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A director who doesn't come up to the builder's heels makes a four-hour film about him. Yesterday in Venice, Alex Gibney's nearly four-hour documentary "Musk" had its world premiere. It is a classic case of someone who has spent a career telling other people's stories taking on a man who actually builds those stories with rockets, cars, satellites, and infrastructure, not slides. Alex Gibney is an acclaimed documentarian. An Oscar for Taxi to the Dark Side, Emmys for Going Clear on Scientology, high-profile films on Enron, Elizabeth Holmes and Theranos. His specialty is exposing corporations, cults, and frauds. He does it skillfully and with a thesis. The problem starts when he applies the same method to someone who is not selling an illusion, but hardware that either flies or blows up in front of the entire world. Gibney's fuel is controversy. Elon's fuel is the pursuit of truth hard, engineering truth, the kind that either works on the test stand or it doesn't. It would have been enough to make a film based on facts. Instead we got another rut that fits the slogans of provocation: megalomaniac, confidence man, threat to democracy, an AI avatar reciting old quotes, ex-wives, his father, a former partner. Musk said in 2023 it would be a hit piece. After the premiere, a large share of reviewers effectively agreed with him. I don't know about you, but four hours of falsified formulas would bore me. Instead I watch how much Elon has already done. His energy is extraordinary. Tesla changed the car industry. SpaceX brings rockets back. Starlink works. Starship stands on the pad and prepares for the next flight. This is not a PowerPoint. It is steel, fuel, engines, and people who cannot hide failure in the edit suite. A weak documentary like this is a crumb on the shoulder of his jacket. Now it depends on us when and how quickly that blown-off crumb a utopian attention vampire is simply starved of attention. You could list the names of people who tried to take Elon's energy. Energy is the most precious thing we have. Anyone who steals it with slogans, gossip, and a four-hour indictment that excludes the main subject is sowing under his own feet. Gibney: you reap what you sow. If you have a shred of shame, look at the list of Elon's accomplishments. Look at what kind of person he is for the world and what he does around himself so that things get better cars that drive, internet from orbit, rockets that return, attempts at a brain-computer interface, AI that is supposed to be more than another chatbot. You can dislike his tweets, his political alliances. You cannot honestly erase the scale of what was physically built. A good documentarian should stand, at least for a moment, in the shoes of the person he is portraying. Gibney did not just fail to do that. He took a measure cut for Enron and Holmes and held it up to a man who lands rockets. He left Elon's shoes in the edit suite. Elon walked on barefoot and kept building. One man tells stories about the world from an editing chair. The other moves that world. A four-hour film will not change that. At most it will confirm what people who already disliked Musk already believed. Everyone else can blow the crumb off the jacket and keep going. History does not judge a man by the length of a film. It judges him by what is still in the air when the camera has stopped running. Controversy feeds on attention. Building feeds on repetition. One vanishes when you look away. The other keeps flying. You can cut a man together in four hours. You cannot cut a landing together. A documentary can be switched off. The work cannot.

They smashed babies against trees and murdered nearly 2 million Cambodians in under 4 years chasing a pure agrarian communist utopia with no cities, no money, and no private property. On April 17 1975, the Khmer Rouge rolled into Phnom Penh and within hours emptied the entire city, marching hospital patients and the elderly into the countryside on foot as they declared Year Zero and set out to erase every trace of the old society. Anyone tied to the past became a target and wearing glasses alone could get you killed because it proved you could read, while doctors, teachers, engineers, and monks were executed as enemies of the revolution. They turned a high school into a prison where roughly 20,000 people were tortured into confessing crimes that never happened, after which they were trucked to mass graves in the killing fields where executioners smashed infants against the killing tree to save bullets. But they never achieved a classless utopia so it wasn’t like real communism.

The open society and its enemy, Soros. While he named his Open Society Foundations after Karl Popper’s “The Open Society and Its Enemies,” his project stands as a philosophical inversion of everything Popper defended. Popper’s open society rested on critical rationalism, the recognition that no one possesses final truth, that institutions must remain open to criticism and piecemeal reform, and that democracy functions as a method for removing rulers without bloodshed. He rejected historicism, the belief in iron laws of history that justify sacrificing present generations for a utopian future, and warned that such thinking inevitably produces closed, authoritarian societies. Soros has repurposed the label to advance a grand project of engineered demographic transformation. Through mass immigration, multiculturalism as official policy, and diversity mandates that prioritize group identity over individual merit and assimilation, his foundations actively dissolve the cultural continuity and social trust that make rational criticism and incremental change possible. Popper understood that openness requires a stable framework, a shared language of reason, basic cohesion, and institutions citizens feel they collectively own. Soros treats those foundations as obstacles to be overcome in the name of an abstract, borderless openness. The concrete results are visible. Parallel societies that operate under different norms, public spaces where debate on the scale and selection of immigration is treated as illegitimate, and the rise of identity based hierarchies that close off dissent in the name of equity. These are certainly not expansions of the open society, but new forms of closure, tribal in character, enforced through institutional capture rather than overt dictatorship, yet hostile to the very critical spirit Popper placed at the center of civilized life. Philosophically, Soros replaces Popper’s falsification and humility before reality with a new historicism, the conviction that global multiculturalism and open borders represent inevitable moral progress, and that resistance from actual existing communities constitutes the new enemy. The machinery funded in the name of openness does not test its own assumptions against evidence, it suppresses the questions. Those who still value the ideal of an open society should read Popper on their own terms. They will find that Soros has not extended the open society, but has supplied its most sophisticated contemporary enemies.

Kraken 收购 Reap，交易所的增长逻辑已经变了 Reap 是香港一家名不见经传的支付公司，成立于 2018 年，后来逐渐转向 stablecoin 原生的支付基础设施，把稳定币结算、公司卡、跨境付款、企业财务管理做成 API 化能力。 这个定位很像 Stripe 在 2025 年收购的 Bridge。有意思的是，Reap 创始人 Daren Guo 本身就是 Stripe 第 90 号员工，参与了 Stripe 全球扩张和亚太业务启动。 这笔收购，以 Kraken 母公司 Payward 估值 200 亿美元作为基准对价，也是为 Kraken 接下来冲刺 IPO 进行蓄力。 过去一年多时间，Payward 有 7 笔重要收购 (附图)，包括对股票 RWA 发行商 xStocks (Backed) 的收购，这是币圈用户比较熟悉的一个平台。这些交易不是孤立的，能明显感受到，Payward 不希望业务只是交易所，还覆盖了交易、期货衍生品、股票 RWA、稳定币支付等赛道。 基于稳定的支付，是区块链技术最有可能实现 mass adoption 的方向。在这个方向上，其它交易所 / 支付巨头也都在行动： ◦ Coinbase 在 2024 年收购了 Utopia Labs，以加速 Coinbase Wallet 的链上支付路线； ◦ Stripe 在 2025 年收购了 Bridge，Web2 支付巨头全面进军链上。近期还拉了 Meta 一起合作，通过 Bridge 向 Meta 的内容创作者跨境支付 USDC。 ◦ Binance 在主推 Binance Pay，包括扫码支付、与 IM 聊天整合在一起的转账支付体验，近期在越南也有很多动作； ◦ OKX 在主 app 里，基于 X Layer 这条链，推 USDG 和 OKX Pay，环环相扣；还接入了 GrabPay 商户网络，用户可以用 USDC/USDT 扫 GrabPay 二维码，商户最终收到 SGD 法币。 交易所的增长逻辑已经变了。 以前，交易所竞争的是深度、币种、手续费、衍生品等交易逻辑；现在稳定币成为链上美元，交易所开始竞争「谁能把稳定币余额变成真实支付流」。

Rasmus Poulsen, the art director for the new James Bond game 007: First Light, shared details about the project’s themes and how it was made. He explained the main idea in many Bond stories with these words: “The thematics of Bond are often: beware of utopia.” Poulsen also confirmed that his studio, IO Interactive, chose not to use any generative artificial intelligence. “No we haven’t,” “We haven’t worked with AI on the project, generative AI.”

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