Are you a middle-class citizen with disposable income and poor social skills? Then the crypto community might be your best bet for finding like-minded individuals, especially if you have an interest in technological and financial jargon that goes way over your head.
As a matter of fact, if you find yourself trusting the promises of relatively successful strangers all the way up to literally anyone and are down to join a techno-savvy, in name only, cult, then once again, the crypto community has you covered.
In my previous article, I compared cryptocurrency to a pyramid scheme because of the constant need for a greater fool to exist for someone to make back their losses. Combined with the lack of a tangible good or service, the different communities actively participating in blockchain-based activities are not only incentivized but also required to get outside members if they hope to achieve the pipe dream promised to them by their Discord warlords.
However, to get new investors to give money to a project whose proof of concept is a couple screenshots of a PDF document about what a couple people think might be cool, written with the professionalism and art style of a Comic-Con brochure, it is necessary that people don’t feel insecure in their investment.
As a result, if someone pitches you the latest non-fungible token collection, they aren’t trying to sell you on the NFTs themselves; instead, they’re trying to sell you the hype, the security of your investment, and the hope that your gamble will pay off.
These communities rely on the hype, security, and hope lifting the concerns of buyers because if they aren’t convinced quick enough then there won’t be a secondary market to also buy in. In turn, there won’t be any liquidity for cashing out.
From this, it becomes clear that the leaders of these communities, or anyone with a vested interest in cryptocurrency, simply can’t be trusted to give an honest opinion on the crypto space because if they extinguish even a sliver of the hype then there is potential for a whole NFT project to crumble.
Because of this, internal and external criticism are detrimental to the success of any individual investor.
However, the realities of this social system are even more extreme. This inability to accept criticism has become so lodged into the minds of believers that any doubt or question, whether it’s internal or external, is regarded as propaganda or FUD – fear, uncertainty and doubt.
In turn, to ask whether a project has any long term viability or true functionality is blasphemy and a sign that you’re not a true believer in the technology, an ignoramus stuck in the past.
Part of the reason for this extreme treatment is because the long-term viability or true functionality in question doesn’t exist, so to ask about it is to uncover the scam underlying it all.
Instead of asking questions, participants are advised to remain steadfast in their investment by having “diamond hands” rather than being loose and noncommittal with their money and having “paper hands.”
This is all exasperated by the phrase “we’re all going to make it.” This phrase naturally discriminates between the doubters and the doubted to the point where completely loyal members who were scammed and vent their frustrations online are met with harassment and are excluded from the “we” merely because they didn’t make it.
As a result, the “we” are the true winners because, after all, it’s a zero-sum game, only so many can win. The gains will equal the losses, and it’s only those who are truly faithful, those who are committed to making money, and those who are tired of the propaganda-filled media of modern America who will manage to cash out.
Warning signs and criticism have no effect because that’s FUD. Realizing you were wrong after a scam wipes your crypto wallet clean results in being excommunicated as a failure. Being a keen outside observer who questions the validity of the system is actually a sign of deception and market manipulation from an ignorant skeptic.
It’s here that we realize the chilling reality of the crypto community. They are no better than flat earthers.
The poster child of ignoring truth, the flat earth community is a group that seeks out alternative media sources because outsiders can’t be trusted. Living in a world far too complex to understand themselves, flat earthers and other conspiracists find reality a daunting mental hurdle to get around because they lack power and control in defining it.
To get around this hurdle, they are willing to accept anything that allows them to be the exception and to regain the power and control they so desperately crave in their life. Science becomes propaganda because it’s not personal enough and it doesn’t coddle them. It has slowly overtaken their lives to the point where their individuality is being threatened.
In turn, flat earthers create paradigms that fit their own interests and are disconnected from reality because they refuse to allow the complexity of the system to govern their lives. They want it all to make sense to them, so they will warp and distort reality to their liking.
Similarly, the crypto community is filled with people who don’t truly understand the technology and finance worlds they are backing with their money. They ignore the potential failure in front of them and see skepticism and regulation as an assault on their individuality, the decisions they’ve made and the direction they want to take their lives.
Doubters and their “facts” are merely propaganda trying to break down the reality, the promises they’ve told themselves.
In a world like today where people have been isolated in their own physical worlds, we have become drawn to being isolated in our own mental worlds out of a desire to break down and comprehend everything around us, relying on other, mostly online, lost souls to validate our insecurities.
And it’s in this way that I feel great pity for the crypto community, overwhelmed by their unknown future and the prospect of an even worse tomorrow.