Almost three decades ago I was the economist that said that the internet was about as useful as a fax machine. What did I miss? I was far too optimistic about the US coming to its senses about sensible internet regulation; why would policymakers want to facilitate online porn and illegal activities? Second, I did not appreciate how misinformation online would compete with mainstream reliable news sources to serve as the platform of choice in the twenty-trillion messages per day global miscommunication network. This demand puts a floor on its utility, as I discuss at length in my new book Our Media, Your Problem. Third, I did not anticipate a situation where regulators, and especially the regulator in chief, would be able to brazenly hold hundreds of millions (if not billions) of dollars in tech stocks and social media companies seemingly without consequence given the blatant conflict of interest.(BitMEX Research)