Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6842171823401029632
Financial Times #Crypto: #Cryptocultism promises a #social and #financial #revolution that will energise #technological #innovation, all the while rewarding the worthy with vast #wealth. Many #cults have offered such transformative promises, but few if any have posed such #RISKs to #retail #investors, #centralbanks and even the environment if they cannot live up to them.
#Dogecoin #Creator: ‘the #joke #ryptocurrency that shot to prominence this year thanks to #Musk’: “After years of studying it, I believe that #cryptocurrency is an inherently rightwing, hyper-capitalistic technology built primarily to #amplify the #wealth of its proponents through a combination of #tax #avoidance, #diminished #regulatory #oversight & #artificially #enforced #scarcity.”
“‘History never repeats itself, but it does often rhyme’ .”
Former #Coinbase employee: “I think nerdy types like me got fooled because #bitcoin made us feel cool, like a Revenge of the Nerds type thing, so we were incentivised to not ask ourselves hard questions. And then, the non-technical people got fooled because they didn’t understand the technology. So, it created a powerful pair of blinders.”
“For many of those dabbling in #cryptocurrencies, the goal is simply to get rich, not to build a new world order. “When #Lambo?” is a common phrase on crypto forums, with members wondering when they’ll be rich enough to buy a Lamborghini. In practice it can be tricky to disentangle #crypto #belief from #crypto #greed.”
“Though its lack of a single leading figure and its amorphous #online #footprint marks it out from traditional #cults, some say the #cryptocurrency #movement bears a striking resemblance to another progeny of the digital age: the #QAnon super-conspiracy.”
Industry Observer & Technology Expert: And there are many who are cashing on both ends of #QAnon and #Crypto, by both cross-selling and up-selling both to the gullible:
#Bitcoin #Crypto #Vulnerabilities: Expert Papers: https://lnkd.in/gFn4Vm2:
“Both have #doctrine passed down by a mysterious unknown founder, puzzle-solving, and #internet #meme #culture and lots of #predictions about #politics / #economics that are completely unfalsifiable… They’re both rooted in this #ideology that claims to oppose a common enemy: corruption & untrustworthy intermediaries, and both see the #internet as the way to finally eradicate those problems in some great #apocalyptic #event.”
“Perhaps the most interesting comparison between the two is the role of a ‘priestly class’ of #influencers. Both #QAnon and the #crypto world are characterised by #evangelists that understand and mediate their #prophets’ truth through everything from tiny blogs to #Telegram, #TikTok and #Twitter accounts with hundreds of thousands of #followers.”
“Yet, on May 12 #Musk alienated many in the community when he announced he would bar consumers from using bitcoins to buy Tesla cars, citing energy consumption. Both #crypto #influencers and their flocks can be very fickle.”
