a Te Ao M&#257;ori analysis of a Meta patent</a> granted by the United States Patent and Trademark Office on 30 December 2025. The patent, titled <em>Simulation of a User of a Social Networking System Using a Language Model</em>, describes a system that could train an AI model on a user&#8217;s posts, messages, voice data, browsing patterns and platform behaviour, then deploy that simulation as an active bot after the user&#8217;s death. According to the analysis, the system is designed not just to respond when contacted, but to engage proactively across the platform, including direct messages and feed interactions, with the user&#8217;s identity attached. </p><p>Meta has reportedly said it has no plans to move forward with this example. That may be true in the narrow sense. But the patent remains granted intellectual property. It exists as an available capability, and that matters because patents are often less useful as predictions of immediate release than as signals of institutional imagination. They show what a company thinks is worth securing. </p><p>Taiuru&#8217;s argument is that, from a Te Ao M&#257;ori perspective, the problem is not merely ethical discomfort. It is a direct conflict with tikanga, with the sacred boundary between the living and the dead, with the role of tangihanga in guiding the wairua onward, and with the tapu attached to a deceased person&#8217;s voice, words, image and relational presence. In that reading, a posthumous simulation is not remembrance. It is the commercial recirculation of what should have been released. </p><p>Even outside that framework, the patent forces a harder question than the usual AI debate allows. Most discussions about synthetic companions, memorial bots, or grief tech still assume the core issue is consent. Did the person opt in. Did the family agree. Were the settings clear. Those questions matter, but they do not go far enough. The deeper issue is what kind of institution should be allowed to intermediate the boundary between memory and simulation in the first place. A digital ghost is often described as an emotional technology. That feels too soft. It is really an infrastructure question. It asks who stores the traces of a life, who trains on them, who controls the model, who benefits from its activity, and whether a platform should be able to preserve relational behaviour as a monetisable asset after death.</p><p>That is what makes this story feel frontier. Not because it is futuristic, but because it sits just beyond the point where our legal and social categories still work cleanly. New Zealand&#8217;s Privacy Act 2020 applies only to living individuals, and Taiuru argues that posthumous digital identity remains largely unaddressed in law. His piece also situates the issue within M&#257;ori data sovereignty, CARE principles, Te Tiriti, and the question of whether corporate simulations of deceased people amount to a new form of extraction. </p><p>What stood out most was the clarity of the underlying commercial logic. In the analysis, Meta&#8217;s patent is framed as solving an engagement problem. The person dies. The account goes quiet. The platform experiences a loss of activity. The technical response is to simulate continuity. In that frame, death appears not as a sacred transition, nor even as a social rupture, but as a metric gap. That may be the real signal.</p><p>When a system begins to treat human absence as something to be engineered away, it has already made a deeper decision about what a user is. Not a citizen. Not a relation. Not even a customer, exactly. More like a node of behavioural output whose value can be extended beyond the body that produced it. Because once a platform can simulate the dead, it becomes easier to see what it is trying to do with the living.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p>&#8220;The real problem of humanity is the following: we have Paleolithic emotions, medieval institutions and god-like technology.&#8221;</p><p><strong>E. O. Wilson</strong></p></blockquote><p>E. O. Wilson was an American biologist, naturalist, and one of the world&#8217;s leading authorities on ants. He spent decades at Harvard and became widely known not just for his scientific work, but for his attempts to explain human behaviour, social organisation, and biodiversity in long historical terms. That is what makes this line worth returning to. It does not describe a temporary glitch. It describes a structural mismatch. Our tools keep compounding. Our institutions revise slowly. Our instincts barely move.</p><p></p><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 171/520: Naming the Asset, Approving the Agent]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-171520-naming-the</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-171520-naming-the</guid><pubDate>Sun, 22 Mar 2026 09:04:37 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!d6Dl!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!d6Dl!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!d6Dl!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!d6Dl!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!d6Dl!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!d6Dl!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!d6Dl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2829651,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/191111370?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!d6Dl!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!d6Dl!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!d6Dl!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!d6Dl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa05a970b-3ebe-4e8b-9249-1844b5600f33_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-171520-naming-the?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-171520-naming-the?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-171520-naming-the?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><h4>Regulators draw a line between digital commodities and securities</h4><p><em>What it is.</em> On&#8239;17&#8239;March&#8239;2026 the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission issued a joint 68&#8209;page interpretive release that puts longstanding classification debates on paper. The release explicitly lists sixteen crypto assets&#8212;including Bitcoin, Ether, Solana, XRP, Dogecoin and several others&#8212;as &#8220;digital commodities,&#8221; which means that activities like mining, staking and certain airdrops fall outside securities law. The agencies organised crypto assets into five buckets (digital commodities, digital collectibles, digital tools, stablecoins and digital securities) and described the document as a first step toward a harmonised market&#8209;structure framework. The same week, senators Thom&#8239;Tillis and Angela&#8239;Alsobrooks said they had reached an agreement in principle with the White House to move the long&#8209;stalled Clarity Act forward by revising stablecoin provisions to address banks&#8217; concerns about deposit flight. The bill aims to codify the commodity&#8209;versus&#8209;security line and settle a digital&#8209;asset market structure that has lingered in limbo.</p><p><em>What stood out.</em> Instead of sweeping statements, the interpretive release provides a list. Sixteen named tokens are described as commodities because their value arises from the programmatic operation of a network rather than promises from a managerial effort. The document also clarifies that protocol mining and staking activities are administrative functions, not investment contracts. This level of specificity signals a shift from principle&#8209;based debates toward operational definitions. The agencies acknowledge the interpretation is not binding law and tie it to broader legislative efforts, including a memorandum of understanding signed a week earlier to coordinate oversight. Meanwhile, the senators&#8217; compromise on the Clarity Act centres on stablecoin yields&#8212;crypto companies want to offer rewards, banks fear a flight of deposits&#8212;and underscores how deposit&#8209;funding mechanics, not token prices, are driving negotiations. The White House&#8217;s push to resolve the stalemate shows political capital is being spent on defining market plumbing.</p><p><em>Why it lingers.</em> The joint release does not settle the matter. Interpretations can be rescinded, and the Clarity Act still needs to clear multiple committees before becoming law. Yet the document&#8217;s taxonomy and the senators&#8217; agreement reduce ambiguity for developers, exchanges and compliance teams who have been operating under shifting enforcement positions. The focus on deposit flight and stablecoin yields hints that financial stability concerns are now intertwined with digital&#8209;asset regulation, moving the conversation from speculative fervour to balance&#8209;sheet risk. In a decade&#8209;long view, this moment may read less like the birth of a new asset class and more like the slow stitching of digital assets into existing regulatory fabrics. The process remains uneven, but the act of naming things is a precondition to building durable infrastructure.</p><div><hr></div><h4>Binding AI agents to human approval</h4><p><em>What it is.</em> On 20&#8239;March&#8239;2026 Yubico and Delinea announced an integration that ties non&#8209;human identity governance to physical human presence. The companies combined Yubico&#8217;s hardware&#8209;rooted role&#8209;delegation tokens with Delinea&#8217;s centralized identity governance and StrongDM&#8217;s runtime authorization to ensure that high&#8209;risk operations executed by an AI agent carry cryptographic proof that a verified human approved them. The tokens are backed by YubiKey hardware and can record which person authorised a specific action under defined constraints. Delinea&#8217;s platform layers policy enforcement across both human and non&#8209;human identities, supplying just&#8209;in&#8209;time authorization and audit trails. The offering is framed as a response to the proliferation of autonomous agents performing privileged tasks across software factories, cloud infrastructure and developer pipelines.</p><p><em>What stood out.</em> The integration acknowledges a rapidly emerging class of identities&#8212;AI agents&#8212;that current identity systems were not designed to handle. Software&#8209;only controls can authenticate an agent but cannot prove that a human actually approved the action. Hardware attestation alone does not evaluate policy or enforce scope at scale. By binding the two, Yubico and Delinea are effectively saying that accountability is now as important as authentication. Their argument treats human approval as a verifiable credential, not a checkbox, and embeds it into a chain of custody for code changes, infrastructure provisioning or other sensitive operations. The announcement also references a NIST comment period on AI&#8209;agent identity and authorization, signalling that standards bodies are paying attention.</p><p><em>Why it lingers.</em> As AI systems move from recommendation engines into operational roles, the question of &#8220;who is responsible&#8221; becomes a design constraint. Requiring cryptographically verifiable human approval may feel burdensome today, but it introduces a pattern: non&#8209;human actors will need to be anchored to human accountability for as long as regulators, insurers and customers demand it. The idea of binding an AI agent&#8217;s action to a specific person challenges the notion of &#8220;set and forget&#8221; automation and may slow certain efficiencies. Yet it also closes a gap in the governance stack by turning authorisation into a first&#8209;class citizen. If AI agents are to become infrastructural, the friction between autonomy and accountability will be an early condition rather than an anomaly.</p><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>A short explainer on the proposed &#8220;Clarity Act&#8221; in the United States, aimed at defining how digital assets are classified and which regulators oversee them.</p><p><strong>What stood out</strong><br>The focus is not innovation. It is classification. Whether a token is treated as a security or a commodity determines the entire regulatory pathway. The bill attempts to draw clearer lines between agencies, particularly the SEC and CFTC, and reduce the current ambiguity that has shaped much of the industry&#8217;s development.</p><p>There is also a subtle shift in tone. Digital assets are no longer being debated as fringe instruments. They are being integrated into existing regulatory frameworks, even if those frameworks are still adjusting.</p><p><strong>Why it lingers</strong><br>Regulation often arrives after the fact, but it sets the conditions for what can scale. If the Clarity Act succeeds in establishing workable definitions, it may do less to accelerate innovation directly and more to remove hesitation from institutions that have been waiting on the sidelines.</p><p>At the same time, clarity in one jurisdiction can create fragmentation globally. As different regions define digital assets in different ways, interoperability becomes a legal question as much as a technical one.</p><p>Still unclear whether alignment will emerge, or whether digital finance will continue to develop across multiple, partially incompatible regulatory regimes.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://youtube.com/shorts/j0LR9V8jRKE?si=cay9KN6zkPj2jwwA" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!5smo!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e2fd3f9-dfb3-42e8-af9a-605e3edf4aac_735x1600.jpeg 424w, https://substackcdn.com/image/fetch/$s_!5smo!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e2fd3f9-dfb3-42e8-af9a-605e3edf4aac_735x1600.jpeg 848w, https://substackcdn.com/image/fetch/$s_!5smo!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e2fd3f9-dfb3-42e8-af9a-605e3edf4aac_735x1600.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!5smo!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e2fd3f9-dfb3-42e8-af9a-605e3edf4aac_735x1600.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!5smo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e2fd3f9-dfb3-42e8-af9a-605e3edf4aac_735x1600.jpeg" width="372" height="809.795918367347" 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srcset="https://substackcdn.com/image/fetch/$s_!5smo!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e2fd3f9-dfb3-42e8-af9a-605e3edf4aac_735x1600.jpeg 424w, https://substackcdn.com/image/fetch/$s_!5smo!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e2fd3f9-dfb3-42e8-af9a-605e3edf4aac_735x1600.jpeg 848w, https://substackcdn.com/image/fetch/$s_!5smo!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e2fd3f9-dfb3-42e8-af9a-605e3edf4aac_735x1600.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!5smo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8e2fd3f9-dfb3-42e8-af9a-605e3edf4aac_735x1600.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!d6Yy!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!d6Yy!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png 424w, https://substackcdn.com/image/fetch/$s_!d6Yy!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png 848w, https://substackcdn.com/image/fetch/$s_!d6Yy!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png 1272w, https://substackcdn.com/image/fetch/$s_!d6Yy!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!d6Yy!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png" width="1456" height="856" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:856,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:340254,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/191111370?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!d6Yy!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png 424w, https://substackcdn.com/image/fetch/$s_!d6Yy!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png 848w, https://substackcdn.com/image/fetch/$s_!d6Yy!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png 1272w, https://substackcdn.com/image/fetch/$s_!d6Yy!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20b92647-bc2f-4569-8d15-252ae5b72ce6_3216x1890.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p> </p><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!bx7J!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!bx7J!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png 424w, https://substackcdn.com/image/fetch/$s_!bx7J!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png 848w, https://substackcdn.com/image/fetch/$s_!bx7J!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png 1272w, https://substackcdn.com/image/fetch/$s_!bx7J!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!bx7J!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png" width="558" height="169.39285714285714" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:442,&quot;width&quot;:1456,&quot;resizeWidth&quot;:558,&quot;bytes&quot;:321384,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/191111370?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!bx7J!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png 424w, https://substackcdn.com/image/fetch/$s_!bx7J!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png 848w, https://substackcdn.com/image/fetch/$s_!bx7J!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png 1272w, https://substackcdn.com/image/fetch/$s_!bx7J!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c35b417-43c6-40b5-9c1f-9c58ab88fdc2_2082x632.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><h4>Edge AI is moving onto the device</h4><p>For a long time, devices mostly watched and reported. They captured data, passed it upstream, and waited for the cloud to decide what came next. That architecture still dominates. But it is starting to loosen.</p><p>What stood out this week is not a single breakthrough model or gadget. It is the growing sense that local inference is becoming practical enough to change behaviour. Microsoft put it plainly in a recent post aimed at developers: the NPU is now a practical target for AI workloads, which means faster results, lower latency, and the ability to work offline or even in airplane mode. Cloud does not have to be the default anymore. (<a href="https://techcommunity.microsoft.com/blog/surfaceitpro/vibe-coding-for-the-npu/4497674?utm_source=chatgpt.com">TECHCOMMUNITY.MICROSOFT.COM</a>). That sounds incremental. It may be more than that.</p><p>The privacy case is familiar. The European Data Protection Supervisor defines on-device AI as inference and continuous training performed directly on end devices, close to where the data is generated, rather than in the cloud. The benefits are obvious enough: lower latency, more real-time responsiveness, and less need to move sensitive data elsewhere. (<a href="https://www.edps.europa.eu/data-protection/technology-monitoring/techsonar/device-artificial-intelligence?utm_source=chatgpt.com">European Data Protection Supervisor</a>).But the more interesting shift is architectural.</p><p>When models run locally, a device stops being a thin client to a distant system. It starts to become a small decision-making environment in its own right. That changes product design. It changes failure modes. It changes what &#8220;offline&#8221; means. Offline stops being a degraded state and starts to look more like a design choice.</p><p>There are still real constraints. On-device systems remain heavily limited by memory bandwidth and power budgets. One recent industry analysis argued that this is the real bottleneck for on-device large language models, more than raw TOPS figures, because generating each token still requires moving model weights through much narrower local memory channels than those available in data centres. (<a href="https://www.edge-ai-vision.com/2026/01/on-device-llms-in-2026-what-changed-what-matters-whats-next/?utm_source=chatgpt.com">Edge AI and Vision Alliance</a>)</p><p>That matters because it explains the current shape of the market. We are not seeing the cloud disappear. We are seeing tasks split more carefully. Small, frequent, latency-sensitive, privacy-sensitive workloads move outward. Heavier reasoning and coordination still sit elsewhere. In other words, intelligence is becoming more distributed.</p><p>There is also a behavioural layer to this. Once a device can process more locally, users begin to expect it to respond with less friction. Fewer loading states. Fewer handoffs. Less visible dependence on network conditions. The device starts to feel more autonomous, even when the wider system is still hybrid. This feels directionally important.</p><p>Recent edge AI coverage has described 2026 as an inflection point, driven by rising cloud costs, better silicon, and the move from pilot deployments into mass-market devices. Even allowing for some industry enthusiasm, the underlying logic is sound: if local hardware gets good enough, sending everything away starts to look less like necessity and more like habit. (<a href="https://iottechnews.com/news/edge-ai-iot-devices-mass-market-inflection-2026/?utm_source=chatgpt.com">Internet of Things News</a>). That may be the real signal here.</p><p>The frontier is not just that AI is getting smaller. It is that more decision-making is moving closer to the point where behaviour happens. The network is still there. The cloud is still there. But the balance is shifting, and nce systems begin to think closer to where they act, a lot of other assumptions start to move with them </p><p> </p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p>&#8220;Technology is a useful servant but a dangerous master.&#8221;<br><strong>Christian Lous Lange</strong></p></blockquote><p>Christian Lous Lange was a Norwegian historian, diplomat, and Nobel Peace Prize laureate, working in the early 20th century at a time when industrial systems were beginning to reshape geopolitics and society at scale. His perspective came from watching coordination systems expand faster than the institutions designed to govern them.</p><p>The line lands because it is not anti-technology. It is about alignment. Tools extend capability, but they also embed assumptions, defaults, and incentives. Left unattended, those begin to shape behaviour in return.</p><p></p><p></p><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 170/520: ]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-170520</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-170520</guid><pubDate>Sun, 15 Mar 2026 04:14:01 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!Y9T9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Y9T9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Y9T9!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!Y9T9!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!Y9T9!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!Y9T9!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Y9T9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:3008639,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/190804229?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Y9T9!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!Y9T9!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!Y9T9!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!Y9T9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F853b6e5c-76d0-4a94-ae7d-e44b7029aad7_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-170520?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-170520?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-170520?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><h4></h4><h4>Payments reform is slipping, and regulators are starting to say so</h4><p>Speaking at an FSB payments summit on 12 March, Andrew Bailey, chair of the Financial Stability Board and governor of the Bank of England, urged governments to push ahead with reforms to international and domestic payment systems. He said progress under the G20-backed roadmap for cross-border payments had been made, but remained uneven, and warned that persistent inefficiencies risk fragmenting the global financial system. (<a href="https://www.reuters.com/markets/us/fsbs-bailey-calls-international-action-payment-reforms-2026-03-12/">Reuters</a>)</p><p>What stands out is the tone. Cross-border payments have been criticised for years for high costs, slow settlement, and weak transparency, yet the reform story still feels incomplete. Reuters notes that the FSB said in October global authorities were set to miss a 2027 target to reduce the average cost of cross-border retail payments to no more than 1%, and to have 75% of wholesale and retail payments credited within an hour. (<a href="https://www.reuters.com/markets/us/fsbs-bailey-calls-international-action-payment-reforms-2026-03-12/">Reuters</a>)</p><p>The signal here is that payments modernisation is no longer just a matter of better rails. It is becoming a coordination problem across jurisdictions, standards, supervision, and data frameworks. Bailey also announced work toward a 2027 review of FSB recommendations on data frameworks and supervision, which suggests the next phase may depend as much on governance and interoperability as on the mechanics of moving money. (<a href="https://www.reuters.com/markets/us/fsbs-bailey-calls-international-action-payment-reforms-2026-03-12/">Reuters</a>). </p><p>I&#8217;m watching closely because when core payment reform slips for long enough, the risk is not just inconvenience. It is that fragmentation becomes the default condition, and alternative systems begin to fill the gaps.</p><div><hr></div><h4><strong>Offline payments are moving from contingency planning toward policy design</strong></h4><p>Reuters reported that Finland, Sweden, Norway, Denmark, and Estonia are rolling out or developing offline card payment systems to ensure consumers can still buy essential goods if internet connections are disrupted. The plans follow repeated damage to critical undersea infrastructure in the Baltic Sea region and growing concern that payments systems could become targets of sabotage or geopolitical pressure. (<a href="https://www.reuters.com/business/finance/nordics-estonia-plan-offline-card-payment-back-up-if-internet-cut-2025-05-07/">Reuters</a>)</p><p>What stands out is the change in assumption. In Finland, where only around 10% of people use cash as their primary payment method, the payments system is now being treated as a resilience problem, not just a convenience layer. Sweden&#8217;s central bank told Reuters it hopes to have a system in place by 1 July 2026 that would allow offline card payments for up to seven days during a disruption, while Norway and Denmark said they have already launched offline electronic payments that they continue to develop. (<a href="https://www.reuters.com/business/finance/nordics-estonia-plan-offline-card-payment-back-up-if-internet-cut-2025-05-07/">Reuters</a>)</p><p>The signal here is broader than one region. As countries become more dependent on cards, apps, and international data links, payment resilience starts to look like national infrastructure policy. Reuters also notes that Finland&#8217;s central bank sees heavy reliance on Visa and Mastercard rails as a vulnerability, and is pursuing a national instant payments system alongside reserve bank accounts that could give people access to savings if their bank cannot operate. (<a href="https://www.reuters.com/business/finance/nordics-estonia-plan-offline-card-payment-back-up-if-internet-cut-2025-05-07/">Reuters</a>)</p><p>Once digital societies begin designing for interruption, the story is no longer just about faster payments. It is about sovereignty, redundancy, and the return of cash-like resilience inside electronic systems.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>Here is an interview I recently did on stablecoins, AI agents, and why digital money infrastructure is starting to matter beyond crypto itself. We covered NewMoney, the rise of non-USD stablecoins, and why payments, FX, and settlement may look very different in a more agentic economy.</p><p><strong>What stood out</strong><br>One point feels especially important. If AI agents are earning, negotiating, investing, and moving capital on behalf of people or firms, they will not work well with systems built around bank onboarding, delayed settlement, and expensive cross-border transfers. They need money that moves as fast as they do.</p><p>The interview also touches on a second issue that still feels underpriced. If digital finance keeps growing on USD stablecoin rails, smaller economies risk drifting into someone else&#8217;s monetary layer by default. That is part of why NewMoney exists. Non-USD stablecoins are not just a product category. They may become part of the infrastructure for retaining monetary relevance in a digital economy.</p><p><strong>Why it lingers</strong><br>Stablecoins are easiest to misunderstand when viewed as another type of crypto or speculative asset. More interesting is to view them as a new operating layer for moving value. Faster settlement. Cleaner FX. Programmable escrow. Assets and money on the same ledger.</p><p>That shift still feels early, but it is becoming easier to see where it leads. When money becomes internet-native, the systems built around it start to change as well.<br></p><p>You can learn more about NewMoney at <strong><a href="http://www.getnew.money">www.getnew.money</a></strong>.</p><div id="youtube2-O6VEvjWWdpk" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;O6VEvjWWdpk&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/O6VEvjWWdpk?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!2SQL!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!2SQL!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png 424w, https://substackcdn.com/image/fetch/$s_!2SQL!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png 848w, https://substackcdn.com/image/fetch/$s_!2SQL!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png 1272w, https://substackcdn.com/image/fetch/$s_!2SQL!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!2SQL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png" width="1456" height="1019" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/ab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1019,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:264634,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/190804229?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!2SQL!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png 424w, https://substackcdn.com/image/fetch/$s_!2SQL!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png 848w, https://substackcdn.com/image/fetch/$s_!2SQL!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png 1272w, https://substackcdn.com/image/fetch/$s_!2SQL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fab2630f9-8dd9-440b-8506-a4ea3499f198_2710x1896.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!nihg!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!nihg!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png 424w, https://substackcdn.com/image/fetch/$s_!nihg!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png 848w, https://substackcdn.com/image/fetch/$s_!nihg!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png 1272w, https://substackcdn.com/image/fetch/$s_!nihg!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!nihg!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png" width="1456" height="436" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:436,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:332185,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/190804229?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!nihg!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png 424w, https://substackcdn.com/image/fetch/$s_!nihg!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png 848w, https://substackcdn.com/image/fetch/$s_!nihg!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png 1272w, https://substackcdn.com/image/fetch/$s_!nihg!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52873b24-e5d4-4b42-9444-4889a031d503_2184x654.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><p>A short explainer circulating this week looks at a quiet feature of modern payment systems: the ability to complete transactions even when a device has no internet connection. The video walks through how digital wallets rely on tokenisation and secure hardware to authorise payments offline, a design inherited from the EMV chip standards that underpin modern credit and debit cards. It also touches on emerging approaches, from store-and-forward merchant terminals to experimental systems that transmit payment data through encrypted sound. Source: <em>Offline Digital Payments: How Money Works Without Internet</em> (video explainer).</p><p>The deeper signal sits beneath the convenience. As economies move further from physical cash, digital money has to inherit the same reliability that cash once provided. A payment system that only works when networks are stable is fragile by definition. This is why offline capability has become a priority in central bank research into future digital currencies. Surveys by the Bank for International Settlements show almost all central banks now view offline payments as either vital or advantageous to the design of digital money.</p><p>The design challenge is subtle. Systems must allow transactions when connectivity is missing while preventing fraud, replay attacks, or double spending once networks reconnect. In practice this pushes trust into hardware, cryptographic tokens, and delayed settlement models. The result is a payment architecture that increasingly assumes intermittent connectivity rather than perfect uptime. In a world where networks can fail, degrade, or be deliberately restricted, the ability for money to keep moving offline becomes less a technical feature and more a condition for resilience and inclusion.</p><p> </p><div id="youtube2-aZyJoRAwCWo" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;aZyJoRAwCWo&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/aZyJoRAwCWo?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p>&#8220;The future is not a destination, it is a direction.&#8221;<br><strong>Raymond Williams</strong></p></blockquote><p>Raymond Williams was a Welsh cultural theorist, novelist, and one of the founding figures of modern cultural studies. Writing in the mid-20th century, he was interested in how culture, economics, and institutions evolve together over long periods of time. Rather than seeing history as a sequence of clean breaks or inevitable outcomes, Williams focused on the lived process of change. How structures slowly shift as new practices emerge alongside the old.</p><p>The line reflects that sensibility. The future is rarely something that arrives fully formed. It is a trajectory shaped by accumulated decisions, incentives, and constraints. Systems do not leap neatly from one state to another. They drift, adapt, and occasionally accelerate.</p><p>From the field, that framing feels useful. The task is not to identify the final destination but to notice the direction of travel while it is still forming.</p><p></p><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 169/520: Technofeudalism - platform power and the question of a new economic order]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-169520-technofeudalism</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-169520-technofeudalism</guid><pubDate>Sat, 07 Mar 2026 21:42:57 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!Y8_J!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde4b6852-d02e-4be8-8ce6-1aec5dc9b765_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Y8_J!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde4b6852-d02e-4be8-8ce6-1aec5dc9b765_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Y8_J!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde4b6852-d02e-4be8-8ce6-1aec5dc9b765_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!Y8_J!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde4b6852-d02e-4be8-8ce6-1aec5dc9b765_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!Y8_J!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde4b6852-d02e-4be8-8ce6-1aec5dc9b765_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!Y8_J!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde4b6852-d02e-4be8-8ce6-1aec5dc9b765_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Y8_J!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde4b6852-d02e-4be8-8ce6-1aec5dc9b765_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/de4b6852-d02e-4be8-8ce6-1aec5dc9b765_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2998864,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/190227735?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde4b6852-d02e-4be8-8ce6-1aec5dc9b765_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-169520-technofeudalism?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-169520-technofeudalism?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-169520-technofeudalism?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><h4><strong>The Pentagon&#8211;Anthropic clash exposes the new politics of AI infrastructure</strong></h4><p>Last week Anthropic publicly refused a Pentagon request to broaden the military use of its AI system Claude, drawing a line around two specific applications: mass surveillance of Americans and fully autonomous weapons. CEO Dario Amodei said the company could not &#8220;in good conscience&#8221; allow those uses, even while continuing to support other national-security work. (<a href="https://www.defensenews.com/news/pentagon-congress/2026/02/26/anthropic-cannot-in-good-conscience-accede-to-pentagons-demands-ceo-says/?utm_source=chatgpt.com">Defense News</a>)</p><p>The disagreement escalated quickly. U.S. defence officials warned the company it could be designated a &#8220;supply-chain risk&#8221; and lose its government contracts if it refused to allow the model to be used for &#8220;all lawful purposes.&#8221; (<a href="https://www.military.com/daily-news/2026/02/27/anthropic-refuses-bend-pentagon-ai-safeguards-dispute-nears-deadline.html?utm_source=chatgpt.com">Military.com</a>) OpenAI swooped in at the 11th hour to secure the contract, willing to work under those broader terms. (<a href="https://apnews.com/article/6f3c45ff46172c1bf8658dea0098f3fe?utm_source=chatgpt.com">AP News</a>)</p><p>Yet the episode reveals a deeper tension. Despite the standoff, Claude remains embedded in parts of the U.S. defence AI stack, where switching systems is neither immediate nor trivial. Large models integrated into intelligence analysis and classified workflows are difficult to replace once operational dependencies form.</p><p>The signal here is structural. Frontier AI models are becoming something closer to strategic infrastructure than software products. Governments want unconditional access to tools they view as essential to national security. Companies, meanwhile, attempt to set boundaries around how their systems are used. When those boundaries clash, the leverage lies not only in contracts but in how deeply the technology is already woven into institutional systems.</p><p>This episode hints at a new dynamic: in an era where AI systems sit inside military and intelligence pipelines, the relationship between sovereign power and private technology providers begins to resemble a negotiation between states and infrastructure owners.</p><p></p><h4><strong>AI infrastructure targeted by Iran</strong></h4><p>Recent reporting suggests Iranian strikes on the Gulf damaged Amazon Web Services data centres in the UAE and Bahrain, causing outages that affected banking, payments, and other everyday services. Reuters reported structural damage, power disruption, and service degradation across AWS facilities in the region. (<a href="https://www.reuters.com/world/middle-east/amazon-cloud-unit-flags-issues-bahrain-uae-data-centers-amid-iran-strikes-2026-03-02/?utm_source=chatgpt.com">Reuters</a>)</p><p>What makes this stand out is not only the disruption, but the type of asset involved. The Guardian described the incident as what is believed to be the first deliberate targeting of a commercial data centre by the armed forces of a country at war, with Iranian state media framing the facilities as supporting enemy military and intelligence activity. (<a href="https://www.theguardian.com/world/live/2026/mar/07/middle-east-crisis-live-tehran-explosions-beirut-trump-israel-iran-war-second-week?page=with%3Ablock-69ac1fcc8f080482c628cd15&amp;utm_source=chatgpt.com">The Guardian</a>)</p><p>The signal here is structural. Data centres are no longer just commercial real estate for cloud workloads. In regions positioning themselves as AI and cloud hubs, they increasingly look like critical infrastructure with dual-use characteristics: civilian, financial, logistical, and potentially military all at once. Once that perception hardens, the logic of warfare shifts with it. A server hall starts to resemble an oil terminal, a telecom exchange, or a port.</p><p>If commercial cloud infrastructure is now targetable in war, then AI infrastructure has crossed a threshold from background utility to strategic terrain.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>A <a href="https://youtube.com/shorts/D7wftBzReM0?si=F4ypSStP-KFj9Mh6">short interview</a> with Yanis Varoufakis reflecting on the concentration of power within large technology platforms and the macroeconomic implications of what he calls &#8220;technofeudalism&#8221;.</p><p><strong>What stood out</strong><br>The framing shifts from technology to ownership. Platforms are not simply tools for communication or commerce. They are behavioural infrastructure. The algorithms determine what is seen, amplified, and monetised. Value is extracted less through traditional market exchange and more through rent generated from attention and data.</p><p>Varoufakis suggests that the power of these platforms lies not only in scale, but in switching costs. Networks become difficult to leave once social graphs and audiences are locked inside them. His proposed remedy is structural rather than behavioural: mandated interoperability between platforms to weaken the gravitational pull of dominant networks.</p><p><strong>Why it lingers</strong><br>The argument connects back to a broader pattern. In earlier eras, economic power concentrated around land, factories, or capital. Today it may be concentrating around data, compute, and behavioural influence. The infrastructure that mediates everyday interaction is increasingly privately owned.</p><p>That concentration may help explain other emerging signals: the steepening of a K-shaped economy, the outsized productivity gains accruing to a small number of firms, and the growing political attention on digital infrastructure. Still unresolved is whether interoperability and regulation can meaningfully dilute platform power once network effects have fully matured.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://youtube.com/shorts/D7wftBzReM0?si=F4ypSStP-KFj9Mh6" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!49vL!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbda9c336-8694-4e0e-aeaf-cd2a27baaa97_1144x2072.png 424w, https://substackcdn.com/image/fetch/$s_!49vL!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbda9c336-8694-4e0e-aeaf-cd2a27baaa97_1144x2072.png 848w, https://substackcdn.com/image/fetch/$s_!49vL!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbda9c336-8694-4e0e-aeaf-cd2a27baaa97_1144x2072.png 1272w, https://substackcdn.com/image/fetch/$s_!49vL!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbda9c336-8694-4e0e-aeaf-cd2a27baaa97_1144x2072.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!49vL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbda9c336-8694-4e0e-aeaf-cd2a27baaa97_1144x2072.png" width="422" height="764.3216783216783" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/bda9c336-8694-4e0e-aeaf-cd2a27baaa97_1144x2072.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:2072,&quot;width&quot;:1144,&quot;resizeWidth&quot;:422,&quot;bytes&quot;:3060405,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:&quot;https://youtube.com/shorts/D7wftBzReM0?si=F4ypSStP-KFj9Mh6&quot;,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/190227735?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbda9c336-8694-4e0e-aeaf-cd2a27baaa97_1144x2072.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!49vL!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbda9c336-8694-4e0e-aeaf-cd2a27baaa97_1144x2072.png 424w, https://substackcdn.com/image/fetch/$s_!49vL!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbda9c336-8694-4e0e-aeaf-cd2a27baaa97_1144x2072.png 848w, https://substackcdn.com/image/fetch/$s_!49vL!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbda9c336-8694-4e0e-aeaf-cd2a27baaa97_1144x2072.png 1272w, https://substackcdn.com/image/fetch/$s_!49vL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbda9c336-8694-4e0e-aeaf-cd2a27baaa97_1144x2072.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ASqv!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ASqv!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png 424w, https://substackcdn.com/image/fetch/$s_!ASqv!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png 848w, https://substackcdn.com/image/fetch/$s_!ASqv!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png 1272w, https://substackcdn.com/image/fetch/$s_!ASqv!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ASqv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png" width="1456" height="621" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:621,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:383937,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/190227735?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!ASqv!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png 424w, https://substackcdn.com/image/fetch/$s_!ASqv!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png 848w, https://substackcdn.com/image/fetch/$s_!ASqv!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png 1272w, https://substackcdn.com/image/fetch/$s_!ASqv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cec774b-a5fe-4de3-92ed-156ec31e8393_4434x1892.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Ve_r!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d2d6d04-1bf2-4785-8a72-a57e56ccfb78_2090x618.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Ve_r!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d2d6d04-1bf2-4785-8a72-a57e56ccfb78_2090x618.png 424w, https://substackcdn.com/image/fetch/$s_!Ve_r!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d2d6d04-1bf2-4785-8a72-a57e56ccfb78_2090x618.png 848w, https://substackcdn.com/image/fetch/$s_!Ve_r!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d2d6d04-1bf2-4785-8a72-a57e56ccfb78_2090x618.png 1272w, https://substackcdn.com/image/fetch/$s_!Ve_r!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d2d6d04-1bf2-4785-8a72-a57e56ccfb78_2090x618.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Ve_r!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d2d6d04-1bf2-4785-8a72-a57e56ccfb78_2090x618.png" width="534" height="158.0728021978022" 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loading="lazy"></picture><div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><h4>Technofeudalism: platform power and the question of a new economic order</h4><p>Over the past few years a new term has circulated through political economy debates: technofeudalism. The idea is simple but provocative. Rather than capitalism evolving in a straight line, some theorists argue the digital economy is drifting toward a structure that resembles feudal power relationships, where a small number of platform owners control essential infrastructure and extract ongoing rents from the rest of society. The argument has gained traction among economists, political theorists, and technology critics. But it remains contested. Whether technofeudalism describes a genuine transformation of capitalism or simply a new phase of it is still unresolved.</p><p>The basic thesis is that in classical capitalism, profit emerges primarily through investment, production, and productivity gains. Firms build factories, employ labour, produce goods, and compete in markets. The technofeudalism thesis claims something different is happening in the digital economy. Instead of expanding production, dominant firms increasingly build platform infrastructure that captures rents from participation itself.</p><p>French economist C&#233;dric Durand describes platforms as infrastructure rather than ordinary companies. Once they become indispensable, they resemble utilities. Under this view, companies such as Google, Amazon, Apple, Microsoft, and Meta function less like manufacturers and more like digital landlords. Participation in the digital economy requires passing through their platforms, which allows them to collect fees, data, and influence.</p><p>Much of the technofeudalism debate traces back to Shoshana Zuboff&#8217;s influential 2018 book <em>The Age of Surveillance Capitalism</em>. Zuboff argued that tech firms discovered a new resource: behavioural data. Rather than simply selling services, companies collect enormous volumes of user activity &#8212; searches, location data, browsing behaviour &#8212; and transform it into predictive products for advertisers and other customers. Zuboff described this as a self-reinforcing system where data extraction becomes the primary engine of growth. In the technofeudalism interpretation, this data infrastructure functions as a kind of perpetual rent machine. Users generate value simply by existing within the system</p><p>The appeal of the technofeudalism thesis lies in its intuitive resonance with everyday digital life, the concpet of users as "digital tenants&#8221; Most people spend significant time interacting with systems that continuously record and analyse behaviour. Even outside traditional employment, participation in digital networks generates economic value. The result is a strange inversion. Individuals may work for a specific employer, but their everyday digital activity produces value for platform owners regardless of who signs their paycheck.</p><p>Platforms do not simply observe behaviour. They also shape it. Recommendation systems, targeted advertising, and algorithmic feeds guide attention and consumption patterns, feeding the same data loops that sustain the system. Critics argue this begins to resemble a managed digital environment rather than an open market.</p><p>Yet the technofeudalism thesis also faces substantial criticism, one central is the &#8220;Infrastructure without ownership&#8221; objection - many of the most powerful tech firms do not actually control the deepest layers of digital infrastructure. Data centres, for example, are often owned by real estate investment trusts rather than technology companies themselves. Perhaps the true landlords of the internet may not be the platforms but the investors who own the buildings and cables that host their servers. Behind the scenes, even the largest tech companies are frequently tenants within a larger infrastructure ecosystem. This complicates the technofeudal analogy. If platforms rely on external infrastructure providers and financial markets, the system may still be recognisably capitalist.</p><p>Another criticism is conceptual. Declaring the end of capitalism has been a recurring theme in political economy for centuries. For sceptics, platform dominance represents an extreme form of monopoly capitalism, not a new system. Many platform companies still rely on traditional revenue models. Facebook, for instance, derives most of its income from advertising. Amazon&#8217;s core profits often come from logistics and cloud services rather than pure platform rent extraction. Even the companies most often cited as technofeudal lords face competitive pressures, regulatory scrutiny, and volatile market valuations. In this interpretation, the digital economy remains firmly rooted in capitalist dynamics such as cost-cutting, labour exploitation, and investor expectations.</p><p>The technofeudalism thesis ultimately functions as a lens for examining how power operates in the digital age. Some scholars see the rise of platform infrastructure as the beginning of a new economic regime centred on digital rents and behavioural extraction. Others argue that the system still behaves like capitalism, albeit with unusually powerful monopolies. What is clear is that digital platforms have become deeply embedded in everyday life. Communication, commerce, entertainment, and work increasingly pass through a handful of global systems. Whether we describe those systems as markets, monopolies, or digital fiefdoms, they have become the terrain on which much of modern economic life unfolds.</p><p>The deeper question remains unresolved, are these platforms simply powerful companies within capitalism&#8230;or the early architecture of something else entirely?</p><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p>&#8220;Having become indispensable, the platforms should be thought of as infrastructure, in the same category as electricity providers, railroads, or telecoms.&#8221;<br>&#8212; C&#233;dric Durand, <em>Technof&#233;odalisme: Critique de l&#8217;&#201;conomie Num&#233;rique</em></p></blockquote><p>C&#233;dric Durand is a French economist known for examining how digital platforms reshape power inside modern capitalism. His work sits within the growing &#8220;technofeudalism&#8221; debate, which asks whether the largest technology platforms now function less like competitive firms and more like private infrastructure operators. In this framing, platforms do not simply participate in markets. They organise them.</p><p>Durand&#8217;s observation is less about technology than about dependency. Once a system becomes indispensable, the question shifts from innovation to governance. Electricity grids, rail networks, and telecoms all followed this path. What begins as a private network eventually becomes a structural layer beneath the economy.</p><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 168/520: Bhutan’s successful wager on Bitcoin and economic sovereignty ]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-168520-bhutans-successful</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-168520-bhutans-successful</guid><pubDate>Sun, 01 Mar 2026 09:38:02 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!POPv!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!POPv!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!POPv!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!POPv!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!POPv!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!POPv!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!POPv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:3087195,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/189533656?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!POPv!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!POPv!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!POPv!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!POPv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c3d8f88-9060-4c41-9a0f-3ca27013d3b8_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-168520-bhutans-successful?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-168520-bhutans-successful?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-168520-bhutans-successful?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><p><strong>Bhutan&#8217;s Bitcoin reserves, three years on</strong></p><p>We are now roughly three years into Bhutan&#8217;s decision to mine Bitcoin using surplus hydropower and accumulate it as a strategic reserve asset. At the time, the country faced acute external pressure: tourism, its second-largest export earner, had collapsed during the pandemic, foreign currency reserves had reportedly fallen toward critical levels, and there were concerns about balance-of-payments strain.</p><p>Rather than immediately entering a conventional IMF restructuring pathway, Bhutan expanded its state-linked Bitcoin mining operations through Druk Holding and Investments, leveraging renewable hydropower capacity. Subsequent reporting in outlets including The Wall Street Journal, Al Jazeera, and Forbes has noted that Bhutan drew on Bitcoin holdings during periods of foreign currency stress, including allocating approximately US$72 million in 2023 to fund a significant civil service salary increase.</p><p>Prime Minister Tshering Tobgay has publicly stated that Bitcoin reserves have supported fiscal stability and contributed to financing healthcare and environmental initiatives. The country&#8217;s economy is small, around US$3.5 billion in GDP, so reserve flexibility can have outsized macro impact.</p><p>The signal here is not that Bitcoin &#8220;solves&#8221; macroeconomics, nor that volatility disappears. It&#8217;s that a sovereign with surplus renewable energy treated mining as a balance sheet strategy rather than a speculative trade. The International Monetary Fund has repeatedly warned that widespread crypto adoption can heighten macro instability, weaken monetary transmission, and introduce fiscal risk. Bhutan&#8217;s experience complicates that narrative, at least in this specific configuration: state-controlled mining, renewable input energy, and opportunistic reserve deployment.</p><p>To me this is interesting as it raises a structural question: when small states experiment at the edge of the monetary system, are institutions reacting to volatility risk in general, or to a loss of policy centrality in particular?</p><p></p><p><strong>Central banks revisit gold as a reserve anchor</strong><br>Recent commentary from emerging market central banks suggests a renewed emphasis on gold accumulation amid ongoing currency volatility and geopolitical fragmentation. Several monetary authorities have publicly discussed maintaining or increasing gold allocations as part of broader reserve diversification strategies, particularly where exposure to foreign currency assets carries political or sanctions-related risk.</p><p>What stands out is not the headline volume of purchases, but the framing. Gold is increasingly described as a neutral reserve asset &#8212; outside the direct policy influence of any single sovereign issuer. In a period marked by sanctions regimes, capital controls, and currency management tensions, reserve composition becomes a quiet expression of strategic alignment.</p><p>The signal here is structural. Decisions about reserve assets shape settlement preferences and long-term trust assumptions in the global monetary system. While digital settlement technologies evolve, the underlying question of what anchors value remains contested. Gold&#8217;s reassertion in official discourse suggests that physical scarcity and political neutrality still carry weight in a fragmented landscape.</p><p>I&#8217;ll be watching carefully, reserve choices tend to reflect how institutions assess risk long before those assessments are visible in markets.</p><h4></h4><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>A technical conversation with Daniel Batten on methane, landfill gas, and the economics of Bitcoin mining as a demand sink for vented emissions.</p><p><strong>What stood out</strong><br>The distinction between vented gas and flared gas is more material than most coverage suggests. Vented methane enters the atmosphere unburned. Flared methane converts to CO&#8322;, which is less potent over shorter timeframes. The argument here is not that mining is clean, but that combusting otherwise vented methane to generate electricity meaningfully reduces warming impact.</p><p>The economics are equally direct. In low hashprice environments, miners migrate toward energy with no competing buyer. Landfills and remote wellheads fit that description. Compute becomes a portable load that can monetise energy that would otherwise be wasted.</p><p><strong>Why it lingers</strong><br>This reframes Bitcoin mining less as a consumer of power and more as a buyer of last resort. In that framing, mining follows inefficiency. It does not create stranded energy. It arbitrages it.</p><p>If even a fraction of global landfill methane were captured and combusted through on-site generation, the emissions profile of the network shifts. The claim is ambitious. The mechanism is simple. Methane is converted. Heat is produced. Hashes are computed.</p><p>The true challenge is whether coordination, regulation, and capital can move as quickly as the thesis requires.</p><div id="youtube2-9krNJvpGpfk" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;9krNJvpGpfk&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/9krNJvpGpfk?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!jtyY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!jtyY!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png 424w, https://substackcdn.com/image/fetch/$s_!jtyY!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png 848w, https://substackcdn.com/image/fetch/$s_!jtyY!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png 1272w, https://substackcdn.com/image/fetch/$s_!jtyY!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!jtyY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png" width="1390" height="693" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:693,&quot;width&quot;:1390,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:92114,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/189533656?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!jtyY!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png 424w, https://substackcdn.com/image/fetch/$s_!jtyY!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png 848w, https://substackcdn.com/image/fetch/$s_!jtyY!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png 1272w, https://substackcdn.com/image/fetch/$s_!jtyY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3ab95e7-0dbf-4e9b-b120-d9e2efebcedd_1390x693.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!2w4d!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!2w4d!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png 424w, https://substackcdn.com/image/fetch/$s_!2w4d!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png 848w, https://substackcdn.com/image/fetch/$s_!2w4d!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png 1272w, https://substackcdn.com/image/fetch/$s_!2w4d!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!2w4d!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png" width="490" height="150.24231127679403" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:329,&quot;width&quot;:1073,&quot;resizeWidth&quot;:490,&quot;bytes&quot;:113280,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/189533656?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!2w4d!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png 424w, https://substackcdn.com/image/fetch/$s_!2w4d!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png 848w, https://substackcdn.com/image/fetch/$s_!2w4d!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png 1272w, https://substackcdn.com/image/fetch/$s_!2w4d!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15938f41-1275-45b0-b6b6-bd1ec08221dc_1073x329.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><p>Recent reporting and industry analysis continue to highlight how Bitcoin mining is increasingly co-located with renewable energy sites, particularly where power is stranded in time or space. Hydroelectric oversupply during wet seasons, wind farms curtailed at night, and remote solar projects far from demand centres are being paired with modular mining operations that can switch on and off as grid conditions change. </p><p>The signal is not about speculation. It is about load flexibility. Renewable generation often produces power when demand is low or transmission is constrained. Traditionally, that excess is curtailed or wasted. Bitcoin mining introduces a buyer of last resort that is location-agnostic and time-flexible, converting otherwise idle electrons into a globally liquid asset.</p><p>Over the next decade, this reframes parts of the energy transition. Flexible computational load becomes a grid-balancing tool rather than a nuisance demand spike. The second-order effect is structural. Developers may finance marginal renewable projects with the assumption of a baseline offtaker in the form of mining, altering project economics in remote regions. Whether this strengthens grids or distorts incentives depends less on ideology and more on how these operations integrate with local energy markets and policy design.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p>&#8220;Clarity emerges at the edges, not the centre.&#8221;<br><strong>Stewart Brand</strong></p></blockquote><p>Stewart Brand is best known as the creator of the <em>Whole Earth Catalog</em>, a publication that sat at the intersection of technology, ecology, and counterculture in the late 1960s. He later founded the Long Now Foundation, an institution dedicated to long-term thinking. Across decades of work, Brand returned to the same instinct: look to the margins. Innovation rarely begins inside established centres of power. It begins with builders, hobbyists, frontier communities, and unusual constraints.</p><p>The centre optimises. The edges experiment. Institutions protect coherence; the margins tolerate ambiguity. When something new is forming, it is usually clearer at the periphery, where the incentives are less settled and the rules less fixed. From the field, this is where early signals tend to cluster. Not yet dominant. Not yet formal. But directionally important.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!4op0!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7482b201-7757-45d9-93d9-73409dacb7dd_1000x671.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!4op0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7482b201-7757-45d9-93d9-73409dacb7dd_1000x671.jpeg 424w, https://substackcdn.com/image/fetch/$s_!4op0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7482b201-7757-45d9-93d9-73409dacb7dd_1000x671.jpeg 848w, https://substackcdn.com/image/fetch/$s_!4op0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7482b201-7757-45d9-93d9-73409dacb7dd_1000x671.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!4op0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7482b201-7757-45d9-93d9-73409dacb7dd_1000x671.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!4op0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7482b201-7757-45d9-93d9-73409dacb7dd_1000x671.jpeg" width="444" height="297.924" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/7482b201-7757-45d9-93d9-73409dacb7dd_1000x671.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:671,&quot;width&quot;:1000,&quot;resizeWidth&quot;:444,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;5 Ways Stewart Brand Changed Our Lives - Noah&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="5 Ways Stewart Brand Changed Our Lives - Noah" title="5 Ways Stewart Brand Changed Our Lives - Noah" srcset="https://substackcdn.com/image/fetch/$s_!4op0!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7482b201-7757-45d9-93d9-73409dacb7dd_1000x671.jpeg 424w, https://substackcdn.com/image/fetch/$s_!4op0!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7482b201-7757-45d9-93d9-73409dacb7dd_1000x671.jpeg 848w, https://substackcdn.com/image/fetch/$s_!4op0!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7482b201-7757-45d9-93d9-73409dacb7dd_1000x671.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!4op0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7482b201-7757-45d9-93d9-73409dacb7dd_1000x671.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">Stewart Brand</figcaption></figure></div><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 167/520: Africa’s layered approach to digital money and identity]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-167520-africas-layered</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-167520-africas-layered</guid><pubDate>Sun, 22 Feb 2026 06:43:00 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!1Kcy!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!1Kcy!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1Kcy!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!1Kcy!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!1Kcy!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!1Kcy!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!1Kcy!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2951368,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/188769393?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!1Kcy!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!1Kcy!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!1Kcy!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!1Kcy!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1f78bb-bba3-43c8-adee-9ea5dc2fa09c_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-167520-africas-layered?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-167520-africas-layered?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-167520-africas-layered?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><p><strong>African Union advances cross-border digital ID interoperability amid rising digital asset adoption</strong><br>The African Union has continued discussions around harmonising digital identity frameworks to improve cross-border recognition of credentials among member states. Rather than proposing a single continental ID, the focus is on interoperability standards that allow national systems to communicate and verify credentials across borders. (<em>Source: African Union digital transformation updates, February 2026.)</em></p><p>This conversation sits alongside Africa&#8217;s already significant engagement with digital finance. Several African countries rank among the highest globally for grassroots crypto adoption, driven by remittance flows, currency volatility, and mobile-first payment cultures. According to Chainalysis, multiple Sub-Saharan African economies have consistently placed in the top tier of global crypto adoption indices in recent years. (<em>Source: Chainalysis Global Crypto Adoption Index 2025 edition)</em></p><p>At the same time, central bank experiments have produced mixed results. Nigeria&#8217;s Central Bank of Nigeria launched the eNaira in 2021, but uptake has remained limited relative to private stablecoin and peer-to-peer usage. <em>(Source: Central Bank of Nigeria reports; IMF regional digital currency assessments 2025)</em>.</p><p>What stands out is the layering. Grassroots digital asset adoption has often moved faster than state-backed systems, while public authorities now focus on identity interoperability as a foundation for trade, taxation, and social service delivery. The signal here is not that one model is winning, but that Africa&#8217;s digital transition is unfolding across parallel tracks: informal crypto networks, formal CBDC experiments, and now regional identity coordination.</p><p>Still early. But when identity standards, mobile payments, and digital assets begin to intersect at continental scale, the question shifts from adoption to integration.</p><h4></h4><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>A news segment on Nigeria&#8217;s expansion of its digital identity system, linking biometrics, SIM registration, passports, university exams, and voter enrolment to a single National Identity Number issued by the National Identity Management Commission.</p><p><strong>What stood out</strong><br>The scale of formal invisibility. A large share of the population is without documentation. A state attempting to compress decades of administrative build-out into a digital layer. Identity is not positioned as an optional convenience. It is framed as a prerequisite. Access to services is increasingly routed through a number.</p><p>Security concerns are acknowledged, but rollout proceeds regardless. Protection becomes a parallel project, not a precondition.</p><p><strong>Why it lingers</strong><br>Emerging markets are not modernising legacy systems. In many cases, there are no deeply embedded legacy systems to unwind. That absence creates room for architectural jumps. Digital identity can be integrated directly into telecoms, payments, exams, and voting without negotiating layers of analogue history.</p><p>In that sense, parts of Africa, Latin America, and Southeast Asia may not be catching up. They may be compressing institutional build-out into a single generational shift. While Western states wrestle with retrofitting fragmented databases and privacy regimes onto ageing infrastructure, newer systems are being designed natively digital.</p><p>The question is no longer whether these regions will digitise. It is whether they may ultimately operate more coherently than those who industrialised first.</p><div id="youtube2-KWLDrvDvEQo" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;KWLDrvDvEQo&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/KWLDrvDvEQo?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!QfRW!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!QfRW!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png 424w, https://substackcdn.com/image/fetch/$s_!QfRW!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png 848w, https://substackcdn.com/image/fetch/$s_!QfRW!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png 1272w, https://substackcdn.com/image/fetch/$s_!QfRW!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!QfRW!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png" width="1456" height="797" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:797,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:317099,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/188769393?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!QfRW!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png 424w, https://substackcdn.com/image/fetch/$s_!QfRW!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png 848w, https://substackcdn.com/image/fetch/$s_!QfRW!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png 1272w, https://substackcdn.com/image/fetch/$s_!QfRW!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28aa3c15-f9f0-4aef-bf79-6e5f3b726f25_3464x1896.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ewYj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ewYj!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png 424w, https://substackcdn.com/image/fetch/$s_!ewYj!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png 848w, https://substackcdn.com/image/fetch/$s_!ewYj!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png 1272w, https://substackcdn.com/image/fetch/$s_!ewYj!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ewYj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png" width="1456" height="427" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:427,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:340783,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/188769393?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!ewYj!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png 424w, https://substackcdn.com/image/fetch/$s_!ewYj!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png 848w, https://substackcdn.com/image/fetch/$s_!ewYj!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png 1272w, https://substackcdn.com/image/fetch/$s_!ewYj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a95ee88-cc9b-44b0-b06f-b517dd0ea21b_2256x662.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><h4>Offline digital identity as infrastructure, not convenience</h4><p>There has been renewed technical and policy discussion around verifiable credentials that can be checked without live internet access, particularly in humanitarian contexts, border crossings, and low-connectivity regions. Standards bodies and digital identity alliances are increasingly focusing on wallets that can store credentials locally and present them peer-to-peer, with cryptographic verification happening offline.</p><p>The frontier signal is subtle. For years, digital ID systems have assumed persistent connectivity to central registries or cloud-based validation endpoints. That assumption holds in dense urban markets, but it breaks quickly in remote regions, disaster zones, or during network disruption. Offline-capable credentials shift the design priority from constant synchronisation to eventual reconciliation.</p><p>Over the next five to ten years, this reframes inclusion. If identity can be verified without real-time connectivity, services such as payments, healthcare access, or education enrolment become less dependent on network uptime. But trade-offs emerge. Offline systems must guard against replay attacks, fraud, and double-issuance while preserving privacy. The incentive shifts from central authority to edge security.</p><p>The broader implication is behavioural. When identity is portable and locally verifiable, trust moves closer to the individual device rather than a distant database. That decentralisation can expand participation, but it also concentrates responsibility on users and device integrity. The unresolved question is whether resilience and inclusion can scale together without reintroducing new forms of fragility at the edge.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ylLt!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e8affa-d049-40d2-a203-17154af47f5c_1920x1080.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ylLt!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e8affa-d049-40d2-a203-17154af47f5c_1920x1080.jpeg 424w, https://substackcdn.com/image/fetch/$s_!ylLt!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e8affa-d049-40d2-a203-17154af47f5c_1920x1080.jpeg 848w, https://substackcdn.com/image/fetch/$s_!ylLt!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e8affa-d049-40d2-a203-17154af47f5c_1920x1080.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!ylLt!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e8affa-d049-40d2-a203-17154af47f5c_1920x1080.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ylLt!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e8affa-d049-40d2-a203-17154af47f5c_1920x1080.jpeg" width="368" height="207" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/71e8affa-d049-40d2-a203-17154af47f5c_1920x1080.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:819,&quot;width&quot;:1456,&quot;resizeWidth&quot;:368,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Where can you actually use the Apple Wallet's new Digital ID? Here's where  it's accepted and how to use it | TechRadar&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="Where can you actually use the Apple Wallet's new Digital ID? Here's where  it's accepted and how to use it | TechRadar" title="Where can you actually use the Apple Wallet's new Digital ID? Here's where  it's accepted and how to use it | TechRadar" srcset="https://substackcdn.com/image/fetch/$s_!ylLt!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e8affa-d049-40d2-a203-17154af47f5c_1920x1080.jpeg 424w, https://substackcdn.com/image/fetch/$s_!ylLt!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e8affa-d049-40d2-a203-17154af47f5c_1920x1080.jpeg 848w, https://substackcdn.com/image/fetch/$s_!ylLt!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e8affa-d049-40d2-a203-17154af47f5c_1920x1080.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!ylLt!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e8affa-d049-40d2-a203-17154af47f5c_1920x1080.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p>&#8220;Institutions are the slowest moving technology.&#8221;<br><strong>Douglass North</strong></p></blockquote><p>Douglass North was an American economist and Nobel Laureate whose work focused on how institutions shape economic performance over long periods of time. Rather than treating growth as purely a function of capital or innovation, he argued that the deeper determinant was the structure of rules, incentives, and enforcement mechanisms within a society. Property rights, contract law, political stability, norms of trust. These were not background conditions. They were the infrastructure.</p><p>Calling institutions a technology reframes them. They are designed systems for coordinating behaviour at scale. But unlike software or hardware, they update slowly. Often incrementally. Sometimes reluctantly. Finance makes this visible. Markets can reprice in seconds. Settlement cycles, compliance regimes, and legal definitions of ownership can take decades to adjust. The friction we experience in periods of technological acceleration is often institutional lag, not technical limitation.</p><p>From the field, this helps explain the tension between blockchain-based systems and traditional financial infrastructure. The technical layer can change quickly. The institutional layer moves at a different pace. Progress, then, is not just about building new rails. It is about whether the slower technology of institutions is willing, or able, to adapt.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!T31P!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b71b805-00a5-4297-98db-834949607457_1280x835.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!T31P!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b71b805-00a5-4297-98db-834949607457_1280x835.jpeg 424w, https://substackcdn.com/image/fetch/$s_!T31P!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b71b805-00a5-4297-98db-834949607457_1280x835.jpeg 848w, https://substackcdn.com/image/fetch/$s_!T31P!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b71b805-00a5-4297-98db-834949607457_1280x835.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!T31P!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b71b805-00a5-4297-98db-834949607457_1280x835.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!T31P!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b71b805-00a5-4297-98db-834949607457_1280x835.jpeg" width="1280" height="835" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b71b805-00a5-4297-98db-834949607457_1280x835.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:835,&quot;width&quot;:1280,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Obituary: Douglass C. North, Nobel Prize-winning economist ...&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="Obituary: Douglass C. North, Nobel Prize-winning economist ..." title="Obituary: Douglass C. North, Nobel Prize-winning economist ..." srcset="https://substackcdn.com/image/fetch/$s_!T31P!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b71b805-00a5-4297-98db-834949607457_1280x835.jpeg 424w, https://substackcdn.com/image/fetch/$s_!T31P!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b71b805-00a5-4297-98db-834949607457_1280x835.jpeg 848w, https://substackcdn.com/image/fetch/$s_!T31P!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b71b805-00a5-4297-98db-834949607457_1280x835.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!T31P!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b71b805-00a5-4297-98db-834949607457_1280x835.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">Douglass C. North</figcaption></figure></div><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 166/520: When the seabed becomes strategic]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-166520-when-the</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-166520-when-the</guid><pubDate>Sun, 15 Feb 2026 04:50:24 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!eadZ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!eadZ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!eadZ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!eadZ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!eadZ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!eadZ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!eadZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:3024129,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/187990244?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!eadZ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!eadZ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!eadZ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!eadZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F08d0bde0-8dac-4952-af71-896a52f09438_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-166520-when-the?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-166520-when-the?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-166520-when-the?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><h4><strong>Insurance markets digest AI risk as underwriting assumptions shift</strong></h4><p>Industry commentary this week highlights that cyber and professional liability insurers are revising policy language, limits and risk models to account for the expanding threat landscape associated with AI-enabled systems and automated attacks. The shift isn&#8217;t about a single incident; underwriters are increasingly acknowledging that AI changes loss potential, threat vectors and monitoring needs in ways legacy products weren&#8217;t designed for <a href="https://www.insurancebusinessmag.com/us/news/cyber/cyber-insurance-enters-the-ai-risk-era-as-limits-wording-and-underwriting-models-shift-565329.aspx?utm_source=chatgpt.com">(source).</a></p><p>What stands out is how risk is being priced upstream of clear regulatory rules or headline harms. When insurance markets &#8212; which by definition translate uncertainty into contractual terms and prices &#8212; begin adjusting coverage design and underwriting criteria, it suggests AI risk is no longer speculative but being internalised into contractual infrastructure. The signal here is that governance around AI is migrating into commercial risk frameworks, shaping how exposures are measured, limited and transferred well before public policy commands these changes.</p><p>Still early. But market pricing often presages formal regulation.</p><p></p><h4>Universities and integrity regulators escalate response to AI-enabled academic misconduct</h4><p>Australia&#8217;s tertiary regulator, Tertiary Education Quality and Standards Agency (TEQSA), issued a nationwide alert this week urging universities to respond to increasingly aggressive commercial AI cheating services that solicit and exploit students, potentially exposing them to identity and security risks. The alert directs institutions to report incidents, bolster IT defences, and set up reporting procedures for suspicious activity as generative AI use proliferates among students <a href="https://www.adelaidenow.com.au/education/higher-education/student-life/cheats-blackmailed-unis-warned-to-take-immediate-action-to-protect-students-as-academic-fraud-services-turn-nasty/news-story/1580cb7b3f02589ecb4fed05706bbee8?utm_source=chatgpt.com">(source).</a></p><p>What stands out is how the issue has moved from individual integrity debates to a system-wide regulatory alert. Rather than institutions quietly updating policies behind closed doors, a national regulator has stepped in, framing AI-linked academic misconduct as a sectoral risk with identity and cybersecurity dimensions. The signal here is that operational governance - reporting requirements, institutional responses and risk signalling - is emerging ahead of settled norms about acceptable and unacceptable use of AI in assessments.</p><p>Still unresolved. The boundary between use, misuse and procedural enforcement continues to be negotiated.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>A Wall Street Journal documentary examining the strategic contest between the United States and China over undersea fibre optic cables, the infrastructure that carries the overwhelming majority of global intercontinental data.</p><p><strong>What stood out</strong><br>The emphasis is physical. Cables on the ocean floor. Ships that lay and repair them. Fewer than fifty vessels globally are capable of maintaining this network. Over 95% of intercontinental data travels not through satellites, but through glass threads beneath the sea.</p><p>The rivalry is not framed around bandwidth or speed, but control. Who builds. Who finances. Who repairs. Commercial projects increasingly shaped by state alignment. What was once mostly private infrastructure now sits squarely inside national security thinking.</p><p><strong>Why it lingers</strong><br>This feels like a reminder that the internet is territorial. Data may appear weightless, but it depends on geography, maritime access, and maintenance capacity. Control over repair ships becomes leverage. Funding decisions become geopolitical signals.</p><p>If power and compute are one constraint, the seabed is another. The physical layer has re-entered the conversation. Quietly, but decisively. Still unclear how resilient this system is under sustained geopolitical stress.</p><div id="youtube2-7Koyi-MuEY8" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;7Koyi-MuEY8&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/7Koyi-MuEY8?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p></p><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!khIR!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4b2c68d3-ad90-4aae-8083-45ae309d84cb_4142x1894.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!khIR!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4b2c68d3-ad90-4aae-8083-45ae309d84cb_4142x1894.png 424w, https://substackcdn.com/image/fetch/$s_!khIR!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4b2c68d3-ad90-4aae-8083-45ae309d84cb_4142x1894.png 848w, https://substackcdn.com/image/fetch/$s_!khIR!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4b2c68d3-ad90-4aae-8083-45ae309d84cb_4142x1894.png 1272w, https://substackcdn.com/image/fetch/$s_!khIR!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4b2c68d3-ad90-4aae-8083-45ae309d84cb_4142x1894.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!khIR!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4b2c68d3-ad90-4aae-8083-45ae309d84cb_4142x1894.png" width="1456" height="666" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4b2c68d3-ad90-4aae-8083-45ae309d84cb_4142x1894.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:666,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:365424,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/187990244?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4b2c68d3-ad90-4aae-8083-45ae309d84cb_4142x1894.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!NZVl!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9b395a86-f814-428d-905c-11d66d5d30d2_2284x642.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!NZVl!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9b395a86-f814-428d-905c-11d66d5d30d2_2284x642.png 424w, 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srcset="https://substackcdn.com/image/fetch/$s_!NZVl!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9b395a86-f814-428d-905c-11d66d5d30d2_2284x642.png 424w, https://substackcdn.com/image/fetch/$s_!NZVl!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9b395a86-f814-428d-905c-11d66d5d30d2_2284x642.png 848w, https://substackcdn.com/image/fetch/$s_!NZVl!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9b395a86-f814-428d-905c-11d66d5d30d2_2284x642.png 1272w, https://substackcdn.com/image/fetch/$s_!NZVl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9b395a86-f814-428d-905c-11d66d5d30d2_2284x642.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><p>A recent UN News feature ahead of the International Submarine Cable Resilience Summit in Porto underscores how undersea fibre cables quietly carry around <strong>99% of international internet traffic</strong>, forming what the ITU calls our &#8220;digital highways.&#8221; The piece details rising incidents, ageing infrastructure from the early 2000s build-out, and the logistical complexity of repairs that can take weeks or months, particularly across overlapping jurisdictions <a href="https://news.un.org/en/story/2026/02/1166867">(source).</a></p><p>The signal is not new cable deployment, but repair capacity. There are 150 to 200 cable incidents annually, most caused by human activity, and only a small fleet of specialised ships capable of fixing them. In a system where milliseconds matter for markets and entire island nations can go offline for days, resilience shifts from bandwidth expansion to response coordination.</p><p>Over the next decade, this reframes digital infrastructure as a maintenance problem as much as a scaling one. Spare parts, vessel positioning, permitting speed, and diplomatic cooperation become strategic variables. Financial systems, cloud platforms, and digital payments all assume continuity at the seabed. When that assumption weakens, repair logistics begin to look less like background engineering and more like geopolitical leverage.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Hyk-!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51de8b66-ca08-44b6-9fb7-25523fe2ec03_1170x531.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Hyk-!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51de8b66-ca08-44b6-9fb7-25523fe2ec03_1170x531.jpeg 424w, https://substackcdn.com/image/fetch/$s_!Hyk-!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51de8b66-ca08-44b6-9fb7-25523fe2ec03_1170x531.jpeg 848w, https://substackcdn.com/image/fetch/$s_!Hyk-!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51de8b66-ca08-44b6-9fb7-25523fe2ec03_1170x531.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!Hyk-!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51de8b66-ca08-44b6-9fb7-25523fe2ec03_1170x531.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Hyk-!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51de8b66-ca08-44b6-9fb7-25523fe2ec03_1170x531.jpeg" width="1170" height="531" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/51de8b66-ca08-44b6-9fb7-25523fe2ec03_1170x531.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:531,&quot;width&quot;:1170,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;A line of red buoy markers in the ocean, with a cable laying vessel and small boats in the distance, representing the International Submarine Cable Resilience Summit 2026.&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="A line of red buoy markers in the ocean, with a cable laying vessel and small boats in the distance, representing the International Submarine Cable Resilience Summit 2026." title="A line of red buoy markers in the ocean, with a cable laying vessel and small boats in the distance, representing the International Submarine Cable Resilience Summit 2026." srcset="https://substackcdn.com/image/fetch/$s_!Hyk-!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51de8b66-ca08-44b6-9fb7-25523fe2ec03_1170x531.jpeg 424w, https://substackcdn.com/image/fetch/$s_!Hyk-!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51de8b66-ca08-44b6-9fb7-25523fe2ec03_1170x531.jpeg 848w, https://substackcdn.com/image/fetch/$s_!Hyk-!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51de8b66-ca08-44b6-9fb7-25523fe2ec03_1170x531.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!Hyk-!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51de8b66-ca08-44b6-9fb7-25523fe2ec03_1170x531.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">Photo courtesy of ASN: Red buoy markers mark the path of a submarine cable being laid in the ocean.</figcaption></figure></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p>&#8220;The future is not a destination, it is a direction.&#8221;<br><strong>Raymond Williams</strong></p></blockquote><p>Raymond Williams was a Welsh cultural theorist, novelist, and co-founder of the field of cultural studies. Writing in the mid-20th century, he was sceptical of grand narratives that treated history as moving toward a fixed endpoint. For Williams, culture was lived and contested in the present, shaped by material conditions, institutions, and everyday experience rather than abstract inevitabilities.</p><p>The line reflects that posture. The future is not somewhere we arrive once the right technology lands or the right policy passes. It is a direction of travel shaped by accumulated decisions, incentives, and habits. From the field, this feels accurate. Systems rarely flip cleanly from old to new. They drift. They are nudged. They are redirected. The work is less about predicting where we end up and more about noticing which way we are currently pointing.</p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 165/520: How Low Earth Orbit Satellites will change the internet]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-165520-how-low-earth</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-165520-how-low-earth</guid><pubDate>Sun, 08 Feb 2026 01:24:19 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!d9Lc!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!d9Lc!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!d9Lc!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!d9Lc!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!d9Lc!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!d9Lc!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!d9Lc!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/ed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2963978,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/186950420?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!d9Lc!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!d9Lc!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!d9Lc!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!d9Lc!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed937adf-9232-4f0c-9e8b-d25a5c037cae_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-165520-how-low-earth?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-165520-how-low-earth?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-165520-how-low-earth?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><h4>Low-Earth-Orbit connectivity nudges into core infrastructure planning</h4><p>Last week&#8217;s announcement that AT&amp;T is expanding its partnership with Amazon Web Services to integrate Amazon Leo, the company&#8217;s low-Earth-orbit (LEO) satellite network, into fixed broadband service offerings for business customers marks a subtle shift in how satellite connectivity is being positioned. The deal will see LEO satellites extend broadband reach, especially in areas where traditional infrastructure is weaker, while terrestrial fibre continues to undergird core connectivity <a href="https://www.itpro.com/infrastructure/networking/at-and-t-expands-aws-partnership-in-network-modernization-cloud-migration-push?utm_source=chatgpt.com">(source)</a>.</p><p>What stands out is not just commercial collaboration but how <strong>satellite networks are being stitched into national infrastructure logic</strong>. Instead of LEO satellites being fringe solutions for niche users, deals like this show carriers treating them as complementary components of broader network resilience and coverage plans. That shift suggests governments and large network operators are implicitly recognising LEO constellations as part of baseline connectivity &#8212; a contingency and expansion layer rather than an exotic add-on.</p><p>My take is that this points to something structural: as terrestrial networks strain under demand and planning frictions, LEO becomes a tacit partner in connectivity strategy, revealing how digital infrastructure is increasingly multi-modal.</p><h4><strong>Compute export controls drift from executive discretion toward legislative oversight</strong></h4><p>Reporting this week notes that a U.S. House panel is moving to advance legislation that would give US Congress greater authority to review or block export licences for advanced AI chips, a role currently exercised primarily by the executive branch. The proposal reflects unease with how consequential decisions about high-end compute are being made, particularly as chips become strategic assets rather than commercial components <a href="https://www.reuters.com/legal/litigation/us-house-panel-vote-bill-give-congress-authority-over-ai-chip-exports-2026-01-21/?utm_source=chatgpt.com">(source).</a></p><p>What stands out is the reframing of semiconductors as governance infrastructure. Oversight debates are less about individual firms or destinations and more about who gets to decide how scarce, high-leverage capabilities move across borders. This suggests compute is beginning to be treated like energy or defence supply, where legitimacy and accountability matter as much as efficiency.</p><p>Worth noting how control over digital capacity is being pulled closer to political institutions, even as the technology itself remains global.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>A policy and technology overview on Australia&#8217;s move toward Low Earth Orbit satellites as a way to extend mobile coverage across a continent where device adoption is near-universal, but network reach is not.</p><p><strong>What stood out</strong><br>The mismatch is stark. Around 90% of Australians carry a smartphone, yet only roughly 30% of the landmass has mobile coverage. The constraint is not demand, nor behaviour, but geography. LEO satellites are framed less as an alternative network and more as an extension of existing mobile infrastructure, acting as base stations in space where towers cannot reasonably exist.</p><p>Equally notable is the policy response. The proposed Universal Outdoor Mobile Obligation treats connectivity as a baseline utility, not a premium service. Coverage is defined by access, not postcode.</p><p><strong>Why it lingers</strong><br>This feels like a shift in how infrastructure gaps are addressed. Instead of forcing terrestrial networks to stretch ever further, the architecture moves upward. Coverage becomes orbital rather than local. In that model, resilience and equity arrive together, particularly in a country shaped by fire, flood, and distance.</p><p>Still unresolved is how these space-based layers will be governed once they become critical national infrastructure. But the direction is clear. When the ground runs out, the network doesn&#8217;t stop. It changes altitude.</p><div id="youtube2-oeca_QenOeY" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;oeca_QenOeY&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/oeca_QenOeY?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p></p><p>For those who want something a bit more in depth, I really enjoyed this watch:</p><div id="youtube2-e7mPF1-jE0I" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;e7mPF1-jE0I&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/e7mPF1-jE0I?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>Bitcoin plunged sharply toward <strong>US$60,000</strong> this week, briefly touching levels not seen since late 2024 before stabilising back above key support. The move marked one of the steepest short-term drawdowns in several years and sent market participants scrambling for explanations. Traders on social platforms floated a range of theories from a large, unreported hedge-fund or institutional blow-up in Asia to stressed yen-funding trades and even renewed talk of longer-term security risks, though none of these narratives has been confirmed with hard evidence. The price action unfolded alongside a broader crypto and risk-asset sell-off fuelled by forced liquidations, ETF outflows and waning appetite from leveraged positions, leaving sentiment thin and volatility elevated &#8211; reportedly the highest since the <em>FTX</em> era. The episode has left Bitcoin&#8217;s path forward unclear, with the <strong>$60K</strong> level now a psychological battleground as buyers and sellers reassess risk.</p><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!SW-F!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!SW-F!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png 424w, https://substackcdn.com/image/fetch/$s_!SW-F!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png 848w, https://substackcdn.com/image/fetch/$s_!SW-F!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png 1272w, https://substackcdn.com/image/fetch/$s_!SW-F!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!SW-F!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png" width="1410" height="691" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:691,&quot;width&quot;:1410,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:77403,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/186950420?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!SW-F!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png 424w, https://substackcdn.com/image/fetch/$s_!SW-F!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png 848w, https://substackcdn.com/image/fetch/$s_!SW-F!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png 1272w, https://substackcdn.com/image/fetch/$s_!SW-F!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33b3fb00-eb1f-4ced-b843-368d2c3328e6_1410x691.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_pzu!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc5c09a41-0215-46d0-9086-c556acc16c6f_1106x331.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_pzu!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc5c09a41-0215-46d0-9086-c556acc16c6f_1106x331.png 424w, https://substackcdn.com/image/fetch/$s_!_pzu!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc5c09a41-0215-46d0-9086-c556acc16c6f_1106x331.png 848w, https://substackcdn.com/image/fetch/$s_!_pzu!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc5c09a41-0215-46d0-9086-c556acc16c6f_1106x331.png 1272w, https://substackcdn.com/image/fetch/$s_!_pzu!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc5c09a41-0215-46d0-9086-c556acc16c6f_1106x331.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_pzu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc5c09a41-0215-46d0-9086-c556acc16c6f_1106x331.png" width="1106" height="331" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><p></p><h3>Satellite networks as quasi-public infrastructure</h3><p>Low-Earth-Orbit satellite networks are drifting into an unfamiliar role. They are no longer niche connectivity experiments or emergency stopgaps. In practice, they are starting to function as <strong>parallel internet layers</strong> that sit outside national telecom regimes, switching on when terrestrial networks are throttled, censored, or fail altogether.</p><p>The frontier signal is not the technology itself, but the <strong>shift in governance assumptions</strong>. Connectivity is no longer guaranteed by states, nor fully controlled by them. Instead, it is provisioned by private actors operating at planetary scale, governed by commercial incentives, export controls, and geopolitical pressure rather than public mandate. This quietly reorders power. When access to the network bypasses borders, so do the institutions built on top of it, including payments, identity, and information flows.</p><p>Over the next five to ten years, this raises unresolved questions. If satellite connectivity becomes a de facto human right in practice, but not in law, who is accountable when access is restricted, repriced, or politicised? Financial inclusion efforts that rely on &#8220;neutral&#8221; connectivity may simply be shifting dependence from local infrastructure to global providers. The inclusion story improves in the short term, but the control surface does not disappear. It moves upward, becoming harder to see, harder to contest, and harder to govern.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p>&#8220;The danger is not that computers will begin to think like humans, but that humans will begin to think like computers.&#8221;<br><strong>Sydney J. Harris</strong></p></blockquote><p>A reminder that abstraction cuts both ways. Efficiency can quietly displace judgment if left unchecked.</p><p>Sydney J. Harris (1917&#8211;1986) was an American journalist and author best known for his long-running syndicated column &#8220;Strictly Personal.&#8221; Writing for the <em>Chicago Daily News</em> and later the <em>Chicago Sun-Times</em>, Harris explored human behaviour, education, and ethics in clear, reflective prose that reached readers across North America.</p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 164/520: DTCC Approves the Tokenisation of $100T in Equities]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-164520-dtcc-approves</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-164520-dtcc-approves</guid><pubDate>Sun, 01 Feb 2026 05:09:52 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!1jJW!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!1jJW!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1jJW!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!1jJW!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!1jJW!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!1jJW!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!1jJW!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/82dc636d-8502-443e-9244-22039c46c800_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2789992,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/186470182?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!1jJW!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!1jJW!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!1jJW!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!1jJW!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F82dc636d-8502-443e-9244-22039c46c800_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-164520-dtcc-approves?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-164520-dtcc-approves?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-164520-dtcc-approves?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><h4>BlackRock surfaces indirectly in Canton&#8217;s institutional orbit</h4><p>A recent Schedule 13G filing shows BlackRock holding a passive stake of just over 2% in Tharimmune, a publicly listed company that has repositioned itself around building a digital asset treasury and validator presence linked to the Canton Network. The filing frames the position as ordinary-course and non-activist.</p><p>What matters here is not the size of the holding, nor speculative estimates about token exposure, but the choice of exposure. Tharimmune currently represents one of the few public-market vehicles aligned with Canton&#8217;s ecosystem, at a time when DTCC has confirmed plans to tokenise U.S. Treasury settlement on Canton, and has taken a governance role alongside Euroclear. That work follows DTCC receiving regulatory clarity in the form of a no-action position, with production timelines signalled for 2026.</p><p>The signal is subtle but worth noting. BlackRock has consistently avoided noisy experimentation in public blockchain markets, favouring regulated, institutionally compatible rails. A passive position in the only listed company structurally tied to the network chosen by DTCC for Treasury tokenisation suggests observation with optionality, not conviction capital, but observation from a very specific vantage point.</p><p>Still early. But this looks less like a bet on tokens, and more like a quiet seat near the table where post-trade market structure is being rewritten</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong></p><p>A long-form discussion on DTCC&#8217;s preparation to tokenize the top 1,000 US equities, alongside parallel moves in stablecoins, bank settlement rails, and tokenised funds.</p><p><strong>What stood out</strong></p><p>The emphasis is consistently on legal reality, not wrappers. Tokenisation is framed as an extension of existing market structure rather than a replacement. DTCC sits at the centre, but the supporting signals matter just as much: Visa settling with stablecoins, banks exploring issuance-as-a-service, and JPMorgan pushing tokenised money market funds onto public chains. The conversation treats these as coordination problems, not experiments.</p><p><strong>Why it lingers</strong></p><p>This feels like a threshold moment. When incumbents move, they do so by compressing uncertainty, not by chasing upside. Tokenisation here is less about speed or novelty and more about control, interoperability, and jurisdictional clarity. The implication is subtle but important: once the core plumbing shifts, everything built above it inherits those assumptions.</p><div id="youtube2-huNgELnL2mE" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;huNgELnL2mE&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/huNgELnL2mE?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!YkyC!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!YkyC!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png 424w, https://substackcdn.com/image/fetch/$s_!YkyC!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png 848w, https://substackcdn.com/image/fetch/$s_!YkyC!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png 1272w, https://substackcdn.com/image/fetch/$s_!YkyC!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!YkyC!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png" width="1456" height="997" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:997,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:301302,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/186470182?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!YkyC!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png 424w, https://substackcdn.com/image/fetch/$s_!YkyC!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png 848w, https://substackcdn.com/image/fetch/$s_!YkyC!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png 1272w, https://substackcdn.com/image/fetch/$s_!YkyC!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e2c6625-cb57-4079-ad28-7ef91c037415_2760x1890.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!RFUN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!RFUN!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png 424w, https://substackcdn.com/image/fetch/$s_!RFUN!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png 848w, https://substackcdn.com/image/fetch/$s_!RFUN!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png 1272w, https://substackcdn.com/image/fetch/$s_!RFUN!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!RFUN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png" width="1456" height="455" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:455,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:328933,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/186470182?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!RFUN!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png 424w, https://substackcdn.com/image/fetch/$s_!RFUN!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png 848w, https://substackcdn.com/image/fetch/$s_!RFUN!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png 1272w, https://substackcdn.com/image/fetch/$s_!RFUN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F736a04c7-087c-48ad-8ad4-c7be699ef38a_2088x652.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><p>A recent Chatham House analysis examines Iran&#8217;s expanding use of internet shutdowns as a deliberate governance tool, treating connectivity as conditional infrastructure rather than a public utility. The piece situates recent blackouts within a longer pattern where states selectively degrade networks to manage political risk, with cascading effects on communication, commerce, and daily life. Source: <a href="https://www.chathamhouse.org/2026/01/irans-internet-shutdown-signals-new-stage-digital-isolation">Chatham House &#8211; Iran&#8217;s internet shutdown signals a new stage of digital isolation</a></p><p>Viewed through the lens of digital finance, this surfaces a structural fork in the road over the next decade. One pathway treats internet access itself as a human right, pushing momentum toward global, non-terrestrial networks such as satellite constellations that bypass national choke points. In this model, financial inclusion depends on resilient connectivity layers that sit above state control. The other pathway assumes outages and throttling are normal, shifting attention to blockchain-based systems designed to tolerate partial or temporary disconnection, including offline settlement mechanisms and safeguards against double-spending. Each approach carries different incentives and risks. One externalises power to global infrastructure providers. The other embeds resilience into protocols, at the cost of complexity and slower coordination. What matters is not which path wins, but that inclusion in digital finance increasingly depends on how systems behave when the network is missing, not when it works perfectly.</p><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p>&#8220;What we see depends mainly on what we look for.&#8221;<br><strong>John Lubbock</strong></p></blockquote><p>John Lubbock was a 19th-century British polymath, banker, scientist, and parliamentarian, moving easily between finance, biology, and public policy. </p><p>Lubbock&#8217;s observation is easy to overlook because it feels obvious. But it matters in systems work. Attention acts like a filter. If you look for novelty, you&#8217;ll see disruption everywhere. If you look for continuity, you&#8217;ll notice how much persists beneath the surface. The signal doesn&#8217;t change, only the lens. From the field, this is a reminder that interpretation often says more about the observer than the system being observed.</p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 163/520: The AI productivity question - distribution or concentration?]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-163520-the-ai-productivity</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-163520-the-ai-productivity</guid><pubDate>Sat, 24 Jan 2026 21:38:36 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!a-g9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!a-g9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!a-g9!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!a-g9!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!a-g9!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!a-g9!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!a-g9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2657963,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/185518426?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!a-g9!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!a-g9!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!a-g9!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!a-g9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa2b23a5-675c-440c-b109-78b503e41b95_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-163520-the-ai-productivity?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-163520-the-ai-productivity?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-163520-the-ai-productivity?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><p><strong>Policy access concentrates around large tech firms</strong><br>An investigation published this week found that major US technology companies have met UK ministers far more frequently than child safety advocates, creators, or civil society groups involved in digital harm debates. The imbalance is not hidden, but it is structural, embedded in how consultation and access are organised <a href="https://www.theguardian.com/politics/2026/jan/17/tech-companies-access-to-uk-ministers-dwarfs-that-of-child-safety-groups?utm_source=chatgpt.com">(source)</a>.</p><p>What stands out is less the number of meetings and more what sustained proximity enables. As digital policy becomes more technical and continuous, influence appears to accrue to actors with the resources to remain present, fluent, and persistent inside government processes. Access itself begins to function like infrastructure.</p><p>This lands amid a wider, unresolved debate about where AI-driven productivity gains ultimately flow. One pathway imagines broad distribution, through mechanisms like universal basic income or public dividends tied to automation. The other points toward concentration, where scale advantages allow a small number of firms to capture outsized economic and political power, reinforcing a K-shaped economy. The pattern of access visible here quietly favours the latter, not by declaration, but through accumulation.</p><p>I think about this a lot given that I have a 5-year-old son, I need to prepare for an uncertain future. Worth noting how governance pathways may be set long before redistribution questions are formally asked.</p><p><strong>Boards scramble to adjust to AI governance pressures</strong><br>Recent reporting notes a rise in board-level concern about how artificial intelligence is being deployed across organisations, with directors seeking new playbooks to oversee AI risk, accountability, and decision-making authority. What is being discussed is not the technology itself, but who carries responsibility when automated systems shape outcomes at scale. <em>Source: <a href="https://www.axios.com/2026/01/22/company-boards-scramble-ai?utm_source=chatgpt.com">Company boards scramble to adjust to AI</a></em></p><p>What stands out is the shift in framing. AI is no longer treated as an operational tool delegated to management or IT committees, but as a governance issue touching fiduciary duty, audit, and risk oversight. Boards appear to be feeling pressure to intervene earlier, even as they lack clear standards, shared language, or precedent for what &#8220;good&#8221; oversight looks like in this context.</p><p>There is also a quiet tension here. As AI systems promise productivity gains and efficiency, boards are being asked to absorb new categories of risk without parallel changes to legal clarity or regulatory guidance. This suggests governance may lag capability, leaving directors exposed in ways that traditional control frameworks were never designed to handle.</p><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>A short news explainer on the idea of a K-shaped economy, where income, spending, and resilience diverge sharply between the top and bottom of the distribution.</p><p><strong>What stood out</strong><br>The framing is behavioural rather than abstract. Consumption patterns tell the story. The top decile continues to spend, concentrate market share, and set the pace of growth, while the majority adjusts downward, optimising for price and necessity. Productivity gains exist, but they are unevenly captured.</p><p><strong>Why it lingers</strong><br>Viewed alongside current AI and data-centre constraints, this begins to look less like a temporary distortion and more like a structural outcome. When productivity gains are gated by access to capital, power, data, and infrastructure, they compound upward. Big tech captures the efficiency dividend while the physical limits of grids and labour cap diffusion elsewhere. One plausible path from here is not universal uplift, but a steeper K. Growth at the top, constraint below.</p><p>I&#8217;m not sure that policy, infrastructure investment, or redistribution mechanisms can meaningfully flatten that shape once it hardens.</p><div id="youtube2-0875WCH26_k" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;0875WCH26_k&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/0875WCH26_k?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!CzhO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!CzhO!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png 424w, https://substackcdn.com/image/fetch/$s_!CzhO!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png 848w, https://substackcdn.com/image/fetch/$s_!CzhO!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png 1272w, https://substackcdn.com/image/fetch/$s_!CzhO!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!CzhO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png" width="1291" height="685" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:685,&quot;width&quot;:1291,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:72967,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/185518426?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!CzhO!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png 424w, https://substackcdn.com/image/fetch/$s_!CzhO!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png 848w, https://substackcdn.com/image/fetch/$s_!CzhO!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png 1272w, https://substackcdn.com/image/fetch/$s_!CzhO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F592416b7-3d51-455e-a7a5-f4a6b032d6c4_1291x685.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!5RrA!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fded32383-735e-40d6-9cb8-85426c76d962_1005x317.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!5RrA!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fded32383-735e-40d6-9cb8-85426c76d962_1005x317.png 424w, 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srcset="https://substackcdn.com/image/fetch/$s_!5RrA!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fded32383-735e-40d6-9cb8-85426c76d962_1005x317.png 424w, https://substackcdn.com/image/fetch/$s_!5RrA!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fded32383-735e-40d6-9cb8-85426c76d962_1005x317.png 848w, https://substackcdn.com/image/fetch/$s_!5RrA!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fded32383-735e-40d6-9cb8-85426c76d962_1005x317.png 1272w, https://substackcdn.com/image/fetch/$s_!5RrA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fded32383-735e-40d6-9cb8-85426c76d962_1005x317.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><p>This week&#8217;s <em>CES 2026</em> and adjacent industry reporting continue to surface spatial computing not as a headset spectacle but as infrastructure quietly deployed into real work contexts such as logistics, planning and transport management. Partnerships like Raven Connected and Swift Navigation&#8217;s AI spatial intelligence for road networks signal early efforts to automate real-time infrastructure inspection and digital twin creation for increasingly responsive cities and transport systems. Source: <em><a href="https://www.swiftnav.com/resource/press-release/raven-connected-and-swift-navigation-partner-to-launch-ai-driven-spatial-intelligence-for-more-responsive-infrastructure-management">Raven Connected &amp; Swift Navigation partner for AI spatial intelligence</a></em> (5 Jan 2026).</p><p>This feels early but important because spatial computing is being stitched into workflows that shape physical outcomes rather than immersive experiences. Industrial examples such as digital twin models in warehouses and factories show how spatial overlays improve operational decisions on the floor, cutting training time and error rates even before headsets reach consumers. (<a href="https://medium.com/be-open/spatial-computings-first-profitable-use-cases-336769ccb524?utm_source=chatgpt.com">Medium</a>) The behavioural signal here is subtle: organisations are beginning to treat space not as static geography but as <strong>live data to be sensed, modelled and acted upon</strong>, reshaping coordination incentives across fleets, supply chains and public assets. A second-order effect is governance tension; when infrastructure becomes spatially intelligent, questions of control, privacy and liability arise before standards or norms have settled.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p>&#8220;Most change is additive, not substitutive.&#8221;<br><strong>Kevin Kelly</strong></p></blockquote><p>Kevin<strong> </strong>Kelly is a technology writer and co-founder of <em>Wired</em> magazine, known for long-horizon thinking about how technological systems evolve, compound, and reshape human behaviour over time.</p><p>Traditional finance looks messy because it is the product of decades of additions layered on top of one another. New rails were bolted onto old ones. Workarounds became permanent. Exceptions hardened into standards. Payments, custody, settlement, compliance, and reporting all evolved separately, then were stitched together just tightly enough to function. Blockchain, tokenisation, and stablecoins matter not because they are faster or newer, but because they allow a rare reset. Value, movement, and settlement collapse back into a single layer. The interesting question now is not what gets replaced, but how much of the accumulated complexity proves unnecessary once that reset is available.</p><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 162/520: From code to concrete, digital ambition meets energy reality]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-162520-from-code</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-162520-from-code</guid><pubDate>Sun, 18 Jan 2026 04:42:06 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!52HB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!52HB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!52HB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!52HB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!52HB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!52HB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!52HB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2941202,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/184913345?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!52HB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!52HB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!52HB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!52HB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3ae0ab26-943c-4295-9bfc-8315979a74fd_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-162520-from-code?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-162520-from-code?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-162520-from-code?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><p></p><p><strong>Physical constraints begin to shape digital ambition</strong><br>The expansion of AI-oriented data centres is creating visible tension with electrical grid capacity and transmission infrastructure, prompting public sector responses in multiple jurisdictions. In the United States, governors and the White House are jointly considering proposals to require tech companies to fund their own power generation or face interruptible service to protect everyday ratepayers, a response to rising electricity costs and <a href="http://ps://www.washingtonpost.com/business/2026/01/16/pjm-data-centers-electricity-bipartisan">grid strain linked in part to data centre demand</a>. Meanwhile, Google has identified long wait times for electrical transmission connections - sometimes exceeding a decade - as the biggest hurdle to powering new data centre capacity, highlighting that <a href="https://www.reuters.com/business/google-says-us-transmission-system-is-biggest-challenge-connecting-data-centers-2026-01-14/">grid access, not compute hardware, is now a primary bottleneck.</a></p><p>The signal here is how power availability and physical grid capacity now frame digital expansion decisions. Rather than being abstract &#8220;tech growth,&#8221; data centre scaling is colliding with planning, energy policy and utility realities, forcing new negotiations about who pays for infrastructure and how capacity is allocated.</p><p></p><p><strong>Fragmentation settles in as the default governance mode</strong><br>Digital regulation continues to diverge across jurisdictions, with overlapping rulebooks and enforcement approaches rather than convergence on a single model. In the European Union, longstanding frameworks like the <a href="https://pandectes.io/blog/the-digital-markets-act-dma-and-the-digital-services-act-dsa-critical-differences/">Digital Markets Act and Digital Services Act </a>remain active cornerstones of digital regulation &#8212; and enforcement is picking up as sanctions and compliance demands mount under these layered laws.</p><p>At the same time, broader policy reporting highlights that businesses struggle with a patchwork of digital laws, where EU members and <a href="https://www.ciodive.com/news/businesses-patchwork-digital-laws-eu/802175/">institutions juggle upwards of a hundred distinct regulations on digital services, data, cybersecurity and AI, each with different scopes and timelines.</a></p><p>I see the signal here is we are getting regulatory layering and fragmentation, not harmonised simplicity. Digital systems are now subject to multiple overlapping regimes that organisations must navigate, suggesting that adaptability and compliance translation are becoming intrinsic operational challenges.</p><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>A short explainer on how AI growth is colliding with power availability, grid limits, and data centre build-out constraints.</p><p><strong>What stood out</strong><br>The bottleneck is not intelligence. It is electricity, cooling, and permission. Progress is paced by transformers, substations, and connection queues rather than model architecture. Much of the complexity sits outside the tech stack, in planning processes that move at a different speed entirely.</p><p><strong>Why it lingers</strong><br>This reframes the current AI moment as an infrastructure negotiation rather than a software race. Capability may be global, but deployment is local and uneven. As power becomes the limiting factor, advantage shifts toward those who control geography, grid access, and timing.</p><p>Still unclear how visible these constraints will be in product narratives.</p><div id="youtube2-8D-RMkrdxHk" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;8D-RMkrdxHk&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/8D-RMkrdxHk?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ba24!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ba24!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png 424w, https://substackcdn.com/image/fetch/$s_!ba24!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png 848w, https://substackcdn.com/image/fetch/$s_!ba24!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png 1272w, https://substackcdn.com/image/fetch/$s_!ba24!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ba24!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png" width="1456" height="700" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:700,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:403591,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/184913345?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!ba24!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png 424w, https://substackcdn.com/image/fetch/$s_!ba24!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png 848w, https://substackcdn.com/image/fetch/$s_!ba24!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png 1272w, https://substackcdn.com/image/fetch/$s_!ba24!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ad4b43c-cf40-4ad6-bd2f-5805d0f1cc88_4428x2130.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!tIHQ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65c173bb-cd6a-4d10-ac80-321cb3785dbf_2108x632.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!tIHQ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65c173bb-cd6a-4d10-ac80-321cb3785dbf_2108x632.png 424w, https://substackcdn.com/image/fetch/$s_!tIHQ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65c173bb-cd6a-4d10-ac80-321cb3785dbf_2108x632.png 848w, https://substackcdn.com/image/fetch/$s_!tIHQ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65c173bb-cd6a-4d10-ac80-321cb3785dbf_2108x632.png 1272w, https://substackcdn.com/image/fetch/$s_!tIHQ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65c173bb-cd6a-4d10-ac80-321cb3785dbf_2108x632.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!tIHQ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65c173bb-cd6a-4d10-ac80-321cb3785dbf_2108x632.png" width="548" height="164.47527472527472" 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srcset="https://substackcdn.com/image/fetch/$s_!tIHQ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65c173bb-cd6a-4d10-ac80-321cb3785dbf_2108x632.png 424w, https://substackcdn.com/image/fetch/$s_!tIHQ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65c173bb-cd6a-4d10-ac80-321cb3785dbf_2108x632.png 848w, https://substackcdn.com/image/fetch/$s_!tIHQ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65c173bb-cd6a-4d10-ac80-321cb3785dbf_2108x632.png 1272w, https://substackcdn.com/image/fetch/$s_!tIHQ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65c173bb-cd6a-4d10-ac80-321cb3785dbf_2108x632.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><p>research paper published this week looks at how <strong>digital identity systems could be made safer in a future where today&#8217;s encryption no longer holds up</strong>. Rather than focusing on passwords or apps, the authors explore ways to protect things like fingerprints or face scans using new cryptographic techniques designed to survive more powerful computing. Source: <em><a href="https://arxiv.org/abs/2601.04852">Quantum Secure Biometric Authentication in Decentralised Systems</a></em><a href="https://arxiv.org/abs/2601.04852"> (arXiv, 8 Jan 2026) </a></p><p>This feels early but important because biometric identity is quietly moving into everyday infrastructure, from phones and payments to borders and public services. The paper surfaces a tension that is easy to miss: once your identity is tied to your body, it cannot be changed if the underlying security fails. What matters here is less the mathematics and more the behaviour it enables or constrains. Systems designed to remove central control may also push more responsibility and risk onto individuals, long before most people realise how exposed they are.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p>&#8220;The future is already here, it&#8217;s just unevenly distributed.&#8221;<br><strong>William Gibson</strong></p></blockquote><p>Gibson is best known for writing <em>Neuromancer</em> in the early 1980s, before the internet existed in any mainstream sense. His work paid close attention to how technology reshapes culture unevenly, first among subcultures, cities, and edge cases rather than institutions. The line endures because it is less a prediction than an observation about how change actually spreads.</p><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 161/520: Digital Assets drift from market narrative into institutional finance plumbing]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-161520-digital-assets</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-161520-digital-assets</guid><pubDate>Sun, 11 Jan 2026 04:40:12 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!xdGU!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!xdGU!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!xdGU!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!xdGU!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!xdGU!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!xdGU!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!xdGU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2955093,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/184174063?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!xdGU!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!xdGU!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!xdGU!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!xdGU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14bc5e38-0a34-4eea-9b57-9b2b9a74e67a_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-161520-digital-assets?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-161520-digital-assets?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-161520-digital-assets?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><p><strong>Biometrics faces new pressure from AI-enabled fraud and service use</strong></p><p>Recent reporting highlights how biometric systems are being stressed from both sides at once: generative AI is making spoofing and synthetic identity attacks easier, while governments and service providers continue to expand biometric use for access, authentication, and service delivery. The same tools that increase convenience and reduce friction are also lowering the cost of fraud and error <a href="https://www.biometricupdate.com/202601/biometrics-undergoes-rapid-change-as-ai-prompts-races-with-fraud-sustainability">(source)</a>.</p><ul><li><p><strong>United States</strong> &#8211; ID.me has signed a US$1 billion, five-year Blanket Purchase Agreement with the U.S. Treasury Department to provide identity verification and authentication for external users, extending its footprint across federal services.</p></li><li><p><strong>Japan</strong> &#8211; Around 80% of residents now hold a My Number Card, with government plans to accelerate public service digitisation and launch a new &#8220;Myna&#8221; app in 2026, reflecting lessons from slow service delivery during the pandemic.</p></li><li><p><strong>Zambia</strong> &#8211; The government plans to issue digital ID cards by the end of this year under its Digital Zambia Acceleration Project, with officials citing steady progress in digitised public services and positive feedback from the World Bank.</p></li><li><p><strong>Global development</strong> &#8211; The Gates Foundation spent US$150 million on financial inclusion in 2024, including support for digital ID adoption in developing economies, and now plans to exit the sector by 2030 as systems reach scale and sustainability.</p></li><li><p><strong>United States</strong> &#8211; Despite two decades of investment, a REAL ID case revealed that a state-issued identity document was deemed insufficient proof of citizenship by a federal court, surfacing lingering trust gaps in federally recognised IDs.</p></li><li><p><strong>Netherlands</strong> &#8211; EUDI Wallets continue moving toward production, with a municipality testing integration with the Once-Only Technical System; an eIDAS-compliant proof-of-birth credential has passed technical checks, with attribute-retrieval tests next.</p></li><li><p><strong>Japan / Global enterprise</strong> &#8211; Accenture and NTT Docomo have partnered to build Universal Wallet Infrastructure for decentralised, enterprise-grade digital trust services, with FaceTec contributing liveness detection.</p></li><li><p><strong>United Kingdom</strong> &#8211; Labour MP Josh Simon has been appointed minister for digital reform to lead development of the UK&#8217;s digital identity system, signalling renewed political ownership of a long-running policy challenge.</p></li></ul><p>What stands out is not the technology itself, but the narrowing margin for trust. Biometrics are increasingly treated as infrastructure rather than security, yet their reliability now depends on surrounding controls, fallback processes, and governance choices. This suggests identity systems may be shifting from &#8220;proof&#8221; mechanisms to probabilistic signals that require layered validation, ongoing monitoring, and social consent, rather than quiet acceptance.</p><p>Worth noting how identity, once assumed to be a stable anchor, is becoming a moving surface under AI pressure.</p><p></p><h4>Market plumbing, not market products</h4><p>A recent outlook from Moody&#8217;s described digital finance as evolving into a foundational infrastructure layer for financial services, a notable shift in framing away from assets and towards plumbing. Around the same time, Temple Digital launched a 24/7 institutional trading venue built on <a href="https://www.canton.network/">Canton Network</a> (the first privacy-enabled open blockchain network), ensuring limitless connections that preserve privacy), extending execution beyond traditional exchange hours and venues.</p><p>Taken together, these developments suggest a reframing of what &#8220;digital finance&#8221; is for. Rather than being positioned as a new asset class competing for attention, it is increasingly treated as a substrate that supports continuous settlement, coordination, and execution across systems. The signal is less about volume or adoption today, and more about who is doing the building and how quietly these assumptions are being normalised.</p><p>Still early, but worth noting how language from rating agencies and design choices in execution venues are beginning to align around infrastructure, not speculation.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!g3ij!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00f14622-98b1-45c8-8e8b-698dbf8cc8a1_1300x1382.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!g3ij!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00f14622-98b1-45c8-8e8b-698dbf8cc8a1_1300x1382.png 424w, https://substackcdn.com/image/fetch/$s_!g3ij!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00f14622-98b1-45c8-8e8b-698dbf8cc8a1_1300x1382.png 848w, https://substackcdn.com/image/fetch/$s_!g3ij!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00f14622-98b1-45c8-8e8b-698dbf8cc8a1_1300x1382.png 1272w, https://substackcdn.com/image/fetch/$s_!g3ij!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00f14622-98b1-45c8-8e8b-698dbf8cc8a1_1300x1382.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!g3ij!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00f14622-98b1-45c8-8e8b-698dbf8cc8a1_1300x1382.png" width="728" height="773.92" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/00f14622-98b1-45c8-8e8b-698dbf8cc8a1_1300x1382.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1382,&quot;width&quot;:1300,&quot;resizeWidth&quot;:728,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;The Ultimate Guide to Canton Network's Ecosystem&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="The Ultimate Guide to Canton Network's Ecosystem" title="The Ultimate Guide to Canton Network's Ecosystem" srcset="https://substackcdn.com/image/fetch/$s_!g3ij!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00f14622-98b1-45c8-8e8b-698dbf8cc8a1_1300x1382.png 424w, https://substackcdn.com/image/fetch/$s_!g3ij!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00f14622-98b1-45c8-8e8b-698dbf8cc8a1_1300x1382.png 848w, https://substackcdn.com/image/fetch/$s_!g3ij!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00f14622-98b1-45c8-8e8b-698dbf8cc8a1_1300x1382.png 1272w, https://substackcdn.com/image/fetch/$s_!g3ij!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00f14622-98b1-45c8-8e8b-698dbf8cc8a1_1300x1382.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption"><a href="https://www.canton.network/">Canton Network</a> - the first privacy-enabled open blockchain network that is attracting institutional use cases.</figcaption></figure></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>A short documentary on Estonia&#8217;s digital state, often presented as the reference model for national digital identity and interoperable public services.</p><p><strong>What stood out</strong><br>The tone is calm, almost settled. Digital ID is treated as civic plumbing rather than political choice. Identity, authentication, and data sharing are framed as administrative problems already solved, with trust embedded by default through law, architecture, and cultural alignment.</p><p><strong>Why it lingers</strong><br>What feels easy to miss is how context-heavy this model is. Scale, history, and social contract do much of the work. The video invites admiration, but it also quietly raises the question of portability. When digital identity works this smoothly, it is because legitimacy arrived before the infrastructure, not after.</p><p>Worth noting how rarely that sequencing is discussed elsewhere.</p><div id="youtube2-I5krZBe0Dck" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;I5krZBe0Dck&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/I5krZBe0Dck?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!7-lY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!7-lY!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png 424w, https://substackcdn.com/image/fetch/$s_!7-lY!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png 848w, https://substackcdn.com/image/fetch/$s_!7-lY!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png 1272w, https://substackcdn.com/image/fetch/$s_!7-lY!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!7-lY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png" width="1414" height="712" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:712,&quot;width&quot;:1414,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:87516,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/184174063?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!7-lY!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png 424w, https://substackcdn.com/image/fetch/$s_!7-lY!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png 848w, https://substackcdn.com/image/fetch/$s_!7-lY!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png 1272w, https://substackcdn.com/image/fetch/$s_!7-lY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5aba5211-1a76-4a09-8828-666e9fc79454_1414x712.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!htxk!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb629352-b290-4be0-898f-772c7ba28e32_1049x324.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!htxk!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb629352-b290-4be0-898f-772c7ba28e32_1049x324.png 424w, https://substackcdn.com/image/fetch/$s_!htxk!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb629352-b290-4be0-898f-772c7ba28e32_1049x324.png 848w, https://substackcdn.com/image/fetch/$s_!htxk!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb629352-b290-4be0-898f-772c7ba28e32_1049x324.png 1272w, https://substackcdn.com/image/fetch/$s_!htxk!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb629352-b290-4be0-898f-772c7ba28e32_1049x324.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!htxk!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb629352-b290-4be0-898f-772c7ba28e32_1049x324.png" width="528" height="163.08102955195423" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fb629352-b290-4be0-898f-772c7ba28e32_1049x324.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:324,&quot;width&quot;:1049,&quot;resizeWidth&quot;:528,&quot;bytes&quot;:109830,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/184174063?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb629352-b290-4be0-898f-772c7ba28e32_1049x324.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!htxk!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb629352-b290-4be0-898f-772c7ba28e32_1049x324.png 424w, https://substackcdn.com/image/fetch/$s_!htxk!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb629352-b290-4be0-898f-772c7ba28e32_1049x324.png 848w, https://substackcdn.com/image/fetch/$s_!htxk!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb629352-b290-4be0-898f-772c7ba28e32_1049x324.png 1272w, https://substackcdn.com/image/fetch/$s_!htxk!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb629352-b290-4be0-898f-772c7ba28e32_1049x324.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><p>As protests in Iran continue under intermittent internet shutdowns and currency pressure, recent reporting has again surfaced the role of Starlink connectivity and censorship-resistant digital assets in keeping economic and informational activity alive when formal systems are constrained. Satellite internet terminals, alongside peer-to-peer tools such as Bitcoin, are being discussed not as abstractions but as practical backstops when domestic networks and financial rails become unreliable <a href="https://www.amnesty.org/en/latest/news/2026/01/internet-shutdown-in-iran-hides-violations-in-escalating-protests/">(source)</a>.</p><p>This feels early but important because it highlights technology operating at the level of infrastructure resilience rather than expression. Starlink&#8217;s strength is not speed or novelty, but its ability to reintroduce connectivity when terrestrial networks are deliberately degraded. Bitcoin&#8217;s role here is less about speculation and more about behavioural hedging: preserving value and enabling transactions when local currency trust erodes and banks become points of control. The second-order effect is subtle. Tools designed to bypass authority also shift risk onto individuals, demanding technical literacy and personal exposure. What surfaces is a pattern where &#8220;anti-authoritarian stacks&#8221; are not ideological statements, but contingency systems that remain invisible until traditional ones fail, then suddenly matter a great deal.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><strong>&#8220;Progress happens too slowly to notice, until it happens too fast to stop.&#8221;<br></strong>Ruth Bader Ginsburg, who served on the US Supreme Court from 1993 to 2020 and became a defining figure in the long, incremental expansion of civil rights.</p></blockquote><p>Most progress feels underwhelming while it is underway. Accumulation looks like inertia from the inside. Then, suddenly, the surrounding context shifts and yesterday&#8217;s groundwork becomes today&#8217;s baseline. From the field, it is rarely clear which efforts will compound and which will quietly dissolve</p><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes Week 160/520: Identity & regulatory frameworks are creeping into the background of digital systems]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-160520-identity</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-160520-identity</guid><pubDate>Fri, 02 Jan 2026 21:13:25 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!fXvs!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!fXvs!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!fXvs!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!fXvs!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!fXvs!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!fXvs!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!fXvs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2781233,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/183281601?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!fXvs!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!fXvs!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!fXvs!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!fXvs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2246d624-9fac-47b6-ab10-83b04af95115_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10-year project of mine documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as our physical and digital lives continue to converge.</p><p>- Ryan</p><p>(Connect with me on <a href="https://www.linkedin.com/in/ryanjohnsonhunt/">LinkedIn</a>)</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-160520-identity?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-160520-identity?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-160520-identity?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><p>I&#8217;m noticing how <strong>accountability, identity, and regulatory frameworks are creeping into the background of digital systems</strong>, often through court orders or local laws rather than headline-grabbing national acts. 3 recent examples:</p><ol><li><p><strong>Court-mandated e-KYC reshapes foundational internet identifiers</strong><br>A Delhi High Court decision now requires strict electronic know-your-customer checks for anyone registering an internet domain name, linking identity verification directly to a foundational layer of internet addressing and fraud prevention. This move suggests judicial appetite for anchoring real-world identity to digital identifiers as a means to curb fraud, not just in finance but across digital services, possibly foreshadowing similar approaches elsewhere. <a href="https://timesofindia.indiatimes.com/city/delhi/hc-mandates-strict-e-kyc-for-domain-name-registrants-to-curb-cyber-fraud/articleshow/126238148.cms?utm_source=chatgpt.com">The Times of India</a></p></li><li><p><strong>State-level digital laws layer new duties on platforms and data</strong><br>A wave of new U.S. state tech laws taking effect covers AI transparency, data privacy, consumer protections and even cryptocurrency ATM rules. Each law is distinct, yet collectively they point to fragmented regulatory terrain where digital services are governed through varied local norms rather than one national standard, which may shape how platforms and intermediaries design compliance systems. <a href="https://www.theverge.com/policy/851664/new-tech-internet-laws-us-2026-ai-privacy-repair?utm_source=chatgpt.com">The Verge</a></p></li><li><p><strong>Crypto regulation surfaces in unlikely jurisdictions</strong><br>Turkmenistan&#8217;s formal legalisation of cryptocurrency mining and exchange under civil law, with a centralised licensing regime, is unexpected given its historically restrictive stance. This development hints at a broader pattern where even tightly controlled states see regulated digital asset activity as legitimate economic infrastructure, prompting questions about how varying governance models reconcile control with market openness. <a href="https://apnews.com/article/4504a5abac729d119d343d4a38e0be1a?utm_source=chatgpt.com">AP News</a></p></li></ol><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>A long-form YouTube explainer tracing the re-emergence of digital ID in the UK, framed through Tony Blair&#8217;s shifting position on identity systems, the role of the Tony Blair Institute, and the growing presence of Oracle and its founder Larry Ellison in UK government data infrastructure.</p><p><strong>What stood out</strong><br>The video spends less time on technology and more on process. Meetings, donations, policy papers, and timing. Digital ID appears not as a discrete product decision but as the outcome of overlapping institutions that already know how to work together. Much of the argument rests in public records and fine print rather than leaks or revelations.</p><p><strong>Why it lingers</strong><br>What feels directionally important is the reframing of digital ID as inevitability rather than choice. The system advances through alignment, not mandate. By the time it becomes visible to the public, most of the structural decisions appear already made. Trust, in this telling, is not designed into the system but assumed to follow later.</p><p><em><strong>Key Note: </strong>It&#8217;s still unclear where consent meaningfully enters once infrastructure hardens.</em></p><div id="youtube2-Z8wJs-_3BGU" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;Z8wJs-_3BGU&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/Z8wJs-_3BGU?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p></p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Y6XO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Y6XO!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png 424w, https://substackcdn.com/image/fetch/$s_!Y6XO!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png 848w, https://substackcdn.com/image/fetch/$s_!Y6XO!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png 1272w, https://substackcdn.com/image/fetch/$s_!Y6XO!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Y6XO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png" width="1409" height="706" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:706,&quot;width&quot;:1409,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:94405,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/183281601?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Y6XO!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png 424w, https://substackcdn.com/image/fetch/$s_!Y6XO!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png 848w, https://substackcdn.com/image/fetch/$s_!Y6XO!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png 1272w, https://substackcdn.com/image/fetch/$s_!Y6XO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7749f289-1df7-4aa7-80fb-f97eab816453_1409x706.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!w4K0!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!w4K0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png 424w, https://substackcdn.com/image/fetch/$s_!w4K0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png 848w, https://substackcdn.com/image/fetch/$s_!w4K0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png 1272w, https://substackcdn.com/image/fetch/$s_!w4K0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!w4K0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png" width="1044" height="326" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:326,&quot;width&quot;:1044,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:109212,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/183281601?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!w4K0!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png 424w, https://substackcdn.com/image/fetch/$s_!w4K0!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png 848w, https://substackcdn.com/image/fetch/$s_!w4K0!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png 1272w, https://substackcdn.com/image/fetch/$s_!w4K0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84bf419a-bf36-4254-881a-3bc2977377ad_1044x326.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><p>A late-December report from <strong>KoreaTechDesk</strong> on the <em>CES 2026 Innovation Awards</em> highlighted an unusually strong showing from Korean startups, particularly in spatial computing and AI-driven spatial intelligence. Many of the awarded projects focused less on consumer hardware and more on systems that interpret, model, and respond to physical environments, spanning mobility, industrial automation, and environmental sensing. <a href="https://koreatechdesk.com/ces-2026-best-of-innovation-awards-startups-korea">(Source)</a></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wgux!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff0fb82f1-6fe2-44f9-8cf9-b7dc5d6a0480_1024x580.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wgux!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff0fb82f1-6fe2-44f9-8cf9-b7dc5d6a0480_1024x580.jpeg 424w, https://substackcdn.com/image/fetch/$s_!wgux!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff0fb82f1-6fe2-44f9-8cf9-b7dc5d6a0480_1024x580.jpeg 848w, https://substackcdn.com/image/fetch/$s_!wgux!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff0fb82f1-6fe2-44f9-8cf9-b7dc5d6a0480_1024x580.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!wgux!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff0fb82f1-6fe2-44f9-8cf9-b7dc5d6a0480_1024x580.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wgux!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff0fb82f1-6fe2-44f9-8cf9-b7dc5d6a0480_1024x580.jpeg" width="1024" height="580" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f0fb82f1-6fe2-44f9-8cf9-b7dc5d6a0480_1024x580.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:580,&quot;width&quot;:1024,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wgux!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff0fb82f1-6fe2-44f9-8cf9-b7dc5d6a0480_1024x580.jpeg 424w, https://substackcdn.com/image/fetch/$s_!wgux!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff0fb82f1-6fe2-44f9-8cf9-b7dc5d6a0480_1024x580.jpeg 848w, https://substackcdn.com/image/fetch/$s_!wgux!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff0fb82f1-6fe2-44f9-8cf9-b7dc5d6a0480_1024x580.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!wgux!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff0fb82f1-6fe2-44f9-8cf9-b7dc5d6a0480_1024x580.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption"><strong><a href="https://www.ces.tech/ces-innovation-awards/2026/neuroid-playmaker/">Neuroid Playmaker</a></strong>, converts <strong>text, voice, or video prompts into 3D motion</strong> using data from <strong>over one billion recorded human movements</strong>. The system allows joint-level precision editing in virtual environments, enabling realistic and efficient 3D content creation for gaming, film, and immersive experiences.</figcaption></figure></div><p>This feels early but important because spatial computing still lacks a settled interface or dominant metaphor, yet it is quietly moving into infrastructure rather than devices. The signal here is not about headsets or novelty experiences, but about how machines are beginning to hold persistent, contextual models of space and act on them with limited human instruction. <strong>It exposes an incentive shift toward systems that disappear into logistics, factories, and cities, where reliability and alignment matter more than delight.</strong> A second-order effect worth noting is governance: as spatial intelligence migrates into public and industrial domains, questions of control, liability, and data ownership surface long before most people realise they are interacting with these systems at all.</p><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><div class="pullquote"><p><strong>&#8220;The most powerful frameworks are invisible.&#8221;</strong><br>- Donella Meadows (1941&#8211;2001) was an American systems scientist, environmental researcher, and writer. She was a pioneering figure in systems thinking and sustainability studies, best known as the lead author of <em>The Limits to Growth</em> (1972), a landmark model-based analysis of global ecological and economic trends that reshaped environmental debate.</p></div><p>What governs a system is often not the headline rule, but the quiet assumptions beneath it. Defaults, constraints, and incentives do most of the work. Paying attention to those hidden structures can tell you more about where things are heading than any surface-level narrative.</p><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Field Notes: Week 159/520]]></title><description><![CDATA[These notes are shaped by what I&#8217;m seeing, building, and discussing as physical and digital life continue to converge.]]></description><link>https://www.fieldnoteswithryan.com/p/field-notes-week-159520</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/field-notes-week-159520</guid><pubDate>Sat, 27 Dec 2025 00:06:19 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!970m!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!970m!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!970m!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!970m!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!970m!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!970m!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!970m!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png" width="1456" height="777" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:777,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2983196,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!970m!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png 424w, https://substackcdn.com/image/fetch/$s_!970m!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png 848w, https://substackcdn.com/image/fetch/$s_!970m!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png 1272w, https://substackcdn.com/image/fetch/$s_!970m!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0605653e-cc52-486c-9486-2c55f28c573c_1500x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes, a 10 year project documenting humankind&#8217;s digital transition from the field. These notes are shaped by what I&#8217;m seeing, building, and discussing as physical and digital life continue to converge.</p><p>- Ryan</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-159520?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/field-notes-week-159520?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/field-notes-week-159520?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Pp6U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1087256,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Pp6U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!Pp6U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb07ccc38-2a68-4746-bcd0-8f2e7de645cf_1456x300.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><h4><strong>New Zealand&#8217;s government app signals digital identity infrastructure</strong></h4><p>New Zealand has released its Govt.nz app, initially a portal for services and information, but positioned to host digital driver licences and other accredited credentials once legislation passes in 2026. This shift from a utility app to a potential digital wallet for identity credentials suggests a deliberate move towards embedding digital identity as public infrastructure rather than a pilot feature, raising questions about uptake, trust, and optionality. <a href="https://www.biometricupdate.com/202512/tech-new-zealand-aims-to-be-digital-ecosystem-hub-as-govt-rolls-out-wallet-to-be?utm_source=chatgpt.com">(source)</a></p><p>Coinciding with the app rollout, a re-branded industry group called Tech New Zealand is forming a broad ecosystem hub spanning AI, fintech, agritech and digital identity. The organisational evolution points to shared governance frameworks and cross-sector coordination emerging as priorities for the local tech ecosystem rather than isolated sector initiatives</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://technewzealand.org.nz/who-we-are/" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!69XE!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1241c29-7d56-4ec4-99fa-7641e88fe19e_1176x454.png 424w, https://substackcdn.com/image/fetch/$s_!69XE!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1241c29-7d56-4ec4-99fa-7641e88fe19e_1176x454.png 848w, https://substackcdn.com/image/fetch/$s_!69XE!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1241c29-7d56-4ec4-99fa-7641e88fe19e_1176x454.png 1272w, https://substackcdn.com/image/fetch/$s_!69XE!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1241c29-7d56-4ec4-99fa-7641e88fe19e_1176x454.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!69XE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1241c29-7d56-4ec4-99fa-7641e88fe19e_1176x454.png" width="1176" height="454" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f1241c29-7d56-4ec4-99fa-7641e88fe19e_1176x454.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:454,&quot;width&quot;:1176,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:251583,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:&quot;https://technewzealand.org.nz/who-we-are/&quot;,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1241c29-7d56-4ec4-99fa-7641e88fe19e_1176x454.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!69XE!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1241c29-7d56-4ec4-99fa-7641e88fe19e_1176x454.png 424w, https://substackcdn.com/image/fetch/$s_!69XE!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1241c29-7d56-4ec4-99fa-7641e88fe19e_1176x454.png 848w, https://substackcdn.com/image/fetch/$s_!69XE!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1241c29-7d56-4ec4-99fa-7641e88fe19e_1176x454.png 1272w, https://substackcdn.com/image/fetch/$s_!69XE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1241c29-7d56-4ec4-99fa-7641e88fe19e_1176x454.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">From the rebranded TechNZ website.</figcaption></figure></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!162z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091801,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!162z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!162z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!162z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!162z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1b1c9e7b-56bc-4e9e-8bfb-326e43aae2e9_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>What it is</strong><br>A <em>Moonshot Podcast</em> Deep Dive episode where Astro Teller speaks with Ivy Ross and Isabelle Olsson about the early design and development of Google Glass.</p><p><strong>What stood out</strong><br>The conversation stays close to material constraints. Weight, balance, social comfort, and the human face as an interface. The designers describe Glass less as a product vision and more as a sequence of unresolved frictions. People did not want what the team expected, and the team did not yet have the language to explain what they were making.</p><p><strong>Why it lingers</strong><br>There is a recurring pattern here. New interfaces tend to arrive before the social rules that make them legible. Timing emerges not as a market question but a cultural one. The episode quietly suggests that Glass did not fail on ambition or craft, but on arriving before society had built the norms to absorb it.</p><p>Worth noting how often &#8220;too early&#8221; is only visible in retrospect.</p><div id="youtube2-VxXoIVgf5Co" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;VxXoIVgf5Co&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/VxXoIVgf5Co?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_ngB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1085984,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_ngB!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!_ngB!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa7bc1c75-1575-4d40-9849-0f52c8989a98_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_x-L!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_x-L!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png 424w, https://substackcdn.com/image/fetch/$s_!_x-L!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png 848w, https://substackcdn.com/image/fetch/$s_!_x-L!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png 1272w, https://substackcdn.com/image/fetch/$s_!_x-L!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_x-L!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png" width="1356" height="688" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:688,&quot;width&quot;:1356,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:79412,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_x-L!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png 424w, https://substackcdn.com/image/fetch/$s_!_x-L!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png 848w, https://substackcdn.com/image/fetch/$s_!_x-L!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png 1272w, https://substackcdn.com/image/fetch/$s_!_x-L!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7abc8b7-2f8e-4dae-bb2b-84a7533e67c0_1356x688.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!2pD0!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff184652-88bf-49a9-928f-14581bd4b932_1023x327.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!2pD0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff184652-88bf-49a9-928f-14581bd4b932_1023x327.png 424w, https://substackcdn.com/image/fetch/$s_!2pD0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff184652-88bf-49a9-928f-14581bd4b932_1023x327.png 848w, https://substackcdn.com/image/fetch/$s_!2pD0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff184652-88bf-49a9-928f-14581bd4b932_1023x327.png 1272w, https://substackcdn.com/image/fetch/$s_!2pD0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff184652-88bf-49a9-928f-14581bd4b932_1023x327.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!2pD0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff184652-88bf-49a9-928f-14581bd4b932_1023x327.png" width="434" height="138.72727272727272" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/ff184652-88bf-49a9-928f-14581bd4b932_1023x327.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:327,&quot;width&quot;:1023,&quot;resizeWidth&quot;:434,&quot;bytes&quot;:108542,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff184652-88bf-49a9-928f-14581bd4b932_1023x327.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!2pD0!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff184652-88bf-49a9-928f-14581bd4b932_1023x327.png 424w, https://substackcdn.com/image/fetch/$s_!2pD0!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff184652-88bf-49a9-928f-14581bd4b932_1023x327.png 848w, https://substackcdn.com/image/fetch/$s_!2pD0!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff184652-88bf-49a9-928f-14581bd4b932_1023x327.png 1272w, https://substackcdn.com/image/fetch/$s_!2pD0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fff184652-88bf-49a9-928f-14581bd4b932_1023x327.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWDK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1088377,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wWDK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!wWDK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9380f359-9abf-40c3-93cd-ec27fa202ffe_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><p>A recent article in The Verge examines how the rollout of generative AI-powered home assistants in 2025 has, paradoxically, made basic smart home functions less reliable. Instead of improving everyday tasks such as turning on lights or running routines, AI systems like Amazon&#8217;s Alexa Plus and Google&#8217;s Gemini for Home often fail at these deterministic chores even as they handle more complex language interactions better. <a href="https://www.theverge.com/tech/845958/ai-smart-home-broken?utm_source=chatgpt.com">(source)</a></p><p>This feels early but important because it exposes a behavioural and design gap: systems built to be flexible and conversational struggle with the repetitive, predictable work users actually expect them to do. It hints at an incentive mismatch where companies chase broad capabilities and natural language flair over reliability and precision, turning early adopters into unwitting testers. It surfaces the unintended consequence that greater AI sophistication can, in some contexts, degrade rather than enhance everyday technology experiences and trust in consumer AI.</p><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M5jb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1091071,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.fieldnoteswithryan.com/i/182662380?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!M5jb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!M5jb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04add250-4eff-4670-a9a6-013735d7f0e3_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><div class="pullquote"><p>&#8220;What matters rarely announces itself.&#8221;</p><p>&#8212; Annie Dillard</p></div><p>Most consequential shifts arrive indirectly. They surface as small frictions, subtle workarounds, or behaviour that doesn&#8217;t quite fit the story being told. By the time something feels obvious, the moment of leverage has often passed. These notes exist to mark what feels directionally important before it hardens into consensus.</p><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Update: Goodbye Metaverse Field Guide. Welcome, Field Notes!]]></title><description><![CDATA[3 years down, 7 to go. New lens. Same Vision, Same Commitment.]]></description><link>https://www.fieldnoteswithryan.com/p/update-goodbye-metaverse-field-guide</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/update-goodbye-metaverse-field-guide</guid><pubDate>Sun, 21 Dec 2025 09:13:23 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/0a9f6d08-4440-48dc-bd18-92f1919b5098_1500x1000.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Kl0f!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Kl0f!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png 424w, https://substackcdn.com/image/fetch/$s_!Kl0f!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png 848w, https://substackcdn.com/image/fetch/$s_!Kl0f!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png 1272w, https://substackcdn.com/image/fetch/$s_!Kl0f!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Kl0f!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png" width="1456" height="1048" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1048,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:3773013,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/182212437?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Kl0f!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png 424w, https://substackcdn.com/image/fetch/$s_!Kl0f!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png 848w, https://substackcdn.com/image/fetch/$s_!Kl0f!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png 1272w, https://substackcdn.com/image/fetch/$s_!Kl0f!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d54197f-20d4-4987-a49d-222c8bafc060_1456x1048.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Field Notes. This is week 158 of a 10-year project documenting humankind&#8217;s digital transition from the field, shaped by what I&#8217;m seeing, building, and discussing as physical and digital life continue to converge.</p><p>- Ryan</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/update-goodbye-metaverse-field-guide?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/update-goodbye-metaverse-field-guide?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/update-goodbye-metaverse-field-guide?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div><hr></div><p>For the past few years I&#8217;ve been writing under the banner of the &#8220;metaverse&#8221;, documenting the convergence of digital assets, emerging technology, and how our physical and digital lives are slowly folding into one another. That work continues. What&#8217;s changing is simply the language I&#8217;m using to describe it.</p><p>The word &#8220;metaverse&#8221; did a lot of work early on. It gave people a handle for a broad set of shifts that were hard to name. Over time, that label has become noisy, politicised, and often detached from the quieter, more consequential changes happening underneath. The systems kept evolving. The term didn&#8217;t.</p><p>So rather than defend a word, I&#8217;m choosing to be clearer about the work itself.</p><p>This publication is now framed as <strong>Field Notes with Ryan Johnson-Hunt</strong>: a 10-year field project documenting humankind&#8217;s digital transition.</p><p>That framing better reflects what this has always been.</p><p>I&#8217;m not trying to predict the future, sell a narrative, or package trends. I&#8217;m paying attention to what I&#8217;m seeing and the conversations I am having with the people building the future. Writing weekly notes shaped by what I&#8217;m building, who I&#8217;m speaking with, where friction shows up, and where progress happens quietly.</p><p>What hasn&#8217;t changed is more important than what has.</p><ol><li><p>I&#8217;m still writing weekly.</p></li><li><p>I&#8217;m still committed to a full decade (I&#8217;m 30% of the way there.)</p></li><li><p>I&#8217;m still focused on digital finance, frontier technology, and how people actually live with these systems.</p></li><li><p>I&#8217;m still treating this as a working notebook rather than a polished media product.</p></li></ol><p>Think of this less as a rebrand and more as tightening the lens.</p><p>The terrain is the same. The expedition continues.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!rz1G!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!rz1G!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!rz1G!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!rz1G!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!rz1G!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!rz1G!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1092337,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/182212437?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!rz1G!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!rz1G!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!rz1G!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!rz1G!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bcd71a8-ea32-4a15-a4fd-9fa77eb04cb8_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>News is surface-level. Signals live underneath. This section captures developments that hint at deeper shifts in how digital systems are being built, governed, and adopted &#8212; often before they&#8217;re obvious in the mainstream narrative.</em></p></blockquote><p>This might be the moment the Apple Vision Pro stops feeling like a beautifully engineered answer in search of a question.</p><p><a href="https://www.t3.com/tech/vr/apples-new-imaging-technology-finally-makes-the-vision-pro-make-sense">Apple has released an open-source model that can generate a full 3D scene from a single 2D image.</a> One photo in, spatial depth out. No lidar sweep. No hundreds-of-images photogrammetry ritual. Just inference.</p><p>That matters because Vision Pro has never really had a content problem. It has had a friction problem. Spatial computing only works if moving from the flat world to the volumetric one is effortless. This collapses that gap.</p><p>The signal here is subtle but important. Apple is not betting on bespoke 3D capture workflows. It is betting on intelligence filling in the missing dimensions. That is a familiar Apple move: hide complexity, let software do the hard work, and make a premium device feel inevitable rather than indulgent.</p><p>If spatial computing is going to tip, it will not be because headsets get cheaper. It will be because everyday images quietly become spatial by default.</p><p>This is the first feature that makes Vision Pro feel less like a demo, and more like a tool.</p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!J4g9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!J4g9!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!J4g9!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!J4g9!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!J4g9!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!J4g9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png" width="728" height="150" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:728,&quot;bytes&quot;:1089915,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/182212437?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!J4g9!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!J4g9!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!J4g9!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!J4g9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77cd25b9-bfff-45b5-920d-5831f3263fd1_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>Digital assets now sit less as an idea and more as infrastructure in progress. As physical and digital life continue to converge, money and assets are doing the same. What was once framed as &#8220;crypto&#8221; is increasingly showing up as rails, balance sheets, and policy conversations.</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!L8Bb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!L8Bb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png 424w, https://substackcdn.com/image/fetch/$s_!L8Bb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png 848w, https://substackcdn.com/image/fetch/$s_!L8Bb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png 1272w, https://substackcdn.com/image/fetch/$s_!L8Bb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!L8Bb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png" width="1456" height="699" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:699,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:452624,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://fieldnoteswithryan.substack.com/i/182212437?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!L8Bb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png 424w, https://substackcdn.com/image/fetch/$s_!L8Bb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png 848w, https://substackcdn.com/image/fetch/$s_!L8Bb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png 1272w, https://substackcdn.com/image/fetch/$s_!L8Bb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35a4b2fa-8ca6-48e1-9580-4c3b6d60b149_4430x2128.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!WbK2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0a71544-c4f4-458f-ad55-310202245438_2272x634.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!WbK2!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0a71544-c4f4-458f-ad55-310202245438_2272x634.png 424w, https://substackcdn.com/image/fetch/$s_!WbK2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0a71544-c4f4-458f-ad55-310202245438_2272x634.png 848w, https://substackcdn.com/image/fetch/$s_!WbK2!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0a71544-c4f4-458f-ad55-310202245438_2272x634.png 1272w, https://substackcdn.com/image/fetch/$s_!WbK2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0a71544-c4f4-458f-ad55-310202245438_2272x634.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!WbK2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0a71544-c4f4-458f-ad55-310202245438_2272x634.png" width="660" height="184.03846153846155" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c0a71544-c4f4-458f-ad55-310202245438_2272x634.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:406,&quot;width&quot;:1456,&quot;resizeWidth&quot;:660,&quot;bytes&quot;:344740,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://fieldnoteswithryan.substack.com/i/182212437?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0a71544-c4f4-458f-ad55-310202245438_2272x634.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!WbK2!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0a71544-c4f4-458f-ad55-310202245438_2272x634.png 424w, https://substackcdn.com/image/fetch/$s_!WbK2!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0a71544-c4f4-458f-ad55-310202245438_2272x634.png 848w, https://substackcdn.com/image/fetch/$s_!WbK2!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0a71544-c4f4-458f-ad55-310202245438_2272x634.png 1272w, https://substackcdn.com/image/fetch/$s_!WbK2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0a71544-c4f4-458f-ad55-310202245438_2272x634.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p></p><p></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!tWd0!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!tWd0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!tWd0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!tWd0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!tWd0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!tWd0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png" width="1456" height="300" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1092756,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/182212437?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!tWd0!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png 424w, https://substackcdn.com/image/fetch/$s_!tWd0!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png 848w, https://substackcdn.com/image/fetch/$s_!tWd0!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png 1272w, https://substackcdn.com/image/fetch/$s_!tWd0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F067ae2af-853d-4bbb-9ec8-f7e51cb052ae_1456x300.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><blockquote><p><em>This section captures developments at the edge of digital systems. New interfaces, tools, and capabilities that feel early, unfinished, or slightly ahead of their moment. I&#8217;m less interested in what&#8217;s impressive today and more interested in what might quietly reshape how people work, coordinate, and interact over time.</em></p></blockquote><p>Researchers at MIT have built a <a href="https://www.dezeen.com/2025/12/19/mit-develop-tiny-robot-fly-fast-bumblebee/">bee-sized flying robot</a> that moves with insect-level agility, including rapid turns and mid-air somersaults. The real advance is not the size, but the control layer.</p><p>Instead of relying on hand-tuned rules, the robot uses an AI-driven controller that learns how it behaves in unstable conditions and adapts its wing motion in real time. At this scale, air is chaotic and physics is unforgiving. Prediction beats precision.</p><p>In the near term, this points to search-and-rescue and inspection in spaces humans cannot reach. Longer term, it hints at something bigger. Intelligence migrating into control systems allows machines to shrink without becoming fragile. That is how swarms, resilience, and new forms of physical infrastructure quietly emerge.</p><p>Tiny robot. Meaningful shift.</p><p></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!EpfG!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!EpfG!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg 424w, https://substackcdn.com/image/fetch/$s_!EpfG!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg 848w, https://substackcdn.com/image/fetch/$s_!EpfG!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!EpfG!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!EpfG!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg" width="1456" height="971" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:971,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:134939,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://fieldnoteswithryan.substack.com/i/182212437?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!EpfG!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg 424w, https://substackcdn.com/image/fetch/$s_!EpfG!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg 848w, https://substackcdn.com/image/fetch/$s_!EpfG!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!EpfG!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2648a7a-5288-4f8e-bda2-54d266f5bb36_1704x1136.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><p></p><h3>Parting Thought:</h3><div class="pullquote"><p>&#8220;No problem can be solved from the same level of consciousness that created it.&#8221;</p><p>&#8212; Albert Einstein</p></div><p>A useful reminder that most breakthroughs do not come from better answers, but from better questions. Optimisation keeps systems running. Perspective change is what allows them to evolve.</p><p>Progress begins when we are willing to question the assumptions that once felt immovable.</p><p></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Weekly Journal: Virtual Reality Fitness]]></title><description><![CDATA[[6 min read] Your weekend guide to getting ahead on the digital frontier. Hear from the founder of FitXR about what they have learns and then future of immersive fitness.]]></description><link>https://www.fieldnoteswithryan.com/p/weekly-journal-virtual-reality-fitness</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/weekly-journal-virtual-reality-fitness</guid><pubDate>Sun, 14 Dec 2025 10:32:56 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!W-Hi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc712338-a9fa-4522-a1c0-f569f486763c_1920x1440.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!W-Hi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc712338-a9fa-4522-a1c0-f569f486763c_1920x1440.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!W-Hi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc712338-a9fa-4522-a1c0-f569f486763c_1920x1440.jpeg 424w, https://substackcdn.com/image/fetch/$s_!W-Hi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc712338-a9fa-4522-a1c0-f569f486763c_1920x1440.jpeg 848w, https://substackcdn.com/image/fetch/$s_!W-Hi!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc712338-a9fa-4522-a1c0-f569f486763c_1920x1440.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!W-Hi!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc712338-a9fa-4522-a1c0-f569f486763c_1920x1440.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!W-Hi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc712338-a9fa-4522-a1c0-f569f486763c_1920x1440.jpeg" width="1456" height="1092" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/cc712338-a9fa-4522-a1c0-f569f486763c_1920x1440.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1092,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:169239,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/181540132?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc712338-a9fa-4522-a1c0-f569f486763c_1920x1440.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Weekly Journal &#128212;, your guide to the latest news &amp; innovation in emerging technology, digital assets, and our exciting path to the Metaverse. This is <strong>week 157 </strong>of the 520 weeks of newsletters I have committed to, a decade of documenting our physical and digital lives converge. New subscribers are encouraged to check out the <a href="https://www.metaversefield.guide/p/history-and-purpose">history &amp; purpose </a>of this newsletter as well as the <a href="https://onchainnz.substack.com/archive">archive</a>.</p><p>- Ryan</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/weekly-journal-virtual-reality-fitness?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Metaverse Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/weekly-journal-virtual-reality-fitness?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/weekly-journal-virtual-reality-fitness?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div><hr></div><h2>&#127760; Digital Assets Market Update </h2><blockquote><p><em>To me, the Metaverse is the convergence of physical &amp; virtual lives. As we work, play and socialise in virtual worlds, we need virtual currencies &amp; assets. These have now reached mainstream finance as a defined asset class:</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!VbLm!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!VbLm!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png 424w, https://substackcdn.com/image/fetch/$s_!VbLm!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png 848w, https://substackcdn.com/image/fetch/$s_!VbLm!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png 1272w, https://substackcdn.com/image/fetch/$s_!VbLm!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!VbLm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png" width="1456" height="615" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:615,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:427412,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/181540132?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!VbLm!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png 424w, https://substackcdn.com/image/fetch/$s_!VbLm!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png 848w, https://substackcdn.com/image/fetch/$s_!VbLm!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png 1272w, https://substackcdn.com/image/fetch/$s_!VbLm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7ae8792-a975-4924-8c15-8ee8288651af_4420x1868.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!vach!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!vach!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png 424w, https://substackcdn.com/image/fetch/$s_!vach!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png 848w, https://substackcdn.com/image/fetch/$s_!vach!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png 1272w, https://substackcdn.com/image/fetch/$s_!vach!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!vach!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png" width="536" height="162.34615384615384" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:441,&quot;width&quot;:1456,&quot;resizeWidth&quot;:536,&quot;bytes&quot;:338043,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/181540132?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!vach!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png 424w, https://substackcdn.com/image/fetch/$s_!vach!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png 848w, https://substackcdn.com/image/fetch/$s_!vach!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png 1272w, https://substackcdn.com/image/fetch/$s_!vach!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b5410af-5b37-4b72-b552-2b377024b63a_2132x646.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p></p><div><hr></div><h2>&#128478;&#65039; Metaverse news from this week</h2><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:181241359,&quot;url&quot;:&quot;https://sixdegreesofrobotics.substack.com/p/the-robot-is-not-the-product-anymore&quot;,&quot;publication_id&quot;:1796069,&quot;publication_name&quot;:&quot;Six Degrees of Robotics &quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!_Y5T!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd8737260-4717-4a3d-a21c-0b77130fdf4a_1200x1200.png&quot;,&quot;title&quot;:&quot;The Robot Is Not the Product Anymore&quot;,&quot;truncated_body_text&quot;:&quot;&#8220;Perfection is achieved not when there is nothing more to add, but when there is nothing left to take away.&#8221; &#8212; Antoine de Saint-Exup&#233;ry&quot;,&quot;date&quot;:&quot;2025-12-12T12:03:39.253Z&quot;,&quot;like_count&quot;:4,&quot;comment_count&quot;:1,&quot;bylines&quot;:[{&quot;id&quot;:156651645,&quot;name&quot;:&quot;Aaron Prather&quot;,&quot;handle&quot;:&quot;aaronprather&quot;,&quot;previous_name&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/5a675ec0-bc5a-4b25-a1eb-d90d67324506_322x464.jpeg&quot;,&quot;bio&quot;:&quot;Director, Robotics &amp; Autonomous Systems Program&quot;,&quot;profile_set_up_at&quot;:&quot;2023-07-11T19:52:36.813Z&quot;,&quot;reader_installed_at&quot;:null,&quot;publicationUsers&quot;:[{&quot;id&quot;:1779565,&quot;user_id&quot;:156651645,&quot;publication_id&quot;:1796069,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:1796069,&quot;name&quot;:&quot;Six Degrees of Robotics &quot;,&quot;subdomain&quot;:&quot;sixdegreesofrobotics&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Your Weekly Look At What Is Going On In Robotics And How It Is All Connected &quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d8737260-4717-4a3d-a21c-0b77130fdf4a_1200x1200.png&quot;,&quot;author_id&quot;:156651645,&quot;primary_user_id&quot;:156651645,&quot;theme_var_background_pop&quot;:&quot;#FF6B00&quot;,&quot;created_at&quot;:&quot;2023-07-11T19:53:23.982Z&quot;,&quot;email_from_name&quot;:&quot;Six Degrees of Robotics &quot;,&quot;copyright&quot;:&quot;Aaron Prather&quot;,&quot;founding_plan_name&quot;:null,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;magaziney&quot;,&quot;is_personal_mode&quot;:false}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:null,&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://sixdegreesofrobotics.substack.com/p/the-robot-is-not-the-product-anymore?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!_Y5T!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd8737260-4717-4a3d-a21c-0b77130fdf4a_1200x1200.png" loading="lazy"><span class="embedded-post-publication-name">Six Degrees of Robotics </span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">The Robot Is Not the Product Anymore</div></div><div class="embedded-post-body">&#8220;Perfection is achieved not when there is nothing more to add, but when there is nothing left to take away.&#8221; &#8212; Antoine de Saint-Exup&#233;ry&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">4 months ago &#183; 4 likes &#183; 1 comment &#183; Aaron Prather</div></a></div><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:179460198,&quot;url&quot;:&quot;https://xraispotlight.substack.com/p/the-founder-of-fitxr-shares-his-journey&quot;,&quot;publication_id&quot;:2017980,&quot;publication_name&quot;:&quot;XR AI Spotlight&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!joTm!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9c356872-58c7-409c-b534-21550faceef4_788x788.png&quot;,&quot;title&quot;:&quot;The founder of FitXR shares his journey&quot;,&quot;truncated_body_text&quot;:&quot;Sam Cole, CEO and cofounder of FitXR, traces how the team built one of the first VR fitness apps and kept it relevant through constant iteration. He explains how community pain points shaped the roadmap, why mixed reality now feels like the best default for first time users, and how personalization will drive the next wave. Sam shares retention tactics &#8230;&quot;,&quot;date&quot;:&quot;2025-12-09T16:01:14.522Z&quot;,&quot;like_count&quot;:2,&quot;comment_count&quot;:1,&quot;bylines&quot;:[{&quot;id&quot;:172376077,&quot;name&quot;:&quot;Gabriele Romagnoli&quot;,&quot;handle&quot;:&quot;xraispotlight&quot;,&quot;previous_name&quot;:null,&quot;photo_url&quot;:&quot;https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46289c55-0463-4192-93b6-3120cd283aff_96x96.png&quot;,&quot;bio&quot;:&quot;Gabriele Romagnoli, founder of XR AI Spotlight, shares insights on XR and AI for creatives and professionals. With 35K+ followers, he helps founders communicate value and explores how tech transforms creativity and productivity on global stages.&quot;,&quot;profile_set_up_at&quot;:&quot;2023-10-05T20:28:09.480Z&quot;,&quot;reader_installed_at&quot;:&quot;2023-10-05T20:27:59.731Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:2017505,&quot;user_id&quot;:172376077,&quot;publication_id&quot;:2017980,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:2017980,&quot;name&quot;:&quot;XR AI Spotlight&quot;,&quot;subdomain&quot;:&quot;xraispotlight&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Subscribe to get (i) weekly in-depth interviews with Founders and Makers in the XR and AI space (ii) a list of tools to experience Gaussian Splatting in VR and (iii) my top 10 tools, apps or tech demos of the week&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9c356872-58c7-409c-b534-21550faceef4_788x788.png&quot;,&quot;author_id&quot;:172376077,&quot;primary_user_id&quot;:172376077,&quot;theme_var_background_pop&quot;:&quot;#67BDFC&quot;,&quot;created_at&quot;:&quot;2023-10-10T07:45:36.638Z&quot;,&quot;email_from_name&quot;:null,&quot;copyright&quot;:&quot;Gabriele Romagnoli&quot;,&quot;founding_plan_name&quot;:&quot;Founding Member&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;newspaper&quot;,&quot;is_personal_mode&quot;:false}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:null,&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://xraispotlight.substack.com/p/the-founder-of-fitxr-shares-his-journey?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!joTm!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9c356872-58c7-409c-b534-21550faceef4_788x788.png" loading="lazy"><span class="embedded-post-publication-name">XR AI Spotlight</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">The founder of FitXR shares his journey</div></div><div class="embedded-post-body">Sam Cole, CEO and cofounder of FitXR, traces how the team built one of the first VR fitness apps and kept it relevant through constant iteration. He explains how community pain points shaped the roadmap, why mixed reality now feels like the best default for first time users, and how personalization will drive the next wave. Sam shares retention tactics &#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">4 months ago &#183; 2 likes &#183; 1 comment &#183; Gabriele Romagnoli</div></a></div><div><hr></div><h2>&#128214; Read of the week</h2><p><strong><a href="https://www.cnbc.com/2025/06/27/the-metaverse-as-we-knew-it-failed-but-its-resurrecting-in-new-ways.html">The Metaverse Didn&#8217;t Die. It Quietly Changed Shape</a></strong></p><p>While the consumer-facing metaverse has become a punchline in 2025, the underlying technology is quietly gaining traction where it actually works. Rather than trying to recreate everyday life, immersive virtual worlds are increasingly being deployed as purpose-built tools for training, simulation and decision-making.</p><p>Enterprise and public sector use cases are driving this shift. Immersive environments are now used to train police officers for crisis response, help lawyers rehearse complex litigation strategies, simulate surgical procedures, and test industrial systems like jet engines under extreme conditions that cannot be safely recreated in the real world. In some cases, companies report that hours spent in virtual training can replicate years of real-world experience.</p><p>This evolution reflects a broader recalibration. The metaverse today thrives not as entertainment at scale, but as infrastructure for high-stakes learning and scenario planning, often combined with AI and digital twins. Results are strongest where immersion adds value beyond what screens or classrooms can deliver.</p><p>However, risks remain significant. These platforms handle sensitive data, including biometrics and behavioural metrics, raising privacy, security and liability concerns. Poorly designed simulations can create false confidence or psychological harm, especially in law enforcement or healthcare contexts. Governance, data protection and careful integration with real-world practice are essential.</p><p>The takeaway is simple. The metaverse as mass consumer hype failed, but the metaverse as applied, specialised infrastructure is very much alive. Its future lies in solving specific problems, not replacing reality.</p><p></p><div><hr></div><h2>&#127909; Watch of the week</h2><p>I really enjoyed this video, looking forward to seeing what gets made.</p><div class="comment" data-attrs="{&quot;url&quot;:&quot;https://open.substack.com/home&quot;,&quot;commentId&quot;:187508895,&quot;comment&quot;:{&quot;id&quot;:187508895,&quot;date&quot;:&quot;2025-12-13T22:08:44.032Z&quot;,&quot;edited_at&quot;:null,&quot;body&quot;:&quot;Jonathan Lai &#8212; AI World Models Will Redefine Storytelling in 2026 \n\nhttps://www.the-ai-corner.com/p/a16z-ai-ideas-2026-partners&quot;,&quot;body_json&quot;:{&quot;type&quot;:&quot;doc&quot;,&quot;attrs&quot;:{&quot;schemaVersion&quot;:&quot;v1&quot;},&quot;content&quot;:[{&quot;type&quot;:&quot;paragraph&quot;,&quot;content&quot;:[{&quot;type&quot;:&quot;text&quot;,&quot;marks&quot;:[{&quot;type&quot;:&quot;bold&quot;}],&quot;text&quot;:&quot;Jonathan Lai &#8212; AI World Models Will Redefine Storytelling 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Corner&quot;,&quot;is_personal_mode&quot;:false,&quot;like_count&quot;:71,&quot;comment_count&quot;:3,&quot;tracking_parameters&quot;:{&quot;is_saved&quot;:false,&quot;is_seen&quot;:false,&quot;post_id&quot;:181541998,&quot;post_type&quot;:&quot;newsletter&quot;,&quot;publication_id&quot;:6850544,&quot;tabId&quot;:&quot;home&quot;,&quot;tabType&quot;:&quot;base&quot;,&quot;max_read_progress&quot;:0,&quot;max_audio_progress&quot;:0,&quot;max_video_progress&quot;:0,&quot;impression_id&quot;:&quot;888deb42-fdbc-4616-8d8e-932ff2c86406&quot;}},&quot;is_saved&quot;:false,&quot;saved_at&quot;:null,&quot;is_viewed&quot;:false,&quot;read_progress&quot;:0,&quot;max_read_progress&quot;:0,&quot;audio_progress&quot;:0,&quot;max_audio_progress&quot;:0,&quot;video_progress&quot;:0,&quot;max_video_progress&quot;:0,&quot;restacked&quot;:false},&quot;postSelection&quot;:null,&quot;postSelectionTheme&quot;:null,&quot;postImageSelection&quot;:null,&quot;clipInfo&quot;:null,&quot;mediaClip&quot;:null}],&quot;name&quot;:&quot;Ruben Dominguez&quot;,&quot;user_id&quot;:95342670,&quot;photo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!IJaj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3974858d-53e5-4b4f-8ca8-b37ecbf9c7a0_889x889.jpeg&quot;,&quot;user_bestseller_tier&quot;:null,&quot;userStatus&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:null,&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}}" data-component-name="CommentPlaceholder"></div><div><hr></div><h2>AI Spotlight &#127912;&#129302;&#127925;&#9997;&#127996;:</h2><blockquote><p><em>In the Metaverse,</em> <em>AI will be critical for creating intelligent virtual environments and avatars that can understand and respond to users with human-like cognition and natural interactions.</em></p></blockquote><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:178294178,&quot;url&quot;:&quot;https://drfeifei.substack.com/p/from-words-to-worlds-spatial-intelligence&quot;,&quot;publication_id&quot;:6635554,&quot;publication_name&quot;:&quot;Dr. Fei-Fei Li&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!de0u!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F301e4536-263e-49f6-b50f-4bf7f63348be_683x683.png&quot;,&quot;title&quot;:&quot;From Words to Worlds: Spatial Intelligence is AI&#8217;s Next Frontier&quot;,&quot;truncated_body_text&quot;:&quot;In 1950, when computing was little more than automated arithmetic and simple logic, Alan Turing asked a question that still reverberates today: can machines think? 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It took remarkable imagination to see what he saw: that intelligence might someday be built rather than born. That insight later launched a relentless scientific quest called Artificial Intel&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">5 months ago &#183; 1418 likes &#183; Fei-Fei Li</div></a></div><p></p><div><hr></div><p>That&#8217;s all for this week! If you have any organisations in mind that could benefit from keynotes about emerging technology, be sure to reach out. Public speaking is one of <a href="https://johnsonandhunt.com/ryan">many services</a> I offer.</p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://johnsonandhunt.com/reach-out&quot;,&quot;text&quot;:&quot;Reach out via my consulting website&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://johnsonandhunt.com/reach-out"><span>Reach out via my consulting website</span></a></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Metaverse Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Weekly Journal: The Future According to Elon]]></title><description><![CDATA[[6 min read] Your weekend guide to getting ahead on the digital frontier. Insights from a long conversation with Elon Musk about work, consciousness, family, money, AI and how the future might unfold.]]></description><link>https://www.fieldnoteswithryan.com/p/weekly-journal-the-future-according</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/weekly-journal-the-future-according</guid><pubDate>Sun, 07 Dec 2025 10:14:10 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!kQXj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!kQXj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg" 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srcset="https://substackcdn.com/image/fetch/$s_!kQXj!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 424w, https://substackcdn.com/image/fetch/$s_!kQXj!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 848w, https://substackcdn.com/image/fetch/$s_!kQXj!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!kQXj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div 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stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Weekly Journal &#128212;, your guide to the latest news &amp; innovation in emerging technology, digital assets, and our exciting path to the Metaverse. This is <strong>week 156 </strong>of the 520 weeks of newsletters I have committed to, a decade of documenting our physical and digital lives converge. New subscribers are encouraged to check out the <a href="https://www.metaversefield.guide/p/history-and-purpose">history &amp; purpose </a>of this newsletter as well as the <a href="https://onchainnz.substack.com/archive">archive</a>.</p><p>- Ryan</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/weekly-journal-the-future-according?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Metaverse Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/weekly-journal-the-future-according?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/weekly-journal-the-future-according?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div><hr></div><h2>&#127760; Digital Assets Market Update </h2><blockquote><p><em>To me, the Metaverse is the convergence of physical &amp; virtual lives. As we work, play and socialise in virtual worlds, we need virtual currencies &amp; assets. These have now reached mainstream finance as a defined asset class:</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!h2aV!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!h2aV!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png 424w, https://substackcdn.com/image/fetch/$s_!h2aV!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png 848w, https://substackcdn.com/image/fetch/$s_!h2aV!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png 1272w, https://substackcdn.com/image/fetch/$s_!h2aV!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!h2aV!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png" width="1414" height="712" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:712,&quot;width&quot;:1414,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:89900,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/180934058?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!h2aV!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png 424w, https://substackcdn.com/image/fetch/$s_!h2aV!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png 848w, https://substackcdn.com/image/fetch/$s_!h2aV!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png 1272w, https://substackcdn.com/image/fetch/$s_!h2aV!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e6cc929-a754-44c3-b13e-f7c75056e2cd_1414x712.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!0FiZ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!0FiZ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png 424w, https://substackcdn.com/image/fetch/$s_!0FiZ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png 848w, https://substackcdn.com/image/fetch/$s_!0FiZ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png 1272w, https://substackcdn.com/image/fetch/$s_!0FiZ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!0FiZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png" width="522" height="169.91788856304984" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:333,&quot;width&quot;:1023,&quot;resizeWidth&quot;:522,&quot;bytes&quot;:114619,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/180934058?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!0FiZ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png 424w, https://substackcdn.com/image/fetch/$s_!0FiZ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png 848w, https://substackcdn.com/image/fetch/$s_!0FiZ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png 1272w, https://substackcdn.com/image/fetch/$s_!0FiZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2c1410d-8454-44ab-b71d-9356278d0cc1_1023x333.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p></p><div><hr></div><h2>&#128478;&#65039; Metaverse news from this week</h2><h4>Netflix is buying Warner Bros</h4><p>Entertainment moves closer and closer to a digital first and immersive experience.</p><div class="comment" data-attrs="{&quot;url&quot;:&quot;https://open.substack.com/home&quot;,&quot;commentId&quot;:184543984,&quot;comment&quot;:{&quot;id&quot;:184543984,&quot;date&quot;:&quot;2025-12-05T15:58:10.368Z&quot;,&quot;edited_at&quot;:null,&quot;body&quot;:&quot;BREAKING &#128680;\n\n&#119821;&#119838;&#119853;&#119839;&#119845;&#119842;&#119857; &#119842;&#119852; &#119835;&#119854;&#119858;&#119842;&#119847;&#119840; &#119830;&#119834;&#119851;&#119847;&#119838;&#119851; &#119809;&#119851;&#119848;&#119852;. for 82.7 billion dollars.\n\nOne of the biggest entertainment deals in history.&quot;,&quot;body_json&quot;:{&quot;type&quot;:&quot;doc&quot;,&quot;attrs&quot;:{&quot;schemaVersion&quot;:&quot;v1&quot;},&quot;content&quot;:[{&quot;type&quot;:&quot;paragraph&quot;,&quot;content&quot;:[{&quot;type&quot;:&quot;text&quot;,&quot;text&quot;:&quot;BREAKING &#128680;&quot;}]},{&quot;type&quot;:&quot;paragraph&quot;,&quot;content&quot;:[{&quot;type&quot;:&quot;text&quot;,&quot;text&quot;:&quot;&#119821;&#119838;&#119853;&#119839;&#119845;&#119842;&#119857; &#119842;&#119852; &#119835;&#119854;&#119858;&#119842;&#119847;&#119840; &#119830;&#119834;&#119851;&#119847;&#119838;&#119851; &#119809;&#119851;&#119848;&#119852;. for 82.7 billion dollars.&quot;}]},{&quot;type&quot;:&quot;paragraph&quot;,&quot;content&quot;:[{&quot;type&quot;:&quot;text&quot;,&quot;text&quot;:&quot;One of the biggest entertainment deals in history.&quot;}]}]},&quot;restacks&quot;:1,&quot;reaction_count&quot;:11,&quot;attachments&quot;:[{&quot;id&quot;:&quot;033550a9-412c-4d7b-b13b-6130468d0dfa&quot;,&quot;type&quot;:&quot;image&quot;,&quot;imageUrl&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1dc3f775-ee7f-4d9a-bce5-d600a19dfa8a_1024x1280.jpeg&quot;,&quot;imageWidth&quot;:1024,&quot;imageHeight&quot;:1280,&quot;explicit&quot;:false}],&quot;name&quot;:&quot;Ruben Dominguez&quot;,&quot;user_id&quot;:95342670,&quot;photo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!IJaj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3974858d-53e5-4b4f-8ca8-b37ecbf9c7a0_889x889.jpeg&quot;,&quot;user_bestseller_tier&quot;:null,&quot;userStatus&quot;:null}}" data-component-name="CommentPlaceholder"></div><p></p><h4>FT: Whoever controls digital wallets will control the future</h4><p><em><a href="https://www.ft.com/content/df996352-1614-40ca-979c-797be02f4717">Source: Financial Times</a></em></p><p>The FT argues that the true battleground for the next phase of the internet is not crypto regulation, but <strong>control of the digital wallet</strong>. These wallets already manage identity, payments and access. As more activity shifts on-chain, the wallet becomes the primary gateway to the digital economy.</p><p>Crypto wallets remove intermediaries and plug users directly into decentralised networks, which gives their designers enormous influence over who participates in financial and social systems. This power only grows as metaverse environments mature, because wallets govern ownership of virtual assets, identity, permissions and cross-world mobility.</p><p>Global models diverge sharply. China&#8217;s state-linked wallet centralises oversight. Europe pushes citizen rights and interoperability. The United States has yet to choose a framework, leaving space for Big Tech and blockchain ecosystems to define the rules.</p><p>The takeaway is clear. In the metaverse and the broader AI-driven digital economy, the wallet layer will decide who controls identity, participation and value. The FT warns that policymakers must act now to protect openness and digital freedom before a single private or state platform becomes the default gatekeeper.</p><div><hr></div><h2>&#128214; Read of the week</h2><p>This was a really interesting read, I&#8217;m always interested in how culture evolves/adapts/manifests with new technology:</p><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:178831218,&quot;url&quot;:&quot;https://charlicohen.substack.com/p/how-culture-survives-the-internet&quot;,&quot;publication_id&quot;:6573497,&quot;publication_name&quot;:&quot;net good+ by charli cohen&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!n8jn!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F578da2b4-a0d6-483b-97e4-6314abdc0a16_1084x1084.png&quot;,&quot;title&quot;:&quot;How Culture Survives the Internet &quot;,&quot;truncated_body_text&quot;:&quot;The old internet rewarded specificity: it was weird, textured and alive. Subcultures rose and fell in years, not days. I miss the fashion forums with scanned in editorials from every global magazine you can imagine, profile pages customised with coding skills learned on Neopets, flash websites with a 5 minute loading time and a soul. Friction made the i&#8230;&quot;,&quot;date&quot;:&quot;2025-11-13T22:22:21.855Z&quot;,&quot;like_count&quot;:9,&quot;comment_count&quot;:2,&quot;bylines&quot;:[{&quot;id&quot;:4144196,&quot;name&quot;:&quot;charli cohen&quot;,&quot;handle&quot;:&quot;charlicohen&quot;,&quot;previous_name&quot;:&quot;Charli Cohen&quot;,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/820d6c2c-ab3f-435d-a11e-0df1482c9f09_1179x1179.jpeg&quot;,&quot;bio&quot;:&quot;trying to make the internet great again &#128376;&#65039; founder of WEB&quot;,&quot;profile_set_up_at&quot;:&quot;2023-05-02T16:51:37.973Z&quot;,&quot;reader_installed_at&quot;:&quot;2023-05-02T16:50:55.119Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:6708193,&quot;user_id&quot;:4144196,&quot;publication_id&quot;:6573497,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:false,&quot;publication&quot;:{&quot;id&quot;:6573497,&quot;name&quot;:&quot;net good+ by charli cohen&quot;,&quot;subdomain&quot;:&quot;charlicohen&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;on building to survive the internet &quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/578da2b4-a0d6-483b-97e4-6314abdc0a16_1084x1084.png&quot;,&quot;author_id&quot;:4144196,&quot;primary_user_id&quot;:4144196,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2025-10-14T12:59:46.606Z&quot;,&quot;email_from_name&quot;:&quot;Charli Cohen&quot;,&quot;copyright&quot;:&quot;Charli&quot;,&quot;founding_plan_name&quot;:null,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;newspaper&quot;,&quot;is_personal_mode&quot;:false}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:1,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:{&quot;type&quot;:&quot;subscriber&quot;,&quot;tier&quot;:1,&quot;accent_colors&quot;:null},&quot;paidPublicationIds&quot;:[1612783],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://charlicohen.substack.com/p/how-culture-survives-the-internet?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!n8jn!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F578da2b4-a0d6-483b-97e4-6314abdc0a16_1084x1084.png" loading="lazy"><span class="embedded-post-publication-name">net good+ by charli cohen</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">How Culture Survives the Internet </div></div><div class="embedded-post-body">The old internet rewarded specificity: it was weird, textured and alive. Subcultures rose and fell in years, not days. I miss the fashion forums with scanned in editorials from every global magazine you can imagine, profile pages customised with coding skills learned on Neopets, flash websites with a 5 minute loading time and a soul. Friction made the i&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">5 months ago &#183; 9 likes &#183; 2 comments &#183; charli cohen</div></a></div><div><hr></div><h2>&#127909; Watch of the week</h2><p>A long conversation with Elon Musk about work, consciousness, family, money, AI and how the future might unfold.</p><div id="youtube2-Rni7Fz7208c" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;Rni7Fz7208c&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/Rni7Fz7208c?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><h2>AI Spotlight &#127912;&#129302;&#127925;&#9997;&#127996;: Elon&#8217;s Most Important Interview in Years</h2><blockquote><p><em>In the Metaverse,</em> <em>AI will be critical for creating intelligent virtual environments and avatars that can understand and respond to users with human-like cognition and natural interactions.</em></p></blockquote><p>If the video above is too long, here is a good summary &#128071;&#127995;</p><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:180496620,&quot;url&quot;:&quot;https://www.thevccorner.com/p/elon-musk-wtf-interview-10-big-ideas-for-founders-investors&quot;,&quot;publication_id&quot;:2125183,&quot;publication_name&quot;:&quot;The VC Corner&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!Xw3W!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb52d93c-b13a-4606-b7bd-586083162903_599x599.png&quot;,&quot;title&quot;:&quot;Elon Musk&#8217;s Most Important Interview in Years&quot;,&quot;truncated_body_text&quot;:&quot;If you&#8217;re building or investing in 2026, this is the interview you should study.&quot;,&quot;date&quot;:&quot;2025-12-02T13:44:31.009Z&quot;,&quot;like_count&quot;:57,&quot;comment_count&quot;:0,&quot;bylines&quot;:[{&quot;id&quot;:95342670,&quot;name&quot;:&quot;Ruben Dominguez&quot;,&quot;handle&quot;:&quot;rubendominguez&quot;,&quot;previous_name&quot;:&quot;Ruben Dominguez Ibar&quot;,&quot;photo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!IJaj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3974858d-53e5-4b4f-8ca8-b37ecbf9c7a0_889x889.jpeg&quot;,&quot;bio&quot;:&quot;Investing, building, writing &quot;,&quot;profile_set_up_at&quot;:&quot;2023-11-14T11:21:25.557Z&quot;,&quot;reader_installed_at&quot;:&quot;2023-12-01T06:37:43.893Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:2130480,&quot;user_id&quot;:95342670,&quot;publication_id&quot;:2125183,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:2125183,&quot;name&quot;:&quot;The VC Corner&quot;,&quot;subdomain&quot;:&quot;thevccorner&quot;,&quot;custom_domain&quot;:&quot;www.thevccorner.com&quot;,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;The VC Corner is where founders stay ahead: sharp news, fundraising strategies, battle-tested playbooks, and the tools to grow.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/cb52d93c-b13a-4606-b7bd-586083162903_599x599.png&quot;,&quot;author_id&quot;:95342670,&quot;primary_user_id&quot;:null,&quot;theme_var_background_pop&quot;:&quot;#A33ACB&quot;,&quot;created_at&quot;:&quot;2023-11-23T11:16:10.609Z&quot;,&quot;email_from_name&quot;:&quot;The VC Corner&quot;,&quot;copyright&quot;:&quot;The VC Corner&quot;,&quot;founding_plan_name&quot;:&quot;The Exclusive Corner&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;enabled&quot;,&quot;language&quot;:&quot;en&quot;,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;magaziney&quot;,&quot;is_personal_mode&quot;:false}},{&quot;id&quot;:3107111,&quot;user_id&quot;:95342670,&quot;publication_id&quot;:3053309,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:false,&quot;publication&quot;:{&quot;id&quot;:3053309,&quot;name&quot;:&quot;The Founders Corner&#174;&quot;,&quot;subdomain&quot;:&quot;thefoundercorner&quot;,&quot;custom_domain&quot;:&quot;www.the-founders-corner.com&quot;,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Your weekly BOOST to Raise and Grow Like A Pro. Tips and Techniques used by prolific Founders.\n&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1007f51a-8c4c-425f-bda5-da428bc29120_1024x1024.png&quot;,&quot;author_id&quot;:95342670,&quot;primary_user_id&quot;:4208729,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2024-09-21T09:06:33.523Z&quot;,&quot;email_from_name&quot;:&quot;The Founders Corner&quot;,&quot;copyright&quot;:&quot;The Founders Corner&quot;,&quot;founding_plan_name&quot;:null,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:&quot;en&quot;,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;newspaper&quot;,&quot;is_personal_mode&quot;:false}},{&quot;id&quot;:6991514,&quot;user_id&quot;:95342670,&quot;publication_id&quot;:6850544,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:false,&quot;publication&quot;:{&quot;id&quot;:6850544,&quot;name&quot;:&quot;The AI Corner&quot;,&quot;subdomain&quot;:&quot;theaicorner1&quot;,&quot;custom_domain&quot;:&quot;www.the-ai-corner.com&quot;,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;The AI Corner is a publication exploring how artificial intelligence is reshaping technology, business, and society.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/744d55a9-d679-45b4-922c-b53e6798056d_795x795.png&quot;,&quot;author_id&quot;:95342670,&quot;primary_user_id&quot;:null,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2025-11-09T09:12:05.417Z&quot;,&quot;email_from_name&quot;:&quot;The AI Corner&quot;,&quot;copyright&quot;:&quot;The AI Corner&quot;,&quot;founding_plan_name&quot;:null,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;newspaper&quot;,&quot;is_personal_mode&quot;:false}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:null}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://www.thevccorner.com/p/elon-musk-wtf-interview-10-big-ideas-for-founders-investors?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!Xw3W!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb52d93c-b13a-4606-b7bd-586083162903_599x599.png" loading="lazy"><span class="embedded-post-publication-name">The VC Corner</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">Elon Musk&#8217;s Most Important Interview in Years</div></div><div class="embedded-post-body">If you&#8217;re building or investing in 2026, this is the interview you should study&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">4 months ago &#183; 57 likes &#183; Ruben Dominguez</div></a></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!kQXj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!kQXj!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 424w, https://substackcdn.com/image/fetch/$s_!kQXj!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 848w, https://substackcdn.com/image/fetch/$s_!kQXj!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!kQXj!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!kQXj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg" width="1456" height="813" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:813,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1140550,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/180934058?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!kQXj!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 424w, https://substackcdn.com/image/fetch/$s_!kQXj!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 848w, https://substackcdn.com/image/fetch/$s_!kQXj!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!kQXj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F850ae709-be16-450e-9af6-db69be450034_2752x1536.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><p>That&#8217;s all for this week! If you have any organisations in mind that could benefit from keynotes about emerging technology, be sure to reach out. Public speaking is one of <a href="https://johnsonandhunt.com/ryan">many services</a> I offer.</p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://johnsonandhunt.com/reach-out&quot;,&quot;text&quot;:&quot;Reach out via my consulting website&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://johnsonandhunt.com/reach-out"><span>Reach out via my consulting website</span></a></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Metaverse Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Weekly Journal: U.S. Launches “Manhattan Project” Style Mission to Accelerate Scientific Discovery]]></title><description><![CDATA[[6 min read] Your weekend guide to getting ahead on the digital frontier. The Executive Order to plug AI into vast government datasets to speed up scientific breakthroughs.]]></description><link>https://www.fieldnoteswithryan.com/p/weekly-journal-us-launches-manhattan</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/weekly-journal-us-launches-manhattan</guid><pubDate>Sun, 30 Nov 2025 08:55:23 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!mlT6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!mlT6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!mlT6!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png 424w, https://substackcdn.com/image/fetch/$s_!mlT6!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png 848w, https://substackcdn.com/image/fetch/$s_!mlT6!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png 1272w, https://substackcdn.com/image/fetch/$s_!mlT6!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!mlT6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png" width="476" height="312" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:312,&quot;width&quot;:476,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:311015,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/180152913?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F97edc253-0b4f-46cb-a570-68f5cb87087c_476x322.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!mlT6!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png 424w, https://substackcdn.com/image/fetch/$s_!mlT6!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png 848w, https://substackcdn.com/image/fetch/$s_!mlT6!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png 1272w, https://substackcdn.com/image/fetch/$s_!mlT6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5fa1ad3-8d77-4afc-93e3-c947a2bbd388_476x312.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Welcome to this week&#8217;s Weekly Journal &#128212;, your guide to the latest news &amp; innovation in emerging technology, digital assets, and our exciting path to the Metaverse. This is <strong>week 155 </strong>of the 520 weeks of newsletters I have committed to, a decade of documenting our physical and digital lives converge. New subscribers are encouraged to check out the <a href="https://www.metaversefield.guide/p/history-and-purpose">history &amp; purpose </a>of this newsletter as well as the <a href="https://onchainnz.substack.com/archive">archive</a>.</p><p>- Ryan</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/weekly-journal-us-launches-manhattan?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Metaverse Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/weekly-journal-us-launches-manhattan?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/weekly-journal-us-launches-manhattan?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div><hr></div><h2>&#127760; Digital Assets Market Update </h2><blockquote><p><em>To me, the Metaverse is the convergence of physical &amp; virtual lives. As we work, play and socialise in virtual worlds, we need virtual currencies &amp; assets. These have now reached mainstream finance as a defined asset class:</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!YEq3!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!YEq3!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png 424w, https://substackcdn.com/image/fetch/$s_!YEq3!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png 848w, https://substackcdn.com/image/fetch/$s_!YEq3!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png 1272w, https://substackcdn.com/image/fetch/$s_!YEq3!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!YEq3!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png" width="1394" height="684" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:684,&quot;width&quot;:1394,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:93839,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/180152913?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!YEq3!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png 424w, https://substackcdn.com/image/fetch/$s_!YEq3!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png 848w, https://substackcdn.com/image/fetch/$s_!YEq3!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png 1272w, https://substackcdn.com/image/fetch/$s_!YEq3!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d3c79ee-2280-4aa9-8de5-4fe8ecde00cb_1394x684.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!uMkN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!uMkN!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png 424w, https://substackcdn.com/image/fetch/$s_!uMkN!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png 848w, https://substackcdn.com/image/fetch/$s_!uMkN!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png 1272w, https://substackcdn.com/image/fetch/$s_!uMkN!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!uMkN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png" width="646" height="183.13569576490926" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/abb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:328,&quot;width&quot;:1157,&quot;resizeWidth&quot;:646,&quot;bytes&quot;:117366,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/180152913?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!uMkN!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png 424w, https://substackcdn.com/image/fetch/$s_!uMkN!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png 848w, https://substackcdn.com/image/fetch/$s_!uMkN!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png 1272w, https://substackcdn.com/image/fetch/$s_!uMkN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabb33dd7-ae2c-4a85-8b92-04072c533e43_1157x328.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p></p><div><hr></div><h2>&#128478;&#65039; Metaverse news from this week: </h2><h4>U.S. Launches &#8220;Manhattan Project&#8221; Style Mission to Accelerate Scientific Discovery</h4><p><a href="https://www.scientificamerican.com/article/trump-orders-genesis-mission-to-advance-ai-breakthroughs/">The United States has launched the Genesis Mission, a federal initiative designed to unite artificial intelligence with vast government datasets to speed up scientific breakthroughs.</a> President Donald Trump signed the executive order on Monday, describing the effort as comparable in scale and urgency to the Manhattan Project.</p><p>The plan focuses on using AI to analyse and simulate data from agencies such as NASA, the National Institutes of Health and the Department of Energy. These datasets span the oceans, outer space, climate systems, materials science and the human genome. Officials say that AI could cut discovery timelines from years to days by automating experiment design, accelerating simulations and generating predictive models across fields such as protein folding, fusion energy, and advanced materials.</p><p>The Department of Energy has been instructed to identify twenty high-priority scientific challenges within sixty days, map its computing resources within ninety days, and demonstrate progress on at least one challenge within nine months. The mission aims to double U.S. research productivity within a decade, with AI acting as a tool to support scientists rather than replace them.</p><p>Tech giants including Nvidia, OpenAI, Microsoft, IBM, Google and AWS are listed as collaborators, though their exact roles and funding commitments remain unclear.</p><p>From a metaverse perspective, the Genesis Mission signals how national strategy is shifting toward computational infrastructure, AI-driven simulation and high-resolution digital models of physical systems. These are the same foundations required for future spatial computing, synthetic environments and digital twins, suggesting that breakthroughs here will have ripple effects across immersive technologies, scientific modelling and next-generation virtual platforms.</p><p></p><h4>Marshall Islands Launches the World&#8217;s First Crypto-Based Universal Income Scheme</h4><p><a href="https://www.rnz.co.nz/international/pacific-news/580187/marshall-islands-introduces-world-s-first-crypto-based-universal-income-scheme">The Marshall Islands has introduced the first nationwide universal basic income delivered through blockchain, giving US$800 per person per year, paid quarterly. Citizens can choose to receive payments through the new USDM1 stablecoin,</a> by cheque, or through bank deposits. The Lomalo digital wallet allows people without bank accounts to receive funds instantly, improving access across remote islands where banking services are limited.</p><p>The scheme is funded by the nation&#8217;s US$1 billion trust fund, which has grown through contributions from the United States, Taiwan and the Marshall Islands. Officials believe the UBI can be delivered without new taxes, helping stabilise household budgets and strengthening food and housing security. Despite IMF concerns about inflation and long-term fiscal risk, the government says payments will rise or fall with the trust fund&#8217;s performance and that import-driven price pressures matter far more for citizens&#8217; daily lives.</p><p>Several Pacific nations have already approached the Marshall Islands for advice on similar digital payment systems. Researchers note that stablecoins and mobile wallets offer a practical solution for countries facing shrinking banking networks, even if few have the financial base to support a universal scheme.</p><p>From a wider technology perspective, the programme arrives at a moment when AI, automation and digital platforms are reshaping labour markets, prompting many economists to see UBI as an eventual policy response. In an emerging metaverse and a global shift toward digital economies, crypto-based money is often better suited to fast, low-cost distribution and programmable public support. The Marshall Islands has become an early pioneer in showing how that future might work in practice. Congratulations to the Marshall Islands for taking a bold and forward-looking step.</p><div><hr></div><h2>&#128214; Read of the week: </h2><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:179457160,&quot;url&quot;:&quot;https://xraispotlight.substack.com/p/the-future-of-ar-lessons-from-snaps&quot;,&quot;publication_id&quot;:2017980,&quot;publication_name&quot;:&quot;XR AI Spotlight&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!joTm!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9c356872-58c7-409c-b534-21550faceef4_788x788.png&quot;,&quot;title&quot;:&quot;The Future of AR: Lessons from Snap&#8217;s Creative Studio&quot;,&quot;truncated_body_text&quot;:&quot;In this interview, Andrew Seleznov, Head of AR Production at Snap&#8217;s Arcadia, shares his perspective on what makes an AR experience successful, how brands measure impact, and the evolving role of AI in production workflows. He discusses collaborations with global brands like Nike and NYX, the unique opportunities for freelancers, and why AR spectacles re&#8230;&quot;,&quot;date&quot;:&quot;2025-11-25T16:02:37.876Z&quot;,&quot;like_count&quot;:1,&quot;comment_count&quot;:0,&quot;bylines&quot;:[{&quot;id&quot;:172376077,&quot;name&quot;:&quot;Gabriele Romagnoli&quot;,&quot;handle&quot;:&quot;xraispotlight&quot;,&quot;previous_name&quot;:null,&quot;photo_url&quot;:&quot;https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46289c55-0463-4192-93b6-3120cd283aff_96x96.png&quot;,&quot;bio&quot;:&quot;Gabriele Romagnoli, founder of XR AI Spotlight, shares insights on XR and AI for creatives and professionals. With 35K+ followers, he helps founders communicate value and explores how tech transforms creativity and productivity on global stages.&quot;,&quot;profile_set_up_at&quot;:&quot;2023-10-05T20:28:09.480Z&quot;,&quot;reader_installed_at&quot;:&quot;2023-10-05T20:27:59.731Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:2017505,&quot;user_id&quot;:172376077,&quot;publication_id&quot;:2017980,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:2017980,&quot;name&quot;:&quot;XR AI Spotlight&quot;,&quot;subdomain&quot;:&quot;xraispotlight&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Subscribe to get (i) weekly in-depth interviews with Founders and Makers in the XR and AI space (ii) a list of tools to experience Gaussian Splatting in VR and (iii) my top 10 tools, apps or tech demos of the week&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9c356872-58c7-409c-b534-21550faceef4_788x788.png&quot;,&quot;author_id&quot;:172376077,&quot;primary_user_id&quot;:172376077,&quot;theme_var_background_pop&quot;:&quot;#67BDFC&quot;,&quot;created_at&quot;:&quot;2023-10-10T07:45:36.638Z&quot;,&quot;email_from_name&quot;:null,&quot;copyright&quot;:&quot;Gabriele Romagnoli&quot;,&quot;founding_plan_name&quot;:&quot;Founding Member&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;newspaper&quot;,&quot;is_personal_mode&quot;:false}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:null,&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://xraispotlight.substack.com/p/the-future-of-ar-lessons-from-snaps?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!joTm!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9c356872-58c7-409c-b534-21550faceef4_788x788.png" loading="lazy"><span class="embedded-post-publication-name">XR AI Spotlight</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">The Future of AR: Lessons from Snap&#8217;s Creative Studio</div></div><div class="embedded-post-body">In this interview, Andrew Seleznov, Head of AR Production at Snap&#8217;s Arcadia, shares his perspective on what makes an AR experience successful, how brands measure impact, and the evolving role of AI in production workflows. He discusses collaborations with global brands like Nike and NYX, the unique opportunities for freelancers, and why AR spectacles re&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">4 months ago &#183; 1 like &#183; Gabriele Romagnoli</div></a></div><p></p><div><hr></div><h2>&#127909; Watch of the week: </h2><p>Leading AI economist <strong>Ajay Agrawal</strong> reveals the <strong>most critical skill</strong> for the future of work, and how mastering it will shape your role in an AI-powered world. It&#8217;s not coding. It&#8217;s not creativity. But it&#8217;s foundational for thriving in organisations being redefined by artificial intelligence.</p><p>This episode dives deep into:</p><ul><li><p>How jobs are transforming in the age of AI agents</p></li><li><p>What skills <em>actually</em> matter as automation spreads</p></li><li><p>Why <strong>power dynamics</strong> within companies are shifting &#8212; and who will benefit</p></li><li><p>The playbook for staying relevant in a world of increasingly capable machines</p></li></ul><p><strong>Why it matters</strong>:<br>As AI agents become collaborators in everything from digital design to metaverse logistics, human value shifts from execution to judgement and direction. This is a must-watch for anyone shaping the future&#8230; or trying to survive it.</p><div id="youtube2-UhfpHwcrx6c" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;UhfpHwcrx6c&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/UhfpHwcrx6c?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><h2>AI Spotlight &#127912;&#129302;&#127925;&#9997;&#127996;: Researchers race to teach AI irony in Marsden-funded study</h2><blockquote><p><em>In the Metaverse,</em> <em>AI will be critical for creating intelligent virtual environments and avatars that can understand and respond to users with human-like cognition and natural interactions.</em></p></blockquote><p>A Marsden-funded New Zealand research project is taking on one of the most slippery parts of human communication: irony. Dr Stephen Skalicky at Victoria University is building the first deep linguistic model of irony and satire, aiming to teach AI how to recognise and eventually use the kinds of sarcastic twists that humans deploy naturally in conversation, reviews and political commentary.</p><p>Humans do this instinctively. We can tell when &#8220;This is the best&#8221; means genuine delight or total despair. AI still trips over that distinction, which matters because irony saturates social media and customer feedback. Tech companies want models that can detect tone before they misread intent or misclassify content.</p><p>Skalicky&#8217;s work dives into the language patterns, cues and contradictions that make irony work. He says defining irony is the real battle, because even humans disagree on where sincerity ends and sarcasm begins. But if AI is ever going to operate smoothly in complex social spaces, it needs to understand this layer of meaning.</p><p>Not everyone is convinced machines should go there. Comedian Tim Batt points out that irony is rooted in lived human experience, and worries about losing the uniquely human spark that comes from joking about the world together. Research like this also raises deeper questions about whether AI should be trained to inhabit emotional spaces that once belonged only to people.</p><p>Still, the stakes are real. The more AI interacts with humans across messaging apps, metaverse platforms and social feeds, the more it needs to detect tone to avoid misunderstandings. This project is one step toward closing that gap, and it&#8217;s happening right here in Aotearoa New Zealand.</p><p></p><p></p><p></p><div><hr></div><p>That&#8217;s all for this week! If you have any organisations in mind that could benefit from keynotes about emerging technology, be sure to reach out. Public speaking is one of <a href="https://johnsonandhunt.com/ryan">many services</a> I offer.</p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://johnsonandhunt.com/reach-out&quot;,&quot;text&quot;:&quot;Reach out via my consulting website&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://johnsonandhunt.com/reach-out"><span>Reach out via my consulting website</span></a></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Metaverse Field Guide is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Weekly Journal: AI Powered Wearables are Helping People with Disabilities ]]></title><description><![CDATA[[6 min read] Your weekend guide to getting ahead on the digital frontier. Advancing wearable technology is empowering people with disabilities to perform daily tasks with more independence.]]></description><link>https://www.fieldnoteswithryan.com/p/weekly-journal-ai-powered-wearables</link><guid isPermaLink="false">https://www.fieldnoteswithryan.com/p/weekly-journal-ai-powered-wearables</guid><pubDate>Sun, 23 Nov 2025 10:02:39 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!JFe2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F370a52ee-c4df-4c7c-9fdc-5e062ce51ae1_1920x1672.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!JFe2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F370a52ee-c4df-4c7c-9fdc-5e062ce51ae1_1920x1672.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!JFe2!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F370a52ee-c4df-4c7c-9fdc-5e062ce51ae1_1920x1672.jpeg 424w, https://substackcdn.com/image/fetch/$s_!JFe2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F370a52ee-c4df-4c7c-9fdc-5e062ce51ae1_1920x1672.jpeg 848w, https://substackcdn.com/image/fetch/$s_!JFe2!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F370a52ee-c4df-4c7c-9fdc-5e062ce51ae1_1920x1672.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!JFe2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F370a52ee-c4df-4c7c-9fdc-5e062ce51ae1_1920x1672.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!JFe2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F370a52ee-c4df-4c7c-9fdc-5e062ce51ae1_1920x1672.jpeg" width="1456" height="1268" 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class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">James Rath, a filmmaker and content creator who is blind, incorporates Ray-Ban Meta and Meta AI in his workflow to capture first-person perspectives in outdoor settings. The AI technology embedded in Meta&#8217;s glasses also helps Rath check in on his guide dog, Hoagie. Rath can get feedback from Meta AI about what Hoagie is doing, or if he&#8217;s looking for his leash or food bowl.</figcaption></figure></div><p>Welcome to this week&#8217;s Weekly Journal &#128212;, your guide to the latest news &amp; innovation in emerging technology, digital assets, and our exciting path to the Metaverse. This is <strong>week 154 </strong>of the 520 weeks of newsletters I have committed to, a decade of documenting our physical and digital lives converge. New subscribers are encouraged to check out the <a href="https://www.metaversefield.guide/p/history-and-purpose">history &amp; purpose </a>of this newsletter as well as the <a href="https://onchainnz.substack.com/archive">archive</a>.</p><p>- Ryan</p><div><hr></div><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/weekly-journal-ai-powered-wearables?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thank you for reading Metaverse Field Guide. This post is public so feel free to share it.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/p/weekly-journal-ai-powered-wearables?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.fieldnoteswithryan.com/p/weekly-journal-ai-powered-wearables?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><div><hr></div><h2>&#127760; Digital Assets Market Update </h2><blockquote><p><em>To me, the Metaverse is the convergence of physical &amp; virtual lives. As we work, play and socialise in virtual worlds, we need virtual currencies &amp; assets. These have now reached mainstream finance as a defined asset class:</em></p></blockquote><p>&#128293;&#128506;&#65039;Heat map shows the 7 day change in price (red down, green up) and block size is market cap. </p><p>Bitcoin is falling because investors are getting nervous about a possible AI bubble and are pulling money out of riskier assets. This has caused a wave of selling that pushed prices down even faster. With interest rate cuts looking less likely soon, people are less willing to hold assets that do not earn income, like Bitcoin.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!P1Vd!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!P1Vd!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png 424w, https://substackcdn.com/image/fetch/$s_!P1Vd!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png 848w, https://substackcdn.com/image/fetch/$s_!P1Vd!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png 1272w, https://substackcdn.com/image/fetch/$s_!P1Vd!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!P1Vd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png" width="1366" height="683" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:683,&quot;width&quot;:1366,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:87680,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/179705178?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!P1Vd!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png 424w, https://substackcdn.com/image/fetch/$s_!P1Vd!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png 848w, https://substackcdn.com/image/fetch/$s_!P1Vd!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png 1272w, https://substackcdn.com/image/fetch/$s_!P1Vd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F977993f9-34b1-4408-9dff-83a35b84c9a7_1366x683.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#127917; <a href="https://coinstats.app/fear-and-greed/">Crypto Fear and Greed Index</a> is an insight into the underlying psychological forces that drive the market&#8217;s volatility. Sentiment reveals itself across various channels&#8212;from social media activity to Google search trends&#8212;and when analysed alongside market data, these signals provide meaningful insight into the prevailing investment climate. The Fear &amp; Greed Index aggregates these inputs, assigning weighted value to each, and distils them into a single, unified score.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!sSyK!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!sSyK!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png 424w, https://substackcdn.com/image/fetch/$s_!sSyK!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png 848w, https://substackcdn.com/image/fetch/$s_!sSyK!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png 1272w, https://substackcdn.com/image/fetch/$s_!sSyK!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!sSyK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png" width="530" height="157.4885004599816" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:323,&quot;width&quot;:1087,&quot;resizeWidth&quot;:530,&quot;bytes&quot;:115767,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.metaversefield.guide/i/179705178?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!sSyK!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png 424w, https://substackcdn.com/image/fetch/$s_!sSyK!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png 848w, https://substackcdn.com/image/fetch/$s_!sSyK!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png 1272w, https://substackcdn.com/image/fetch/$s_!sSyK!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b80affb-3777-4877-a66b-7677a8a566a5_1087x323.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p>From 84 &#8594; 10 in a week! Market psychology is fascinating.</p><div><hr></div><h2>&#128478;&#65039; Metaverse news from this week: </h2><h4>Fingertip Haptics Reach &#8220;Human Resolution&#8221;, Bringing Real Texture to Digital Worlds</h4><p>Northwestern University engineers have unveiled VoxeLite, the first fingertip haptic device that matches the natural sensing abilities of human skin. The ultra-thin, flexible patch wraps around the finger and uses a dense grid of tiny electrostatic &#8220;nodes&#8221; that press into the skin with precise patterns. Each node acts like a pixel of touch, delivering detailed and rapid tactile cues.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!gAFj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26d73720-f478-472a-a1ad-dfe5efdcf300_800x400.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!gAFj!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26d73720-f478-472a-a1ad-dfe5efdcf300_800x400.jpeg 424w, https://substackcdn.com/image/fetch/$s_!gAFj!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26d73720-f478-472a-a1ad-dfe5efdcf300_800x400.jpeg 848w, https://substackcdn.com/image/fetch/$s_!gAFj!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26d73720-f478-472a-a1ad-dfe5efdcf300_800x400.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!gAFj!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26d73720-f478-472a-a1ad-dfe5efdcf300_800x400.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!gAFj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26d73720-f478-472a-a1ad-dfe5efdcf300_800x400.jpeg" width="494" height="247" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/26d73720-f478-472a-a1ad-dfe5efdcf300_800x400.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:400,&quot;width&quot;:800,&quot;resizeWidth&quot;:494,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Bandage-like device brings texture to touchscreens&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="Bandage-like device brings texture to touchscreens" title="Bandage-like device brings texture to touchscreens" srcset="https://substackcdn.com/image/fetch/$s_!gAFj!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26d73720-f478-472a-a1ad-dfe5efdcf300_800x400.jpeg 424w, https://substackcdn.com/image/fetch/$s_!gAFj!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26d73720-f478-472a-a1ad-dfe5efdcf300_800x400.jpeg 848w, https://substackcdn.com/image/fetch/$s_!gAFj!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26d73720-f478-472a-a1ad-dfe5efdcf300_800x400.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!gAFj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26d73720-f478-472a-a1ad-dfe5efdcf300_800x400.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>This technology solves two long-standing challenges in haptics: spatial resolution (feeling fine textures) and temporal resolution (responding fast enough for realism). VoxeLite&#8217;s node array can move up to 800 times per second, covering the full range of human touch receptors.</p><p>In user tests, participants were able to recognise virtual textures and directional cues with high accuracy. The device can operate in active mode for creating synthetic textures on touchscreens, or passive mode where it becomes thin enough to blend into daily activity without blocking natural touch.</p><p>For the metaverse, VoxeLite represents a major step toward true digital tactility, allowing users to feel fabrics while shopping, sense materials in virtual environments, or experience richer interaction in accessible interfaces for people with vision impairments. It brings digital touch closer to the realism we already take for granted in sight and sound, and sets the stage for fully immersive mixed-reality experiences.</p><p></p><h4>Quantum Breakthrough Unlocks New Control Over Graphene</h4><p>Graphene is a remarkable &#8220;miracle&#8221; material, consisting of a single, atom-thin layer of tightly connected carbon atoms that remains both stable and highly conductive. These qualities make it valuable for many technologies, including flexible screens, sensitive detectors, high-performance batteries, and advanced solar cells.</p><p><a href="https://scitechdaily.com/quantum-breakthrough-unlocks-potential-of-miracle-material-for-future-electronics/">Researchers from G&#246;ttingen and partner institutions have directly observed Floquet effects in graphene for the first time</a>. This confirms that the material&#8217;s electronic properties can be light-engineered at ultrafast timescales, settling a long-standing scientific question. Using femtosecond momentum microscopy, the team showed that precise laser pulses can reshape graphene&#8217;s electronic states almost instantly. This proves that Floquet engineering works in metallic and semi-metallic materials, not only in insulators.</p><p>The discovery opens the door to tailoring quantum materials for specific uses in next-generation electronics, sensors, and computing. Scientists can now envision devices where electrons are guided and controlled with light, enabling designs that were previously impossible.</p><p>From a metaverse perspective, this breakthrough pushes forward the materials that will power future computing layers. Ultra-fast, light-responsive graphene could support faster processors, higher-density displays, and more efficient sensors, forming part of the hardware foundation for immersive, persistent digital worlds.</p><div><hr></div><h2>&#128214; Read of the week: What People Really Want from Social Media in the AR Metaverse</h2><p><a href="https://news.ucsc.edu/2025/09/stuser-preferences-social-media-ar-metaverse/">A new study out of UC Santa Cruz cuts through the hype and gives us something rare in the metaverse conversation: grounded evidence about what people actually feel comfortable doing in augmented reality</a>. Researchers tested how users react to different mixes of privacy settings and content formats, from 2D video through to 3D overlays in shared public spaces. The result is a simple pattern that says a lot about where AR social platforms should head next.</p><p>People want AR on their own terms. Participants felt most at ease engaging with AR content in private spaces, not busy streets or caf&#233;s. They also preferred familiar formats: 2D video over 3D holograms, and dynamic movement over static images. In other words, the future may be spatial, but users still anchor themselves in formats they trust.</p><p>This matters for anyone building the metaverse layer that will sit over our physical world. Private-first design, optional rather than intrusive overlays, and a focus on comfort over novelty will guide which platforms gain traction. It also hints at something bigger: the metaverse will not arrive as a dramatic leap into 3D spaces. It will creep in through formats people already use, gradually layering richer experiences as comfort grows.</p><p>For builders, investors, and policymakers, this study is a reminder that adoption follows trust, not spectacle. And for anyone dreaming of persistent AR social worlds, it shows the path forward is steady, human, and rooted in design choices that respect the user&#8217;s space before anything else.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!hh8l!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3164b3d-3fb6-44eb-a457-79a298d9c08c_683x1024.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!hh8l!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3164b3d-3fb6-44eb-a457-79a298d9c08c_683x1024.jpeg 424w, https://substackcdn.com/image/fetch/$s_!hh8l!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3164b3d-3fb6-44eb-a457-79a298d9c08c_683x1024.jpeg 848w, https://substackcdn.com/image/fetch/$s_!hh8l!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3164b3d-3fb6-44eb-a457-79a298d9c08c_683x1024.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!hh8l!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3164b3d-3fb6-44eb-a457-79a298d9c08c_683x1024.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!hh8l!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3164b3d-3fb6-44eb-a457-79a298d9c08c_683x1024.jpeg" width="425" height="637.1888726207907" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c3164b3d-3fb6-44eb-a457-79a298d9c08c_683x1024.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1024,&quot;width&quot;:683,&quot;resizeWidth&quot;:425,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Linda Hirsch demonstrating a game at the Seymour Center&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="Linda Hirsch demonstrating a game at the Seymour Center" title="Linda Hirsch demonstrating a game at the Seymour Center" srcset="https://substackcdn.com/image/fetch/$s_!hh8l!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3164b3d-3fb6-44eb-a457-79a298d9c08c_683x1024.jpeg 424w, https://substackcdn.com/image/fetch/$s_!hh8l!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3164b3d-3fb6-44eb-a457-79a298d9c08c_683x1024.jpeg 848w, https://substackcdn.com/image/fetch/$s_!hh8l!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3164b3d-3fb6-44eb-a457-79a298d9c08c_683x1024.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!hh8l!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3164b3d-3fb6-44eb-a457-79a298d9c08c_683x1024.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">Linda Hirsch, a postdoctoral researcher at the <a href="https://setlab.soe.ucsc.edu/">Social Emotional Technology Lab</a> within the Baskin School of Engineering</figcaption></figure></div><div><hr></div><h2>&#127909; Watch of the week: Meta&#8217;s Hyperscape: Scan Your Room</h2><p>The metaverse is <em>almost</em> here &#8212; and the Hyperscape hyperspace is hyper insane. Meta&#8217;s latest update lets you turn your actual room into a multiplayer VR hangout. It&#8217;s photorealistic, spatially accurate, and surprisingly easy to set up.</p><p>Up to 8 people can now step into your scanned space using a Quest 3/3S headset or the Meta Horizon app. Yes, that means friends chilling in your <em>actual</em> digital lounge.</p><p><strong>How to try it</strong>:</p><ol><li><p>Download Hyperscape (free) from the Meta Store</p></li><li><p>Scan your room (5&#8211;10 minutes)</p></li><li><p>Wait for processing (a few hours)</p></li><li><p>Reopen &#8212; and <em>boom</em>, you&#8217;re in</p></li></ol><p>Whether you&#8217;re showing off your space, catching up with mates, or just marvelling at the tech &#8212; <strong>it&#8217;s genuinely mindblowing</strong>.</p><p><strong>Why it matters</strong>:<br>These kinds of hyper-real, shared digital environments are exactly what the metaverse has promised. Hyperscape is one of the first mainstream tools delivering on that promise &#8212; and it&#8217;s free.</p><div id="youtube2-uV28618GD7w" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;uV28618GD7w&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/uV28618GD7w?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><h2>AI Spotlight &#127912;&#129302;&#127925;&#9997;&#127996;:  Ray&#8209;Ban Meta / Oakley Meta Glasses - AI for Accessibility</h2><blockquote><p><em>In the Metaverse,</em> <em>AI will be critical for creating intelligent virtual environments and avatars that can understand and respond to users with human-like cognition and natural interactions.</em></p></blockquote><p><a href="https://about.fb.com/news/2025/11/meta-ai-glasses-empowering-people-with-disabilities/">News from Meta Platforms reveals that its next-generation AI glasses are being marketed not just as a stylish consumer gadget, but as a serious assistive tool for people with disabilities.</a> According to their November 2025 announcement, these glasses allow wearers to make phone calls, send texts, receive environment descriptions, translate speech, and capture photos and videos&#8212;<strong>hands-free</strong>&#8212;all via voice commands and built-in AI. <a href="https://about.fb.com/news/2025/11/meta-ai-glasses-empowering-people-with-disabilities/">About Facebook</a></p><p><strong>Key Features &amp; Use Cases</strong></p><ul><li><p>The devices support <strong>voice control</strong> for calls, messages and media capture, which is crucial for users with limited mobility. </p></li><li><p>They include an environment-description capability and a &#8220;Call a Volunteer&#8221; feature, powered by a collaboration with Be My Eyes, that connects blind or low-vision users with volunteers to help interpret surroundings.</p></li><li><p>Wearers such as a quadriplegic veteran described the ability to take photos of his baby for the first time as &#8220;incredible&#8221;. </p></li><li><p>Creators who are blind reported using the glasses to check camera settings and direct filming without needing assistance. </p></li><li><p>Other users with ADHD and autism said the glasses helped them stay present in the moment and avoid distraction by keeping their phones out of sight. </p></li></ul><p><strong>Why This Matters</strong></p><ul><li><p>These glasses illustrate a shift from <strong>AI for novelty</strong> to <strong>AI for empowerment</strong>, bridging the gap between consumer tech and meaningful accessibility.</p></li><li><p>In the emerging metaverse and spatial computing era, wearables like these could help ensure that <strong>digital worlds are inclusive</strong>, reachable and usable by people with varying abilities&#8212;not just the able-bodied.</p></li><li><p>Because the glasses capture photos and videos from the first-person point of view, they create <strong>new content-creation pathways</strong> for people who were previously restricted by mobility or vision.</p></li><li><p>By collaborating with disability-focused organizations and offering specialised training materials (e.g., for veterans with low vision), Meta signals a recognition that accessibility must be built in, not bolted on. </p></li></ul><p><strong>Caveats &amp; Questions Ahead</strong></p><ul><li><p>Whilst powerful, wearables still rely on hardware cost, battery life, comfort and connectivity&#8212;all of which can limit accessibility in low-resource settings.</p></li><li><p>Privacy, data security and consent become especially sensitive when wearables capture continuous audio/video in real world settings.</p></li><li><p>How well the AI context-understanding will work &#8220;in the wild&#8221; for diverse accessibility needs (e.g., people with cognitive impairments) remains to be fully tested.</p></li><li><p>Will the metaverse built with such hardware be genuinely inclusive at scale, or will it remain a premium niche?</p></li></ul><p><strong>Bottom Line</strong><br>Meta&#8217;s AI glasses are a strong step toward equalising access to digital and connected worlds. In a metaverse where virtual environments, avatars and immersive platforms are rapidly expanding, having hardware and AI that serve diverse abilities is vital. This is not just tech for &#8220;cool&#8221; use-cases&#8212;it&#8217;s tech with the potential to redefine participation.</p><div><hr></div><p>That&#8217;s all for this week! If you have any organisations in mind that could benefit from keynotes about emerging technology, be sure to reach out. Public speaking is one of <a href="https://johnsonandhunt.com/ryan">many services</a> I offer.</p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://johnsonandhunt.com/reach-out&quot;,&quot;text&quot;:&quot;Reach out via my consulting website&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://johnsonandhunt.com/reach-out"><span>Reach out via my consulting website</span></a></p><h4> </h4><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.fieldnoteswithryan.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Metaverse Field Guide is a reader-supported publication. 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