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Released on Virgin with The Cowboy Song as its B-side, it entered the UK chart at 21 on 21 October 1978 and peaked at nine on 4 November. Mojo's Andrew Perry called it Lydon's anthem of self-definition. The record starts with his repeated Hello, hello, a spontaneous ad lib to check that the microphone was on. Engineer John Leckie said it was recorded in July 1978 at Advision as pretty much a live take, with Levene's guitar double-tracked and Lydon singing through a Space Echo.

The single came in a fake newspaper sleeve. NME ranked it the 242nd greatest song of all time in 2014, and Stylus named its bass line the 18th best of all time in 2005. Reynolds wrote in Pitchfork that it is about how a stage persona can become a lie the performer is forced to live out, with Lydon casting off Johnny Rotten as a theatrical role. Stuart Berman wrote that Levene's guitar curlicues are the stuff Daydream Nations are made of.

At an impromptu concert at the Factory Club in Manchester in June 1979 the band started the song, let it fall apart and restarted it, with Lydon telling the crowd it was a rehearsal. It has been covered by the Germs, Pearl Jam, Ministry, Revolting Cocks, the Long Ryders, Feeder, Menswear, Scrawl and Alphabeat.