“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.” - Charles MacKay, Extraordinary Popular Delusions & the Madness of Crowds
Last night a Twitter account that I did not recognize asked me to interpret a cryptocurrency exchange graph for them. Doing so took me down a long, dark, and disorienting road. I strolled through databases, pawed through exchange data, and browsed the blockchain. Eventually it dawned on me:
While the world of cryptocurrencies is not really like the world of QAnon in any way, QAnon is the only comparison I can make. They are both ultra modern belief systems that could only have grown out of social media. This cult’s acolytes call themselves “HODLers” because they will “HODL” any asset given to them by someone who can pronounce “blockchain”. They will HODL it until no one is willing buy it from them even for a price as low as $0.000000000000000001. (One of the few advantages of cryptocurrencies is that they can trade at prices that low… but you do run out of decimal places eventually. Running out of decimal places is what finally put a bullet in the head of the Terra/Luna fiasco.)
Personally I call HODLers “financial suicide bombers”. It’s more appropriate because their belief system calls them to immolate their own financial futures as well as those of everyone around them.