Package-Hustle-Pump-Dump loop. PHPD.
Not just art. Economy of whole top 2/3 of Maslow pyramid seems to run on it. If you’re not willing to play, you’ll leave 70% of the value of anything you do on the table. It’s the part that comes from signaling value.
nytimes.com/2019/03/23/art
Conversation
The economy is like a deep learning AI in that it cannot “see” or price the part humans find valuable directly. It can only price the metadata so to speak: revealed preference patterns evident in memetic spread. So if you can hack that, you can hack price, demand, and supply.
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There’s just enough people who are clueless/bot-like in that they’ll value things purely on social proof, for the scheme to work. Anything can be tokenized like a crypto token and turned into fodder for this machine, so long as it’s not life-critical bottom-of-Maslow stuff.
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Even then,sometimes signal value can outbid intrinsic value for stuff like water. Securitize, tokenize, PHPD...
The invisible hand is also guided by a half-blind eye that can only see things “priced into” memetic spread dynamics. If it can’t be memefied it can’t be priced.
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Replying to
Have you talked to / pinged
David Ronfeldt about the idea? I think he'd be interesting to talk to about it. (He's on Facebook.)
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No, I don’t generally talk about my thinking with anyone till it’s fully baked enough that I don’t have to because it speaks for itself, warts and all🙂
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This is a great insight. Can observe this in everything from stock market bubbles to irrational startup valuations to new crypto initiatives. Can be framed in terms of speculation vs fundamentals. Failure mode is more likely with opaque, subjective fundamentals.
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