What is the narrative economics of crypto assets?

The economist Robert J. Shiller defines narrative economics as:

Epidemiology of narratives relevant to economic fluctuations. The human brain has always been highly tuned towards narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing. Stories motivate and connect activities to deeply felt values and needs. Narratives “go viral” and spread far, even worldwide, with economic impact.

The phenomenon of cryptoasset and their bubble nature is largely driven by narratives, which may differ drastically between projects. These narratives speak to different human needs and beliefs that touch upon ideas as vast as culture, value, money, art, law, identity and politics.

Bitcoin has a narrative economics based on libertarianism, regulatory arbitrage and aspirations of private money.

Ethereum has a narrative economics based on technosolutionism, libertarianism, regulatory arbitrage and aspirations of private money.

Dogecoin is an example of a crypto asset with no political imaginaries, no currency narrative, no pretense of use value, no fundamental value, and no narrative economics whatsoever. it is a pure manifestation of the greater fool theory with an investment thesis rooted purely in financial nihilism.

Narrative Claims

References

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TODO: group by narrative

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