The soaring Dogecoin reflects the magical “Musk Cult”

In the past weekend, Musk participated in the American talk show "Saturday Night Live", but his identity is not a guest, but as the host of the current talk show.

The reason for attending as a host is probably because if you appear as a guest, just introducing his title will occupy half of the program.

"Let us invite you, Tesla CEO, SpaceX CEO and CTO, Sloar City co-founder, super high-speed rail The Boring City company, founder of brain-computer technology Neuralink company, X Æ A-12 father, and dog The godfather of Dogecoin-Elon Musk!"

The lengthy prefix sounds like the pope in religion? In the eyes of some enthusiastic fans, Musk has become a new object of faith.

Musk who "calls the wind and calls the rain" in the currency circle

Recently, Silicon Valley bigwigs are very busy.

Forefoot Cook and Zuckerberg also battled "red-faced" because of the privacy tracking rights of the iOS 14.5 update, and the news that Bill Gates and his wife were going to divorce came on the back foot. The audience had not had time to eat melons, and the major news headlines again. Was "slaughtered" by another young Silicon Valley boss.

This time, it is about Musk and a "dog" story.

If the dog is the best friend of mankind, then the Dogecoin born from the famous Shiba Inu emoji package Doge, the best friend must be Musk.

Cryptocurrency has become a new investment boom. The concept of cryptocurrency is obscure. Professional technical terms such as decentralization and blockchain can dissuade a large number of investors who are allergic to technology.

But at the same time, cryptocurrency also has the basic attributes of traditional investment products-rise and fall, skyrocketing and plummeting, which is enough to attract a large number of players who do not understand the rules to make money.

Dogecoin is a special existence in the huge market of more than 5000 cryptocurrencies.

The birth of Dogecoin is completely black humor. In 2013, Bitcoin ushered in its first take-off. Many people did not understand the value of Bitcoin and the meaning of currency. The founders of Dogecoin, Billy Markus and Jackson Palmer It took 3 hours to plagiarize the Bitcoin code and create a copycat version of Bitcoin.

They named this new cryptocurrency Dogecoin, with the intention of mocking the unreasonable skyrocketing phenomenon of Bitcoin with the popular Doge emoji at the time.

Unlike Bitcoin, the issuance of Bitcoin is limited in quantity, just like gold that can be digged out, it is endowed with the scarcity of the digital age, while the issuance of Dogecoin has no upper limit, and new ones will be issued every year. currency.

This puts the value of Dogecoin in a "superposition state." It may be valuable, but it is more likely to be worthless. Compared to being a currency with transaction value, Dogecoin was more accepted as a joke by most netizens until it was posted on Twitter by Musk.

In February of this year, Musk tweeted three consecutive tweets for Dogecoin, saying that Dogecoin is the currency of the people and the cryptocurrency of the future.

This humor belonging to the niche circle was pushed into the public eye, the price of Dogecoin quickly rose by 60%, and Dogecoin eventually became what it hated.

No one is entangled in the value of Dogecoin anymore, and being able to "raise the price" is the greatest value of Dogecoin.

However, on the show "Saturday Night Live", Musk admitted that Dogecoin was a scam, and the market value of Dogecoin plummeted by 34% after the show was broadcast.

▲ Picture from: Zinc scale

Dogecoin is not the first time that Musk has caused turmoil in the currency circle. In February of this year, Musk changed his Twitter profile to #bitcoin#, and Bitcoin instantly skyrocketed by $800.

Musk recently said on Twitter that he wants to raise Shiba Inu, and ShiB, the Shiba Inu coin with the same name as the Shiba Inu, has also skyrocketed several times.

Musk is like a god who exists on Twitter, with the ability to "call the wind and call the rain"-every breath he blows will turn into a "tornado" sweeping the cryptocurrency market, and a word of saliva he casually said will melt Make a storm that dampens confidence in the market.

The market turmoil is no coincidence. A recent study by Piplsay, a global consumer research platform, shows that more than one-third of American adults have invested or considered investing based on Musk’s tweets.

The surge caused by this deliberate or unintentional collective crazy purchase adds a bit of mythology to Musk. When Musk was interviewed by the media, some fans kept shouting in the crowd, praising Musk's Twitter for its effectiveness.

For Musk's 53.83 million followers on Twitter, Musk is not just the CEO of a technology company, but the godfather who guided them to wealth. They produced posters for Musk and looked forward to Musk's leadership in achieving economic freedom.

In this zero-sum game composed of financial bubbles, they pay close attention to every tweet and every sentence of Musk. The exchange with Musk is like a meeting with the gods, forming a cult-like atmosphere. Sk's Twitter is the church of "by Masque".

The invisibly born "by Masque"

In 2016, Bob Lutz, a former vice president of General Motors, commented in a news interview that Musk and his followers are "an avid religious team." He compared Musk with Jobs, saying that Musk was also being Worshiped by a group of fanatical followers and regarded as a visionary "god."

On Linkedin, there is a group organized by Musk fans called "Musketeer". In the group, fans are enthusiastically communicating about Musk, Tesla and other news.

Musketeer's original meaning is Musketeer, which in a sense implies that these fans are not simply wearing Musk.

The Verge once did a follow-up interview with Musketeers. They pointed out that in the eyes of some Muskteers, no negative news about Musk is allowed. Once there are doubts about Musk or his company's finances, members will attack them in groups.

They are willing to contribute their part to Musk, including maintaining the order of Musk’s comments on Twitter, writing songs for Musk, and even setting up a special holiday for Musk.

According to a report by Fox Business, Musk’s fans set April 20th as "Elon Musk Day" to celebrate the improvement that Musk brought to them. Although this did not get Musk’s approval, this The information has been passed on to many Tesla car clubs.

They believe in the environmental vision that Musk made when he founded Tesla. Musk is making the planet a better place. However, the facts may disappoint this group of "believers."

Insider pointed out that both Musk's support for cryptocurrency and Tesla's recent investment in Bitcoin are behaviors that are contrary to Musk's environmental protection philosophy.

Bitcoin mining consumes a lot of electricity. According to Digiconomist's estimates, mining Bitcoin generates 53 million tons of carbon emissions every year, which is increasing year by year.

Insider further pointed out that for every 1,000 tons of carbon emissions eliminated by miners, they can offset the carbon savings of more than 300 Tesla cars each year.

This means that the "doctrines" worshipped by "by Maskism" are sometimes not entirely correct. In the eyes of the outside world, blindness and stubbornness may be the biggest label of this group.

Personal worship or brand worship, this is a problem

Ten years ago, Sanlian Life Weekly had a discussion on the phenomenon of people's brand worship of Apple at that time. These fans who were crazy about Apple products and ideas were described as "worshiping Apple."

These "congregants" love Apple's distinctive brand tonality. Some travel to Apple retail stores all over the country, and some participate in Apple's salon activities every weekend. They find themselves and belonging in Apple products. Feeling, the moment they buy an Apple product can bring them great pleasure.

Michael Maccoby, a well-known psychoanalyst and anthropologist at Harvard University, once explained this phenomenon.

He believes that this is the recognition of young people's rebellious style of Jobs and the excellent experience that Apple products bring to users. The combination of the two has nurtured a religious love for Apple.

▲ Picture from: The Verge

Compared with the "Apple worship", the "believers" of the "Mask religion" worship for different reasons.

They also appreciate Musk's cynical words and deeds, but Musk has not brought them the quality experience of Apple products. In other words, Musk has not made his fans live better like Apple.

As Musk's most successful startup, Tesla has not brought consumers the best car experience, at least not yet.

And the more distant space flight company SpaceX and the brain-computer technology Neuralink are undoubtedly too far away from the lives of his "congregants".

"By Maskism" is a new kind of personality cult. What they worship is not just Musk’s outstanding personal ability and outstanding resume, but the sense of mission created by Musk, environmental protection, exploration of outer space, and other projects. He is bound to the scene of "human progress". This sense of mission convinces his fans that supporting Musk is to stand with the noble human progress.

This is why Amazon’s CEO Jeff Bezos, who is also the world’s top rich, has not formed such a large and crazy fan group.

Tesla’s vision is to accelerate the world’s transition to sustainable energy and move towards zero emissions; SpaceX’s vision is to explore more possibilities in outer space; even Dogecoin’s skyrocketing Musk has found a suitable one for it His goal-he wants to send Dogecoin to the moon.

On January 7 this year, Musk briefly became the world’s richest man with about 195 billion US dollars. When the media and his fans were congratulating him, he responded on Twitter: “Okay, go back to work. Right".

Some commentators pointed out that Musk’s "religious" ideological appeal has subverted the economic theories of traditional economists since Adam Smith.

Making money is no longer the ultimate reason for the founder of a company to obtain capital support, but a by-product of achieving other social goals.

Economists believe that Musk is one of the few legendary business figures who have established both a personality cult and a huge enterprise, but it is not all good to combine this star effect with the scale of the business.

This blind following is also dangerous. The latest report from the blockchain intelligence provider TRM Labs shows that some unofficial websites broadcast the "Saturday Night Live" video platform, full of Dogecoin scam advertisements about Musk.

The scam took advantage of Musk's influence, claiming that only a certain amount of Dogecoin needs to be transferred to a designated account to get a double Dogecoin reward from Musk's subsidy.

When the investment brain is trapped by impulsive emotions, blind worship can sometimes make people lose their sense of right from wrong.

As of May 9th, nearly 10 million Dogecoins have been sent to designated cryptocurrency wallets. It is hard to imagine that this naive "Qin Shihuang" scam will continue to spread across the ocean.

Ten years later, consumers who used to "worship the apple" have disappeared. Nowadays, choosing Apple products is just like choosing other products. It is a choice of consumers. Faith returns to faith and business returns to commerce.

This is because consumers have returned to their senses, and because Apple's competitors have begun to rise, and Apple is no longer the only choice.

How long will the "by-Mask religion" last? I will probably wait until the next "Musk" appears.

Higher and higher

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