cryptocurrency

Marion Fourcade writes in »The sovereign individual and the paradox of the digital age« for aeon.co The weakening of these conventional structures and the ability to individualise political messaging also produces highly personalised forms of social domination. Populist leaders thrive on perceptions that they have a direct connection to the public – even though this connection is often attended to by an entire ecosystem, a carefully constructed ‘propaganda feedback loop’. Owners of social media can even force this connection onto users via self-serving algorithmic manipulation, as Elon Musk and Donald Trump have both reportedly done on their respective platforms. Intoxicated by the ideal figure of the ‘sovereign individual’ unconstrained by national borders, social norms or the law, a small cadre of ultra-wealthy men have been able to reclaim control over the state and traditional elites through a direct appeal to the masses and to market freedom. Pushing the logic of sovereign individuality to its logical extreme, some are busy trying to carve out independent territories for themselves, complete with their own rules and possibly their own currencies. Others invest in revolutionising existing institutions from within. Until he withdrew from his government role, Musk hoped to oversee a radical remaking of the state as a centralised and largely automated computing infrastructure. Trump made himself into a digital token, offering his own status and reputation as an investment opportunity to enthusiastic followers and anyone striving for access, while his sons leveraged their father’s position to build (or attempt to build) a cryptocurrency empire. ...