Dear Nettime,
TrumpMusk have hitched themselves to the crypto industry, which means
that industry now stands to be a major recipient of patronage from the
US state. Many people - including fund managers - are scrambling to buy
in, anticipating a windfall from this. The potential for a bubble is
obviously large, but given that the political legitimacy of TrumpMusk
now involves keeping the Bitcoin price up, we are likely to see them
pushing for all manner of state interventions to keep the price up. The
so-called Bitcoin 'strategic reserve' is one of those.
In many ways, the new alliance with the crypto industry makes sense for
Trump et al. In the absence of any collective solidary/unions etc, and
in the face of a possible new wave of austerity/deregulation, many
economically-stressed people are being pushed to this story that they
can gamble their way to the top via the crypto industry to become a
'winner' rather than a 'loser'.
I get the feeling we need to start building ideological resistance to
the new Trump-Musk-Crypto Industry alliance, and I've recently waded
back in to the BTC debate to help people understand this via the
metaphor of professional wrestling, and its concept of 'kayfabe'
https://www.asomo.co/p/the-art-of-crypto-kayfabe It shows in pretty
simple terms the deep and inescapable circularity in the Bitcoin story
that can never truly be resolved, and which will always require external
propping up to survive
I'm interested in feedback, and interested in forming a common front
with anyone else who feels similarly. Feel free to send suggestions of
people who might be interested
Warmly,
Brett
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Brett Scott
ASOMOCOhttps://www.asomo.co/
Cloudmoneyhttps://www.penguin.co.uk/books/439997/cloudmoney-by-scott-brett
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