A glimpse into the encrypted narrative from “Lyota”

In the previous article “Part 1 Prediction and Delusion of the Run Frenzy – Privacy, Credit, DID”, we predicted and analyzed the demand-side growth that the liquidation wave may bring. In the overall paradigm shift, I tried to explore What the real crypto narrative should be.

The crypto world originated from an idea similar to utopia, which is a group creation that is constantly relayed because of belief. Faith can bring infinite Passion, we need an infinite faith to discover in the fracture.

What kind of narrative does the crypto market really need?

After the run frenzy, I have shared with countless friends that the crypto market is like a bucket that is still leaking everywhere.

We found the charm of donation governance. At the same time, the treasury became the private treasury of the team, and the incubation plan became the assembly line of capital.

We started to expand incremental users, and at the same time, we faced countless Ponzi and zeroing users.

We pay attention to the security audit of contracts. At the same time, countless assets have been stolen, projects have run away, and liquidity has dried up.

We want to improve the product retention rate, and at the same time, facing new users, there are countless dolls and lock-ups, which is “true retention”.

We shouted the slogan of the Metaverse, the market exploded, and everyone said that what they were doing was the Metaverse.

The project party is not doing things, but writing poetry.

There is so much blood that Crypto Native prefers to call it the “Dark Forest”.

It’s as if the new order is proclaiming, “If you want to cross this road, leave it to buy road money.” Crypto will be all financialized to show the world the power of free markets. This power enables things to heal and evolve quickly, and is antifragile. At the same time, a large number of projects and entrepreneurs died quickly in the cycle of free competition and high-speed iteration.

I am in this “encrypted community”, and although I am excited, I am also a little confused.

“Grand Narrative”

Jean-François Lyotard coined the term “ meta-narrative ” in his Postmodern Condition  . The “grand narrative” can explain everything and point to the future of all social issues. In short, it critiques the legitimacy and rationality of science in narrative. Rather than discussing Lyotard and his postmodern ideas in detail here, I will briefly give examples that make me rethink the narrative of the Crypto market.

Lyotard cites the example of “this cat is white” when explaining his concept of the phrase. The one who speaks the phrase is the addressor, the one who hears it is the addressee, the cat becomes the reference, and “is white” represents the sense. Once the word is uttered, the four elements are immediately caught together to construct the phrase universe.

Then the problem arises. Under what circumstances did you say this and to whom? What if the cat is black or another color and the speaker insists that “the cat is white”? Or is it not a cat at all but a pig? This phrase has different meanings in the classroom, in everyday chat, in the courtroom, in a mental sanitarium, etc. It also means different things to people who have had cats but haven’t.

Behind the language is not only the above context, but also the ideological structure and power.

In a market-led global economy, the value of postmodern knowledge lies in its efficiency and profitability. “Postmodern knowledge” can be understood here as a lot of hype stories in modern history, and perhaps the “Metaverse” is one of them.

In fact, this kind of criticism is hidden everywhere in the market. Every judgment we make is an analysis and choice of “meta-narrative”. We ask, what is real demand and what is pseudo demand? Do we know what a story is and what can be achieved? All these details are reflected in the token price in the crypto market all the time.

Today, instead of prescribing medicine, we choose to expose what cannot be seen through mainstream discourse, giving these silent phenomena a yardstick. Only after this can we calm down and reflect when the market is FOMO. What we do is:

“Find yourself.”

narrative on narrative

In Lyotard’s view, as capital operation has increasingly become the main form of human social development, “knowledge” has gradually become a kind of capital.

In such a state, the authenticity of “knowledge” itself is greatly reduced. When knowledge is no longer credible, people’s “narratives” in social interactions also lose credibility.

This kind of criticism is not to replace the old order, but to try to find a crack and bring the individual to restore the truth (to ensure that the Web3 builder can stay awake), to ensure that a new order is not chaotic (to ensure the narrative of the encryption market) are true endogenous needs).

If we don’t know anything about the society in which “knowledge” lives, we can’t know what “knowledge” is, let alone what problems its development and dissemination have encountered today.

Just like Satoshi published “Bitcoin: A Peer-to-Peer Electronic Currency System” in 2008.

A glimpse into the encrypted narrative from 'Lyota'

The Final Summary of Satoshi Nakamoto’s White Paper on Bitcoin

In just 9 pages of text, Satoshi shows what “knowledge” (Bitcoin) is, and the society in which this “knowledge” exists (the Genesis block also contains information written by Satoshi: “The Times 03/1 /2009 Chancellor on brink of 2nd bailout of banks. This message is a timestamp referring to a newspaper headline dated January 3.)

Today, 14 years have passed, and encryption has entered the mainstream stage of the world. The whole world is watching this monster. With more and more capital pouring in, we should be more sober and calm in the middle of it, thinking about what our “knowledge” is?

It can be seen from V God’s blog that his mood has been changing. Do the vast majority of decentralized believers still remember what our “knowledge” is and where “knowledge” is in society now?

A glimpse into the encrypted narrative from 'Lyota'

“Knowledge” has become a commodity, a resource, and a war, but Lyotard breaks it down into scientific knowledge and narrative knowledge  . For example, mathematics is about counting, but why? In fact, you don’t need to know, math is just counting. We are taught that mathematics can lead to truth, mathematics can become Code, Code is Law.

The crypto market is full of countless “narrative knowledge” and countless “scientific knowledge”, and the two of them combine into a “grand narrative”. This “grand narrative” has naturally become a “consensus”, because the distinction between opponents is like the so-called consensus.

We more often say in the primary market, what projects can survive the bull-bear cycle, which is equivalent to saying, we should doubt, which narratives are built on narratives? Is it true “scientific knowledge”?

With “change and information”, “criticism and doubt”, to explore the boundaries of “grand narrative”.

GavinWood stated in his interview:

“Web3 is kind of like the home computer revolution of ’80, ’81, ’82. Where’s AI? Where’s VR? But the difference is that we have computers that are much more powerful than they were back then.

While Web3 has come a long way in terms of computing power, there is still a considerable gap in higher-level elements. These gaps basically boil down to software, software libraries, software development kits, services, and integrations. Integration refers to integration with services elsewhere in the world, whether they are digital or real.

We are moving slowly, but it will take a while. It’s not something you put your finger on, invest a billion dollars, and hope it’s all done in three months.

It needs to be understood by many people. This is an educational issue and a technical issue. You have to think about what this is.

Like 5 or 10 years before the advent of Web2, many Web2 products could already be built on top of existing technologies, but these products haven’t appeared. It was not until everyone mastered the Web Internet that Web2 appeared. Web2 came into being when everyone understood the difference between a telephone line and a dsl line, how to connect to the Internet, and the difference between a computer connected to the Internet and a computer not connected to the Internet.

In order for Web3 to land, a lot of basic education has to be done, and the world has to revolve around a new way of doing things. “

“Discover the rupture in the crypto market and learn to educate the market”

A very important criterion in our investment methodology recently is whether the project and team have the ability to educate the market.

Consciously educating the market through one’s own products is essentially a glimpse into the “grand narrative” and a filtered action. We focus on discovering whether those backgrounds really exist in the market? Instead of simply listing a comparison chart, hit ✔ and ✘.

Once I had constant skepticism about the high volatility of the crypto market, I tried to find the problem from “Is DeFi over-collateralization really the best solution”, I found that we need a credit evaluation model, and also need The deconstruction and construction of identity also requires supervision and trust, and we need too much.

I’ve listed the downsides of over-collateralization earlier, but it’s still the relatively best mortgage model out there. But, why?

Later, I read a sentence written by Taleb in “The Black Swan of Cairo”: “Change is information.”  It is so many changes that make this market anti-fragile, which is endless information. But I don’t think that’s telling us that volatility is justified. Information provides us with a boundary that allows individuals to have a space to accommodate marginalized thought patterns.

In this new order, we need to be vigilant about the “grand narrative” like Lyotard, so that we can better borrow the “anti-fragility” and “change is information” of the encrypted market to truly construct a new order. . Only then can you slow down.

Fear doesn’t change the world, and at the heart of Web3 is not just a technical issue, but an educational one as well.

Such critical suspicions are often criticized as nihilistic and relative, and most of them are out of place for their criticism, and I once thought so too. But what is in front of us now is a hodgepodge, full of various high-speed information markets, we try to deconstruct all this and discover the problems and drawbacks of the old order, and continue to use the marginalized way of thinking to build a new order (this It is also the “What is Crypto Native” that most people discuss?)

Lyotard is a person with firm belief in pluralistic society and pluralistic speech, and all those who criticize him “what is the use of your theory to society” are not talking about problems under his paradigm. He never told us to be a shrunken tortoise who just criticizes the sublime.

What we can do is to try to give those silent phenomena a “name” from the warning, to break the collective illusion, rather than fall into the ultimate instructions brought by a certain discourse structure.

A glimpse into the encrypted narrative from 'Lyota'

V God’s Blog is what makes me feel the deepest. I am glad that there is such a person in the encryption world who is always discovering and exploring the boundaries of “grand narrative”.

Finding the break as much as possible, rather than tokenizing it all, will allow Web3 and the crypto market to be accepted by the real masses.

We need to be suspicious of all the current “grand narratives”, maybe there is nothing modern and postmodern at all.

Because, in the crypto market, we can discuss finance, history, politics, art, and even the grand destiny of mankind. All this constitutes what we call “consensus”.

Not all consensus marks truth, however, and it is assumed that stated truth necessarily leads to consensus.


1.Jean-Francois Lyotard

2.Bamford, Kiff. Jean-Francois Lyotard: Critical Lives. London: Reaction Books, 2017.

3.Elliott, Anthony, and Larry J. Ray. “Jean Francois Lyotard.” Key contemporary social theorists. Malden, MA: Blackwell Publishers, 2003.

4.Readings, Bill. Introducing Lyotard: Art and Politics. New York: Routledge, 1991.

5. http://www.sohu.com/a/144435486_559362

About Jsquare:

Jsquare is an investment research and technology-driven investment institution that focuses on enabling Alpha projects in the Web3 industry to advance the large-scale application of blockchain technology. Our own funds under management currently exceed US$150 million. Portfolio includes CeFi (CoinList, 3iQ, Republic, FV Bank), games/NFTs (Efinity, Big Time, Thetan Arena, Apeiron), infrastructure/tools (Pocket, Render, ChainSafe, GSN), etc.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/a-glimpse-into-the-encrypted-narrative-from-lyota/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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