BitMEX CEO tells: Encrypted memes

We landed in Mandalay, left the airport, and started our trip to Myanmar. It was December 2012. Except for a few wide-eyed tourists, the airport and nearby felt empty—like a perfect Alfred Hitchcock movie scene.

After passing the immigration office, we left a gleaming but empty airport, hopped into a 1980s car, and drove along an empty highway. The taxi reminded me of my father’s car. My brother and I used to call it a “goodbye” car (because it could break down at any time). This is a certified basketball. We shared a four-lane highway with a guy driving a bullock cart. Besides, it was noon on the work week, and no one could see it when we entered the city.

I am with my good friend, the K-pop star/NBA player hedge fund brother and friend I want to be. The last time he drove to the basket, he was driving his SUV to Staples Center. He decided to spend a two-week mandatory vacation with me to explore Southeast Asia. In the first two weeks of December 2012, we arrived in Jakarta, Bali, Bangkok, Kuala Lumpur, Myanmar (Mandalay, Inle Lake, Bagan and Yangon) and completed our journey through Sri Lanka.

My son is very good at the Internet and has done a lot of research on how to travel in Myanmar. Ten years ago, many things that we thought were almost basic human rights did not exist. There is no mobile phone service, almost no internet connection, and no ATMs. They only accept physical U.S. dollars, but you must be careful-because some serial numbers are not accepted. Wrinkled or damaged banknotes are also not accepted-so we stuffed all the cash into the books so that the banknotes are flat and crisp.

Once you overcome the lack of modern connectivity and financial services, what is left is a country full of potential, beautiful temples and hospitality. We go to a new city every day to cover the country as much as possible in our short time. We spent the last few days in Yangon, the country’s commercial capital. During the British colonial era, this city once called Yangon was one of their most prosperous colonies.

Located between India, Thailand and China, Myanmar has a deep-water port leading to the Andaman Sea, which has important geostrategic value. The country also has a wealth of gems (such as rubies and jade), natural resources (they have large undeveloped reserves of natural gas and oil), and a large young population (very suitable for making gadgets for sale on Amazon). Low wages). However, due to various reasons, these blessings have not been fully utilized, and this country has survived for decades.

No matter where you are, the cultural and language artifacts of the ruling empire will permeate your life. December in Yangon is no exception. One of the most surprising aspects is the number of Christmas decorations in and around Yangon. Myanmar is a Buddhist majority country with a large number of Muslim minorities. It is not a culture or country built on Judeo-Christian values, nor is it integrated into the global economy to the extent that people think that a secular consumer holiday like Christmas is feasible.

Despite all these factors, I still heard all the classic Christmas tunes. I love you forever, Maria! I saw snowmen, bells ringing, and Santa Claus hats in the tropical dusty city. Many bar waitresses wear monotonous red and white clothing to show their sense of belonging to this global year-end ceremony.

The Judeo-Christian Free Democratic Empire ignored Burma, but the people there still absorbed some of the most important cultural aspects. Every society practices rituals and holds festivals to celebrate one year of death and another year of rebirth. Determined population practices illustrate many things about who really rules the habitat.

When a nation has similar cultural values, they will share assumptions and practices that do not require direct support. Winning people’s hearts is more important than your ability to project kinetic energy. Those who occupy foreign territories without being defeated accept the culture of the victors can become quite expensive fools.

Every organizational structure, whether it is a nation-state, a religion, or a network country, needs to acquire and retain users. The transmission mechanism of the belonging virus is culture and language. If users share the same assumptions and beliefs as the culture that wants to absorb them, it is much easier to retain users in your value system. Therefore, when we try to completely reorganize the world using stateless currencies and decentralized public blockchain permission networks, the culture of these networks will be as important as the price of coins and the quality of technology.

The first thing any colonist does is to destroy the connection between the oppressed people and their heritage. They took off their traditional clothes, changed their names, and eradicated their language. Then, they make sure that when people grow up they wear “appropriate” clothes, use “correct” speech, and believe in the “real” God.

Everything comes from something. Cryptocurrency is a response to a fiat currency-driven, debt-based financial system and a centralized, top-down, exclusive nation-state. It does not use its own language and culture out of the box, but it has started to develop its own version, which is very different from what it claims to oppose.

Many people in the world use a magical sleigh that symbolizes a white old fat man riding down from the North Pole to leave gifts for worthy children to celebrate secular holidays. Let us think about how crypto culture has evolved and where we are. New thinking is needed to clearly get rid of what we hope to defeat.

Encrypted Meme (MEME)

Lest you doubt the power of memes, check out Elon Musk. Tesla as a company should be a huge zero, but Elon is one of the best memetic artists ever seen in the world. Someone told me that his team only makes wet memes. Elon is worth hundreds of billions of dollars because his memes are very important.

Like viruses, memes infect the host’s thoughts through narratives that are easy to understand intuitively and pass to the next victim. The communication mechanism of social media allows memes to quickly infect many hosts.

We forget how powerful pictures are, but please remember how all major global religions started. When books were expensive and most people were illiterate, the world’s major religions gained users. The priest used pictures to build structures—equivalent to today’s memes—to tell the lay believers the beliefs of religion.

Let’s take a look at some of the memes that form the cornerstone of our current encryption culture. I will link to longer explanatory articles where possible, and then provide some context on why a particular meme is important.


Shut the fucking door! It was an exciting episode; it was a pity that it was so difficult last season. (HODL)

Many people own Bitcoin at a ridiculously low price, only to sell it when its value rises sharply. However, the significance of 2013, 2017, and 2021 are worlds apart. Buying Bitcoin for a few dollars and still holding it when it rises by 60,000 times requires great conviction. This is the essence of HODL .

On paper, you will see that the value of cryptocurrencies has dropped by 90% or more, so you have more confidence in HODL. The battle cry of HODL aims to give cryptocurrency holders the confidence to persevere and survive the volatility.

Any new technology will experience unstable results. If the ecosystem is to develop, speculators and developers need HODL. The vortex of new technological progress will shake everyone except the extremely loyal. The HODL’ing culture is essential to ensure that a large number of followers stick to the sport and continue to participate when the situation becomes difficult.

Cryptocurrencies are never for the faint-hearted , especially if you frequently check the price of coins in your portfolio. Engaging in this activity without proper faith in the HODL culture is a secret of bipolar disorder.

Go Brrr…

BitMEX CEO tells: Encrypted memes

This is the original version of the classic meme, and there have been many different permutations since then.

BitMEX CEO tells: Encrypted memes

Especially this change surprised me – I like the Internet . It is undeniable that the 2008 global financial crisis and the “rectification” of central banks of various countries created fertile ground for the birth of Bitcoin. Central banks — and the governments that empower them — printed money to respond to the Great Recession and every subsequent crisis. The printed currency facilitates the selection of related companies and financial asset holders, and those whose income is mainly composed of wages will be squeezed.

This is the essence of this meme. This is a rallying cry for all those who are outraged by the hypocrisy of the government that supports market-based economic policies but uses inflation to make citizens pay for the wrong business decisions of financial services institutions. The gains of privatization and the losses of socialization-I’m not sure what economic “ism” that is, but if it is a religion, it will definitely appear.

I have talked about certain aspects of monetary inflation supported by the central bank in almost every article I write. This is because the main driver behind the pathological gains experienced by the crypto market since the COVID crash in March 2020 has been the huge money printing created by global central banks.

The desire to create a system based on trustlessness and sound currency is a big motivation for many believers. This meme sums up this sentiment.

Stupid salary

BitMEX CEO tells: Encrypted memes

The mainstream financial media likes to write a self-made story, it looks like this:

1. Ordinary people earning an average or median income for a specific country have discovered cryptocurrency.

2. The said individual starts day trading.

3. They caught some rubbish coins that had risen 1,000 times in a few weeks.

4. Suddenly, they were worth millions of dollars.

5. Now they can quit their boring jobs and join the ranks of upstarts.

The follow-up story that is often released during the bear market is this:

1. When did a person become a cryptocurrency rich.

2. Then, the market fell by 90% and they lost everything.

3. They had to go back to work for that man. (Sad face)

There is another popular recurring story about people who have turned thousands of dollars worth of cryptocurrencies into millions or billions of dollars due to their HODL’ing over the years due to price appreciation. Again, these stories show that these people will now lead a different life completely out of the daily pattern of paid or part-time work.

Perform well in school (meaning to get good grades; actual accumulation of knowledge is not the goal), enter university (hope that the huge debts incurred by yourself or your family are worth it), and then hopefully get paid work, which over time allows you Or the expenses incurred by your supporting family are eclipsed. This is the life preached by our modern global society.

If the money printing machine in the world does not work, that would be a good strategy. The Central Bank is determined to generate inflation that exceeds the wage growth of ordinary workers. Since Nixon removed the global reserve currency from the gold standard in 1971, getting a fixed wage has been a fool’s bet, and the only way to stay ahead is to speculate in the financial asset market.

This meme that belittles the work of a fast-food restaurant worker, Wojak, sums up this message. Wojak was once a crypto-rich, but then he got bored and had to start frying burgers again.

There is nothing wrong with flipping Hamburg or any other minimum wage job. Only when your government destroys the value of your labor by actively printing money to fill gaps in the balance sheets of profligate companies that should go bankrupt rather than bail out, the dignity of this work will be taken away.

This is the message of this meme, which mocks the orthodoxy around the dignity of work. This also shows the goal of many people involved in the cryptocurrency market-a daily life that continues to depreciate beyond your time.

Boring ape

BitMEX CEO tells: Encrypted memes

” Ape ” is imitating, oh oh oh, so spicy. Any successful imaginary method that creates an organizational form (such as a state, religion, or currency) requires apes, we pay attention to and follow others.

The imitated trading spirit is an expression of sometimes careless attitude towards asset allocation in the crypto ecosystem. When you enter a project, the amount of research or critical thinking is minimal. You quickly keep up with the herd and hope to leave before the taste of the crowd changes. This is the essence of aping. If you spend too much time doing actual research, you will miss a few X pumps.

Those who successfully imitate the group, or predict where the group’s attention will shift, can get huge sums of money. No wonder the Boring Ape Yacht Club is one of the most successful and traded NFT projects. It is an intuitive representation of the spirit of many traders in the ecosystem.

Dog money

BitMEX CEO tells: Encrypted memes

Shiba-Inu’s are so cute and distressing, obviously they are not the most obedient dogs, but DILIGAF (Latin for “love”).

Jackson Palmer decided to see what happens when you combine worthless technology with a cute dog picture, Woof Woof…Dogecoin is here.

The most talked-about cryptocurrency by meme guru Elon Musk is Dogecoin, which is appropriate. Worthless technology plus a shady model because a car company and a cryptocurrency have created billions of dollars in value, it’s that simple.

Many of the most valuable coins deliberately don’t pay attention to technology, as if the founders of these projects are thinking, “How can I make technology so that people can buy coins?”  Buyers of these “memetic” coins are happy to go underground. Dig a pit and burn energy uselessly (pronounced: money).

They don’t value the fiat currency they earn because their government exaggerates the amount every second of every day. So why should they buy the “ right ” financial assets, such as good tokens, bonds, and/or real estate? Why should they pay certain money managers just because they have studied CAPM and other theories with no empirical value at the “right” university? Just buy an objectively technically worthless cryptocurrency, raise its price to unbelievable heights, and laugh when the global elite sway about how stupid they are to buy Dogecoin.

Although the technology of meme currency does not further promote decentralization or sound stateless, it is the spirit of encryption because it expresses dissatisfaction with the TradFi legal currency system .

People who feel good

BitMEX CEO tells: Encrypted memes

Without a discussion of Pepe the Frog, an article on cryptographic memes and culture would not be complete.

For whatever reason, Crypto chose a cute frog and turned it into a mascot. Pepe and the memes that use his image prove how a community can change the conversation about a symbol if they all collectively think it makes sense to them.

Taking Pepe as an example, what other symbols can we use to make our own symbols? This symbol has only value, because we jointly decide it has. Like most ideas and myths, when the number of believers decreases, they no longer have value. As long as we act together, we have the right to give legitimacy to everything.

Regarding Pepe, that’s enough.

How to communicate

The above few important cultural cryptographic memes tell the world who we are, what we believe and what we despise. But this does not help us communicate with those who have not heard this joke. The language of cryptocurrency needs to be adapted to the higher goals we desire.

With the task of making encrypted religious texts, what is it composed of? How do we create a small and influential collection of memes, phrases, and stories so that anyone can pick it up and talk in a few hours like a member of their tribe for years?

Jargon-heavy language will only create another privileged club for those who “understand”. It is not inclusive and does not help recruit new members. What we don’t need is a language that needs to be mastered for many years. Working on the trading floor, the most valuable thing you learn is how to communicate. It not only speeds up transactions within the group, but also establishes a separation between professionals and the unwashed masses. However, learning this language is for thousands of professionals who are “fortunate” to work in the market. This is not the secret of a successful global movement.

Unfortunately, you don’t need to own cryptocurrency to live a full life. In contrast, learn your spoken and written language. In order to integrate into society, you must be able to communicate. If everyone around you speaks a certain language, you must take time to learn it. The most important part of early childhood education is learning the language of the society. Language is not intuitive to a certain extent. We sit in class and learn the meaningless rules, whose sole purpose is to exchange ideas with other people who speak the same language.

My Mandarin has not improved to a certain level, because as an adult, I have more discretion in how to pass the time, and rote memorization is not my favorite activity. This is not to belittle the language at all. Those who learn English in their later years must deal with a set of irregular grammatical rules and verb conjugations with zero logical meaning. Fortunately, I learned the lingua franca of empire rule in my childhood rather than in adulthood.

Let’s not assume that people must learn our encryption language to fully participate in the culture. We must solve this problem from the perspective of an emerging religion that hopes to challenge the dominant ideological model of society. Someone has done this before. Success comes from creating simple but viral memes. On the one hand, it attacks the flaws of the dominant belief system. On the other hand, it shows a bright and fulfilling future. As long as you believe it, it’s easy. get.

The COVID pandemic is mainly caused by ourselves. However, the various blockades and money printing activities in almost every country have caused people to spend more time on the Internet and are annoyed by the rampant inflation caused by central bankers. This is the basis for the encryption revolution to change more people’s hearts.

When paired with the indifferent majority, the minority can be very powerful. Nassim Taleb described this in detail-how the preferences of the minority affect the policies of the majority, even if they make up a low single-digit percentage of the sample. As a minority voice, we, followers of Lord Satoshi Nakamoto, can surpass our weight.

But we must create a language that is completely different from the previous one, and it is also easy to learn. I am not a linguist, but if we can reflect on how we describe the ecosystem and try to simplify and create more digestible terms, the road to a larger group will become easier.

The biggest challenge will be to reduce our use of words and phrases with specific specific meanings but loosely describing specific encryption concepts in the old system. An example is the technical term ” blue chip stocks “, which is used to imply high-quality, high-value financial assets such as stonk or artwork. When the TradFi system was formed in the early 20th century, it underwent a specific evolution. We need a term equivalent to cryptocurrency to express high value, and it also has an organic background story unique to our culture. We must challenge our influencers to adapt their language to our specific encryption culture so that we can retain the power to define who we are and our belief story.

When those who do not have cryptocurrency still accept this culture, spread memes, and speak this language, success is at hand. When the baby boomers started talking about how they got it, because their Procter & Gamble stocks were secured, and some accounting statements were restated, we knew that the vicious encryption culture was at an appropriate level. We can all invest in spreading our culture of excellence by thinking carefully about the way and content of our communication. When many of you readers gather around a coniferous tree that is not native and thank each other by giving gifts, please use this as a reminder of the power of culture, and work to add value to the encrypted expression of their beliefs.

Posted by:CoinYuppie,Reprinted with attribution to:
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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