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and this... is GOOD fashion/popularity/coolness is good because it's bubbles and bursts actually contribute quite a bit to culture. "man cannot live by bread alone"

just like a huge price spike triggers margin calls and wipes out a hedge fund, spikes in attention focusing actually bring certain ideas into the collective conscious the discrete event carves deeply into reality producing real effects even if they r not ECONOMICALLY measurable

so the individuals buying dogecoin just for the sake of owning one are not so different than the individuals who buy luxury bags or diamonds or even gold yet we don't suddenly say that luxury brand companies and mining companies don't deserve their marketcap

the difference is that traditional companies that make money out of thin air via the artificial scarcity of fashion and popularity have a cashflows in fiat. because the flow of fiat is REAL then the company feels real

but crypto's whole argument is "my doge or whatever it is just bought is just as good as your dollar" or "my black clothing and vaping is just as good your straight A's and perfect SAT scores"

trying to force fit a model that doesn't make sense is like the clod father saying "hey, life is wonderful, stop cutting yourself and having suicidal thoughts, that's not rational." the feelings may not make sense but denying the reality of their existence makes less sense

you cannot look at real blood being spilt and just dismiss it just because you cannot understand it

this is not to say that the current price is sustainable. what i suspect is happening right now is that massive amounts of doge are now stuck behind people getting their ids validated so that they can transfer to an exchange and get some usd

once that supply hits, it will flood the demand and drive it back down, causing a panic which will increase supply even more, etc... etc...https://twitter.com/a_yawning_cat/status/1389472515962019841 …

the reason this is happening w/ doge more than other coins is because it was a joke coin so it was not supported by many exchanges. thus it has a supply bottleneck while the other coins do not. (also it's easy to just buy one doge as keepsake since the price is so small)

in that sense, the current price of doge is easily manipulated because the people active in the market are not representative of "real" buyers. just like if a few billionaires trade a few NFTs between themselves at millions of dollars to stoke the market

this again matches how real popularity/coolness works you need an elite group of hipsters to say "this is cool" BEFORE it gets actually cool.

AND just like with fashion, the purpose of buying fashionable items is for sexiness and matchmaking AND in a world stuck inside with covid where others can't see what ur wearing "look at me i have the money of the future" is pretty darn sexy

in general, popularity pulsates like a wave out from a central Source. the closer you are to the Source the higher a price premium you have because you can act before the wave hits the masses and causes supply influx you want to be hipster BEFORE hipster is a word

this is valuable because it creates a hierarchy of value. you can signal that you are closer to Source or have the ability to identify Source. this can closeness to the Most Popular Kid, the Richest Dude, the Smartest, the Cult leader, whatever....