diff --git a/claims/is-weird-culture.md b/claims/is-weird-culture.md index b522724..fbf2394 100644 --- a/claims/is-weird-culture.md +++ b/claims/is-weird-culture.md @@ -1,4 +1,4 @@ -# Crypto has a weird subculture +# Crypto subculture The crypto subculture is an example of a self-organizing [high control group](../concepts/high-control-group.md) whose existence organically creates a market mania, [bubble](../concepts/bubble.md) and [narrative economics](../concepts/narrative-economics.md) that entices the public to invest in the asset class or join the group and its subculture. Since the asset class is [non-productive](../concepts/productive-asset.md) and [is-negative-sum](is-negative-sum.md) the crypto scheme entirely depends on attracting new investor inflows based on narratives of "money for nothing" and "easy wealth" that clash with traditional readings of [economics](../concepts/keynsian-economics.md). These schemes may also depend on [technosolutionism](../concepts/technosolutionism.md) or [libertarianism](../concepts/libertarianism.md) to justify bringing more [greater fools](../concepts/greater-fool-theory.md) into the scheme. @@ -60,4 +60,4 @@ Crypto culture depends heavily on a distortion of language to signify belonging 1. Golumbia, David. 2018. ‘Zealots of the Blockchain: The True Believers of the Bitcoin Cult’. The Baffler, no. 38: 102–11. 1. Lee, Seung Cheol. 2020. ‘Magical Capitalism, Gambler Subjects: South Korea’s Bitcoin Investment Frenzy’. Cultural Studies 0 (0): 1–24. https://doi.org/10.1080/09502386.2020.1788620. 1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster. -1. Samman, Amin, and Stefano Sgambati. n.d. ‘Financial Eschatology and the Libidinal Economy of Leverage’. Theory, Culture & Society (Forthcoming). https://doi.org/10.1177/02632764211070805. \ No newline at end of file +1. Samman, Amin, and Stefano Sgambati. n.d. ‘Financial Eschatology and the Libidinal Economy of Leverage’. Theory, Culture & Society (Forthcoming). https://doi.org/10.1177/02632764211070805.