Online and distance learning is a practice situated in environments--places, spaces, and times, with particular people, in particular contexts, with particular technologies, within particular institutions. In other words, the practice of online and distance learning is not wholly individual: it is situated within broader environments. In this reflective article, we argue that to understand learning in online contexts, it is important for researchers to understand the broader environments in which learners are located. We illustrate this argument by presenting a narrative of a fictitious learner pursuing a degree in decentralized finance.