Explainer
AI
Culture
Digital
5 min read

How tech harvests our humanity

The second in a three-part series exploring the implications of technology.

James is Canon Missioner at Blackburn Cathedral. He researches technology and theology at Oxford University.

blue cables converge on a server.

In the first article, I painted a picture of the ordinary person using modern technology, for example, social media on a smart phone. I noted that advocates for modern technology seem to have two basic principles: that technology is natural and neutral. In this next article I want to introduce the philosophy of Martin Heidegger and show how he pushes against these two basic principles and invites us to think again about modern technology. Heidegger’s instinct, as a twentieth century philosopher, is to be suspicious that things are not as they seem, he casts his suspicious gaze over modern technology and sees a way of being that technology encourages that exists underneath the technologies that we use every day. 

What Heidegger wants to show us about modern technology is not related to specific concerns about particular technologies but instead a general suspicion about the ‘essence’ of technology, or, you could say, the spirit of technology. He doesn’t want us to immediately jump to pragmatic questions about how to use technology, as if the primary question is how to make any given technology better or more moral. Instead, Heidegger wants us to take modern technology together as a whole and ask, “What is the essence of this?” Heidegger’s contention is that “technology is not an object or set of objects, nor a way of handling objects with tools, but a form of being the world. It is not something we choose to refuse, but the environment in which modern humans come into existence.”

Heidegger argues that underneath any piece of tech that we might use in our day-to-day lives, technology at its core has already completely changed the way that we as a society understand and interact with the world and everything in it. We live in a technological age and as members of a technological society and so we have been shaped by (to use Christian language, we have been ‘discipled’ by) the spirit of the age to see the world around us. Heidegger suggests that we now see the world as broken down into useable bits that can be categorised and reformed to suit our needs. As Mark Wrathall puts it, the essence of technology is to train us to “experience the world as calling on us or drawing us. To transform everything into stock pieces, so that they can be placed into a vast inventory of options.”[2] Growing up in a technological society means that we see the whole world as an Amazon warehouse a place of seemingly limitless options that can be called upon depending on our needs and quickly delivered.  

A piece of technology such as the smartphone points to a wider ‘spirit’ of technology which intends to position everything, even human beings, as replaceable resources within a larger system. 

The central word that Heidegger uses to describe the essence of technology is gestell which is not an easy word to translate into English, but two possible translations would be ‘positionality’, or ‘enframing’. His point is that the essence of technology is to remove objects, people, and things from their natural environment and position them so that they might become useful, a resource, available for our manipulation. When Heidegger says that the essence of technology is gestell he is pointing to the way that modern technology extracts objects from their contexts and turns them into a quarry to the plundered. There are of course obvious ways in which humanity has always extracted resources from the natural world: we have always quarried for energy (coal, oil etc) or chopped down forests for wood. By claiming that the essence of modern technology is gestell, Heidegger wants us to notice that in the modern world, it’s not just quarries or forests that we mine for resources but now anything and everything can be turned from being a singular object in the world into a recourse for extraction. Everything has become what Heidegger calls “standing reserve.”  

Think again of a smartphone, it is just one of the billions of devices that sit on shelves or, having already been purchased, live in someone else’s pocket. Inside each device are thousands of transistors and circuit boards each of which again are stockpiled in warehouses ready to be replaced if needed or used for some other purpose. Your phone is connected to a network of nodes each of which can be replicated or replaced if needed, no node is unique.  Your latest phone has no unique or prize relation to you, it’s just the latest upgrade which will be recycled in a year or two when the next upgrade becomes available. The person from whom you bought the phone is equally replaceable, just a faceless employee completing a set of controlled and pre-arranged tasks that are designed to be completed by anyone and no one in particular. Likewise, you as the consumer are considered to be little more than “standing reserve” by the companies that supply you with your smartphone and access to their networks. One of many millions of nodes in their system that has been analysed so that your preferences can be expertly mapped to the range of services that they provide. Within that system, you are completely replaceable. A piece of technology such as the smartphone points to a wider ‘spirit’ of technology which intends to position everything, even human beings, as replaceable resources within a larger system: “Every item within this standing reserve is reduced to a position, actively waiting to be called on. Heidegger insists this is no judgment on the radio, the internet, or the smartphone user. It is just the way in which the essence of modern technology interacts with humanity… Heidegger provides a diagnosis of our modern age and the way in which we humans have placed ourselves under the sway of modern technology, as a resource standing within a network which seeks, ultimately, to place, represent, and think of every entity as an object within an all-encompassing system.”

Let’s return to the original thought experiment at the start of the first article: a mother playing with her child, who immediately reaches for her phone to capture the moment when her child does something particularly cute. An advocate for modern technology, like Steve Jobs, may look at that interaction and see only the benefit: a mother wanting to remember a beautiful moment with her child extends the capacities of her brain using a digital tool to aid her memory. But Heidegger would be more suspicious, he would look at that moment and argue instead that the essence of technology is to turn everything, even a precious moment with a cute baby, into a resource to be used at a later date. The unique moment of joy and delight between parent and child becomes caught and codified such that it can be found and replayed at will or easily replicated to send to others. At the extreme end of the spectrum are so-called content creators who reduce themselves to just another resource to be harvested on social media. 

So that is Heidegger’s diagnosis of our technological age, in the final article in this series we will consider Heidegger’s solution and consider what a particularly Christian response to Heidegger’s diagnosis might look like. 

Article
Culture
Economics
Ethics
1 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?
A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.
$Trump coin marketing image.
gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend. 

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin. 

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”. 

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap. 

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.  

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages). 

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history. 

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators. 

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s. 

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities? 

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources... 

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment. 

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis. 

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation). 

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production. 

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold. 

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.  

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains. 

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one. 

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded. 

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank. 

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option. 

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”. 

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud. 

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved. 

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.