Very deep passage here, thank you: "I asked the other day on Twitter if anyone could come up with a comparable financial asset whose demand is completely artifi

Very deep passage here, thank you: "I asked the other day on Twitter if anyone could come up with a comparable financial asset whose demand is completely artificially generated by narrative. Derivative contracts don’t qualify because I have yet to see a product where if we unwind the stack of underlying we don’t reach some real commodity, currency, equity, or benchmark which is economic in nature. The closest comparable people came up with is the historical practice where the Catholic church in the Middle Ages used to financialize penances for sins into products called indulgences as a means to fund the church’s endeavors. This is indeed an example of a purely-narrative-driven financial asset whose value is purely derived from the Christian faith, albeit a pathological and exploitative reading. If crypto assets have comparable financial products it is that of indulgences, both are purely narrative-driven fundamental-less financial assets that can be created out of thin air and whose market value is purely a function of sign value and fealty to an ideology. The only difference is that crypto assets have a digital secondary market where these neo-indulgences can float and be traded."