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Culture War Roundup for the week of September 5, 2022

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The NFT hype bubble has seemed like its followed a similar trajectory, just that it's the crypto VCs and devs doing the fleecing rather than the hedge funds. It seems like both prey on a similar kind of conspiratorial young male too (the GME/IMX crossover into the NFT space was pretty much inevitable in this light).

My wife and I watched that LulaRoe MLM documentary a little while back, and, as a part of it was observing that MLMs were overwhelmingly joined by lower-to-middle class women looking for a ticket out of drudgery, she noted that the flip side of that coin was probably all the dodgy investments men go in for. I have to agree, and it's not hard to see parallels there either, especially with the kind of forced, paranoid positivity of the HODLers.

I can't say I'm all that sympathetic. Everyone is a cynical investor making trades on the way up, hyping it up to service their portfolio/downline. Then when it collapses and they're in the red, suddenly everyone is just someone who had a dream whose pure innocence was abused by the real cynical actors somewhere else.

I mean NFTs are more in the 'new speculative good that might experience some adoption but probably not but you never know' category compared to the short squeeze cargo cult where it's a fundamental misunderstanding of how the market works. Equivalently dumb things have bubbled as NFTs.

One thing the NFT folks and the GME/AMC folks have in common is the sheer amount of annoying shilling they did in other communities.