Over the past few months hundreds of billions of dollars have been poured into blockchain technologies. Most people, including those developing the ideas don't understand where the projects are going since most are busy enjoying the riches. The sentiment is that Blockchain is the future so pouring money in it makes sense.
Religion functions much the same. Some people long time ago said some things about something. The belief was carried out even though most people did not understand what exactly it was said. Each person formed their own idea about God and those who came in agreement created a dogma. The more people believed in the religious creed the more the prophecies and central belief made sense. The bigger the circle jerking, the better.
Today instead of Bibles we have white papers. Instead of prophecies we have technical analysis. Anyone who speaks against these holy symbols gets castrated. Some are fundamentalists, almost jihadists towards a single coin (I am looking at you Bitcoin crowd) while some others take a more hippy strategy, diversifying and recognizing that there are many Gods. Nonetheless, nobody denies the blockchain. There must be a blockchain in our future.
The human mind, whatever tries to envision, uses the same narratives but in slightly different variations for each and every occasion. This is why it is quite difficult to convince someone outside of their own religion as much it is hard to convince them that Bitcoin might be becoming obsolete. Since everything goes back up or back down eventually, the prophecy will be fulfilled if one is patient enough. Even a broken clock is correct twice a day.
Part of the toxicity in crypto right now is that all the people that cause these massive capital movements are gamblers. Some took profits but others continue this addictive and often damaging practise fueling the space with more garbage than ever before. A similar religious manic phase happened before with the web but at least back then we had working products. Today all we have is a revolution in gambling. This addiction is fueling the religiosity since feelings change from extreme sadness to euphoria, mourning and gratification — all the ingredients for a good old cult.
We have come full circle. We are worshipping money but in a different way. We have moved from traditional markets and casinos to financing imaginary concepts and companies. The small company evolved to a startup and the startup has become a white paper. The white paper has become a fork and the fork another fork. Our belief manifests wealth out of thin air. Our prayer is called "Hodl" and our paradise is Lamboland.
