After our cathartic Schadenfreude of watching the crypto nouveau riche fall victim to their own excesses and folly, we have to reflect on this phenomenon and how we can avoid future catastrophes because while it is hilarious to watch the rich destroy themselves, the only wealth in crypto is the misbegotten gains built on the back of deceptively palatable absurdities sold to the lay public. Behind every crypto billionaire are tens of thousands of innocent victims whom we have failed to reach and whom our democratic institutions have forgotten.
The crypto bubble is marked by the same wild spectacle of wilful credulity, intellectual indolence, and subversive opportunism in an era where the vapidest of technological fantasies have been elevated to cult-like status as a pacifier for the existential angst of our age. The impetus behind all crypto and web3 discourse is simply the sound and fury of post hoc myth-making to rationalize away the collective incoherence of this absurd bubble in a near-perfect exemplar of the motivated reasoning of economic determinism.
We, the public, give the tin-can-banging Pied Pipers power when we humor their empty ideologies as anything but absurdities. SBF was openly running an offshore casino out of an incestuous frat house of twenty-somethings who were skimming billions off the public through rigged market making, and this was all a matter of public knowledge. And yet institutions like the New York Times run full-page stories declaring him as some secular saint who will herald in a new future that will reshape human civilization, and our elected leaders line up to kiss the ring. While technology may change, human nature does not; these self-professed messiahs prophesizing salvation through technology are far less enlightened than they would have you believe. They only want to pick your pocket; they just now have a better story to distract you while they do.
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