Modern economic systems do not fail all at once. They shift.The Lost Signal explores how that shift happens—not through collapse or design flaws, but through a series of small, rational choices that accumulate over time. As participation grows and attention moves, systems evolve in ways that often diverge from their original intent.Drawing on more than 580 conversations with founders, builders, and operators, Jamil Hasan moves beyond surface-level discussion to examine the deeper structures shaping these systems. Instead of focusing on markets or short-term outcomes, he looks at the underlying layers that determine how systems function and persist:how value is structured and controlledhow visibility and privacy shape behaviorhow identity enables trust and continuityhow community sustains participation over timeAcross these layers, a consistent pattern emerges. Systems do not become what they were designed to be. They become what people use them for—and that use is shaped by incentives, narratives, and what is easiest to see.The Lost Signal is not a technical manual or a market analysis. It is an interpretive work that connects individual insights into a broader framework for understanding how systems evolve, where they drift, and what remains possible.At a time when these systems are moving into wider economic and social contexts, the questions shift. Not whether they will succeed—but which version will take hold.Because in the end, the outcome is not predetermined. It is shaped by what people choose to build, support, and prioritize.

Modern economic systems do not fail all at once. They shift.The Lost Signal explores how that shift happens—not through collapse or design flaws, but through a series of small, rational choices that accumulate over time. As participation grows and attention moves, systems evolve in ways that often diverge from their original intent.Drawing on more than 580 conversations with founders, builders, and operators, Jamil Hasan moves beyond surface-level discussion to examine the deeper structures shaping these systems. Instead of focusing on markets or short-term outcomes, he looks at the underlying layers that determine how systems function and persist:how value is structured and controlledhow visibility and privacy shape behaviorhow identity enables trust and continuityhow community sustains participation over timeAcross these layers, a consistent pattern emerges. Systems do not become what they were designed to be. They become what people use them for—and that use is shaped by incentives, narratives, and what is easiest to see.The Lost Signal is not a technical manual or a market analysis. It is an interpretive work that connects individual insights into a broader framework for understanding how systems evolve, where they drift, and what remains possible.At a time when these systems are moving into wider economic and social contexts, the questions shift. Not whether they will succeed—but which version will take hold.Because in the end, the outcome is not predetermined. It is shaped by what people choose to build, support, and prioritize.

Modern economic systems do not fail all at once. They shift.The Lost Signal explores how that shift happens—not through collapse or design flaws, but through a series of small, rational choices that accumulate over time. As participation grows and attention moves, systems evolve in ways that often diverge from their original intent.Drawing on more than 580 conversations with founders, builders, and operators, Jamil Hasan moves beyond surface-level discussion to examine the deeper structures shaping these systems. Instead of focusing on markets or short-term outcomes, he looks at the underlying layers that determine how systems function and persist:how value is structured and controlledhow visibility and privacy shape behaviorhow identity enables trust and continuityhow community sustains participation over timeAcross these layers, a consistent pattern emerges. Systems do not become what they were designed to be. They become what people use them for—and that use is shaped by incentives, narratives, and what is easiest to see.The Lost Signal is not a technical manual or a market analysis. It is an interpretive work that connects individual insights into a broader framework for understanding how systems evolve, where they drift, and what remains possible.At a time when these systems are moving into wider economic and social contexts, the questions shift. Not whether they will succeed—but which version will take hold.Because in the end, the outcome is not predetermined. It is shaped by what people choose to build, support, and prioritize.