We need a total and complete shutdown of the financial markets until our country's representatives can figure out what is going on
-
Show this thread
-
GameStop itself finally came to their senses and decided instead of buying old Atari cartridges in a strip mall to focus more on the money raining from the skyhttps://hypebeast.com/2021/5/gamestop-nft-announcement-information …
2 replies 11 retweets 87 likesShow this thread -
Probably the most intelligent writing about the meme stonk/cryptocurrency equivalence right now comes from
@nope_its_lily1 reply 2 retweets 29 likesShow this thread -
The serious lesson in the GameStop situation is that looking at the stock in traditional terms will completely blind you to what is going on. People should apply the same lesson to cryptocurrency—you understand it best if you ignore the blockchain and tech aspects of it entirely
1 reply 17 retweets 80 likesShow this thread -
All these assets are priced based on the expectation that some core set of bagholders will continue to believe in a story. One way to raise this is to improve the story (fancier smart contracts etc.), but another that works is to make the stories self-deprecating inside jokes
3 replies 12 retweets 73 likesShow this thread -
The very ridiculousness of the crypto economy (Dogecoin, art-burning NFTs) creates a dynamic of squares and cool kids, and this differentiation reassures speculators that there will always be a layer closer to the center of the onion they can sell to. We have monetized irony.
2 replies 29 retweets 116 likesShow this thread -
My main theory as to what's going on is that it's still March 2016, I am laying passed out on the Antarctic ice, and a skua is pecking at my cooling brain
3 replies 5 retweets 107 likesShow this thread -
The Onion predicted today's startup and meme economy back in 2002https://www.theonion.com/20-percent-of-area-mans-income-spent-ironically-1819566587 …
3 replies 15 retweets 73 likesShow this thread -
I've been talking for 9 years about Scheherazade capitalism—how in a dynamic where storytelling has large payoffs, focusing on the content of those stories distracts you from seeing the real incentives at work. But I played myself. There are Dogecoin billionaires out there now.
4 replies 4 retweets 67 likesShow this thread -
Replying to @Pinboard
Makes me wonder why I’m bothering to bust my ass working and investing in 401k for retirement. I keep wanting to see the crypto bubble burst to vindicate me but it just keeps going…
1 reply 0 retweets 1 like
It is very destabilizing to see frivolity rewarded if you work for a living. I think this is a social harm that outweighs even the financial ones of these bubbles
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.