We need a total and complete shutdown of the financial markets until our country's representatives can figure out what is going on
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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 …
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Probably the most intelligent writing about the meme stonk/cryptocurrency equivalence right now comes from
@nope_its_lily3 replies 3 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
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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
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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.
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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
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The Onion predicted today's startup and meme economy back in 2002https://www.theonion.com/20-percent-of-area-mans-income-spent-ironically-1819566587 …
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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.
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Replying to @Pinboard
Beauty contest capitalism is another term for ithttps://en.wikipedia.org/wiki/Keynesian_beauty_contest …
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always time for some GAME THEORY
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Replying to @Pinboard
I’ve tried to convince a few literary theory types that they should think of game theory as a mode of rhetoric along Deirdre McCloskey lines, so far with no success.
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