Crypto Currency and Social Media: Financial Heterocyclic Skeletons?
October 27, 2021
I read what seemed at first glance another rah rah crypto currency news report. The article is “NFTs Are Sinking Their Non-Fungible Claws in Even Deeper.” Here’s a snippet I underlined:
Just as crypto currencies are set to revolutionize the world of economics and finance, NFTs are going to rewrite how we think about digital goods.
This prose comes from the Reddit social media outfit’s job posting. Reddit is not alone. The Zen-manager wizard in charge of Twitter has perceived a similar signal from the future. The short message outfit wants to get into crypto.
Several observations:
- Existing oversight and financial controls are not tuned into the powerful interactions of social media, censorship/filtering, and digital currency and its artifacts
- Financial experts struggle to explain the Tesla phenomenon and strike me as in the dark about crypto currencies, NFTs, and financial reactions that are likely to be triggered among the young at heart and a taste for gambling
- Traditional financial firms spend big bucks to make sure their data streams are up to the demands of high frequency trading. Are these outfits ready for the 24×7 social media crypto currency reactions? My hunch is that the firms will generate words but the understanding thing may be on vacation.
Net net: Reddit and Twitter, two social media giants, are doing some experimenting with volatile financial chemicals. The reactions may be surprising.
Stephen E Arnold, October 27, 2021
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