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The Cryptocurrency Explosion

I do not know that much about cryptocurrency yet but I will take a stab at discussing it as even some “official” sources seem wrapped up in one hysteria or another.  The people who write for zerohedge, for example, live and breathe investing but always seem to write about how the world is ending.  I guess perpetual clickbait is a good business model for them.

Even tech-savvy people are calling cryptocurrency a “bubble” but I don’t think that’s the right way to think of it.  There’s a clear demand and niche for the value it provides.  These currencies are just now reaching a point that normal people can use them easily and a critical mass of businesses and organizations are adopting them. 

So the huge explosion of cryptocurrency over the last year is not so much a bubble as it is the Atlantic spilling past the Pillars of Hercules and filling up the basin of the Mediterranean.

The question is not when it will burst but when it finds its natural level and reaches a steady equilibrium.  How much water does the Mediterranean hold?  I’m very far from being expert in anything financial but I casually notice world bond markets hold 10s of trillions of dollars and precious metals contain well over 10 trillion dollars worth of value.  World-wide derivatives are somewhere in the hundreds of trillions.  The market cap for all cryptocurrencies combined only approached 500 billion dollars in the last day or so.  I could imagine that as a mature sector, cryptocurrency ought to hold at least a few trillion. 
That said, even as the Mediterannean sea fills up, I can anticipate there will be plenty of volatility between cryptocurrencies.  Right now, I suspect bitcoin is golden because everyone is using it.  It might be the microsoft windows of cryptocurrency, for a little while.

Unlike operating systems, cryptocurrencies don’t have as much of a moat.  There’s little to stop a business from accepting multiple crypto-currencies.  Also, bitcoin is way too slow and it already has many alternatives, even bitcoin cash, a more scalable hard fork of itself out there. Bitcoin alone is worth more than all the other cryptos combined which is pretty impressive, but that’s still a lot of market share out there it doesn’t control which has also been growing.

The real killer about bitcoin’s slow transaction speed is miners will be able to blow up fees for priority customers to get to the front of the line until bitcoin becomes the San Francisco, Manhattan, or Arlington of cryptocurrencies.  As wait time and fees mount, the pressure rises to spread ballast to other crypto-currencies, especially those that have been specifically engineered for better scalability.

So the real question regarding bitcoin is how strong the network effect is before it starts to settle into equlibrium with other cryptocurrencies.

What Comes Next For the Manosphere

To begin with, what is the manosphere?

What is it that this disparate crowd ranging from worldly pickup artists to celibate shutins have in common?

It can be reduced to a very basic level.

We are the silent dissenters hidden in the crowd for hundreds of generations of civilization always isolated and powerless against an overwhelming majority. We’ve always been dragged along forced to do what everyone else was doing even as we marveled at their lemming-like behavior.
We were that guy who thought “What a stupid, senseless world this is…” his last thought as he joined the crowd in a mad rush over the edge of the trenches and out into no man’s land.
We were the guy who knew that the glory of serving the state was just a waste of life and understood the ‘fair sex’ were as much competitors in a great game with conflicting interests as they were companions.

The internet has changed everything. For the first time in history, we’re able to find one another and communicate on a large scale. No longer can we be isolated like before and beaten into submission by an insane mass society, wasting our lives on everything we know to be wrong and false.

In Mala Fide was an important medium for this new communication. Some might see it being taken down as a bad sign or a sign that the manosphere is going away.
But I think IMF is being taken down because it has served its purpose.
I looked at the dismissive attitudes and complaints of some people when the news first came out.
The number one complaint? “It got too repetitive in its topics. It was getting boring.”
This surprised me a bit at first because it was one of the few sites on the web I could visit and find a community that made sense to me.
But then I understood that this is a sign of progress.

Just a few years ago, the notion of a ‘manosphere’ barely existed. The typical fare on sites like In Mala Fide and Roissy was gritty, rough, revolutionary.
These outrageous views attracted legions of trolls and sparked wars with the sites of those who adhered to the orthodoxy. These were exciting times.
It is telling that this sort of style has lost much of its impact.

For a growing populace this kind of stuff is just tiresome
preaching to the choir.
It’s no longer radical or revolutionary because a critical mass of people now take it for granted as truth.
The orthodox invaders who made writing for shock value so exciting have given up trying to challenge dissent. They’ve been forced to concede the manosphere its right to exist within its territory. The dissenters have won their independence.

Now what do they do with it?

The first phase was simply forming a group consciousness over time through simple observation, shock value, ridicule, and an overall passive-aggressive attitude towards the orthodox order: “enjoy the decline.”
IMF embodied this attitude.
However, passive ridicule and nihilistic indifference is no longer enough.

Over time as more cohesive groups begin to take shape dissenters will begin to see the potential for accomplishing more, maybe even gaining the power to begin changing the world in their favor.

As we move into this second phase of the manosphere, we’ll start to see the formation of tighter, more organized groups with more concrete goals and at least the beginning of serious thought about how to achieve them.

The rebels have finally formed an orthodoxy of their own and we will see them progressively establish themselves as a force to be reckoned with.

-Your Obedient Servant,
Don Giovanni Dannato

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