Rumors are swirling after a list of Dialog’s attendees and members leaked to the public. It includes journalists, politicians, tech figures, academics, and corporate leaders.

The revelation inspired a massive outcry because Dialog is an off-the-record conference of elites—a detail which led some to liken it to a Jeffrey Epstein-like conspiracy. That’s an understandable response when people hear that a creepy Epstein-connected billionaire is quietly convening influential figures on both the political left and right to discuss topics like how to prepare for World War III and how to “Build-a-Cult.”

Such a ridiculous format makes an easy target for conspiracy narratives and mockery. But what is Dialog, really?

My take: Participation in Dialog certainly raises some questions—especially for journalists who either paid $16,000 to attend an off-the-record conference or else received discounts, which is potentially more problematic (given journalism ethics rules). Now that the guest list has leaked, the promise of discretion that made Dialog attractive is exactly what’s working against everyone on it. The next time someone gets an invitation to a mysterious off-the-record retreat, they’ll likely do some research first.

Dialog provides a window into the process of how wealthy elites like Thiel and his cronies build quiet networks of influence at various levels. While viral Instagram memes comparing Dialog to an Epstein-style scandal went overboard, they show the degree to which Thiel has become a universal boogeyman who symbolizes elite conspiracies for global control. But the reality is more complex—and alarming—than one snotty private dork conference.