Over the last 50 years the process of producing transcripts of all kinds of interactions has become an important practice for researchers in a wide range of disciplines. Only rarely, however, has transcription been analyzed as a cultural practice. It is here argued that it is precisely the lack of understanding of what is involved in transcribing that has produced a number of epistemological problems, including the tendency to become either virtual-realists or hypercontextualists. By proposing a new interpretation of Plato's famous story of the prisoners in the cave who could only see the shadows of what was happening outside, this article examines the advantages of the selective nature of transcription, unveils some of the cognitive and affective implications of engaging in transcription, and proposes a complementary approach to transcription, in which transcripts are evaluated with respect to what they can (or cannot) reveal within a particular domain of inquiry.