Internet Memes and Crypto Assets: Shaping the Digital Power of the Future

In early 2021, a simple tweet sparked a frenzy among online communities, Elon Musk, and Dogecoin, causing the market value of this ironic Crypto Asset to soar to about $14 billion in a short period. Internet memes are indeed interesting; they convey ideas in a concise and clear manner and are deeply rooted in people's minds.

This phenomenon of memes spreading through the internet is also explored in the science fiction novel "Snow Crash." Although the saying "memes influence the market" is eye-catching, it seems that very few people actually delve into the meaning behind it or have read the book "Snow Crash."

Joke: Not Just Visual Humor

In "Snow Crash", this phenomenon is referred to as "viral memes". Memes are not just visual humor; in fact, the term "meme" represents "memetics", which refers to information and cultural elements designed to take root in people's minds to effectively spread ideas and thoughts.

The real-world applications of these memes technology, especially those targeted memes, have widely demonstrated their destructive impact on the democratic process. Furthermore, memes have also played a role in amplifying misinformation dissemination during COVID-19, sparking protests against public health measures globally and resulting in tangible negative effects.

The Power of Netizens: Internet Memes and ICO

After the stock price of "GameStop" experienced market manipulation, another real event followed closely behind. Retail investors united and successfully fought back against the short-selling operations of large hedge funds on Wall Street. Through collective action, these retail investors not only protested against the strategies of the hedge funds but also implemented an effective counterattack in the market through coordinated cooperation.

On social media platforms, we have witnessed similar group behavior affecting the market, especially in the "pump and dump" operations. This kind of market manipulation has been ongoing for many years.

In the field of Crypto Assets, particularly in Initial Coin Offerings (ICO), we can also observe similar group dynamics. There exists a subtle interaction between project founders and active users in online forums, primarily driven by economic interests, as everyone hopes for the value of the Crypto Assets to rise.

The Prophecy of the Crypto Punk

As early as the 1990s, crypto punks had foreseen this trend. They believed that online mobs and organized crime groups were an inevitable result of a decentralized internet. The side effects of this trend are reflected in various aspects, including increasingly frequent and severe DDoS attacks, as well as the booming dark web market.

"Snow Crash" depicts a future where cyberspace is intricately intertwined with real life. The world in the book has been privatized, with different private groups managing various areas of the city. This description paints a vivid picture of the possible future of the online world.

The Future of Governance

If memes really become the "controlling force of the future economy", then the challenge we face is how to respond when the ideals of "freedom" and "justice" are no longer determined by the market's "invisible hand" or the "immutable code" of Crypto Assets, but rather originate from "desire memeology".

In distributed network communities, the focus on governance design is rapidly growing. People are gradually realizing that a "Decentralized Autonomous Organization" is not a flawless code machine. Even permissionless digital infrastructure cannot completely escape governance issues.

Ostrom's theoretical framework on managing public goods is becoming an important guide for online community governance. This provides us with a perspective that regards digital infrastructure as "shared resources" or public goods, aimed at co-construction and co-maintenance, rather than as tools for attack.

Conclusion

The emergence of Gamestop, Dogecoin, and other memes constantly reminds us that all infrastructure, including digital infrastructure, has political attributes. Internet citizens should be aware that memes are a powerful tool in this war for mental and behavioral influence.

The most effective antidote has been proven to be education. Some researchers have created games to train students to recognize and understand the development process of memes, helping them distinguish between memes and false information.

Although information infrastructure provides individuals with greater freedom, power, and the possibility of participating in governance, we are still exploring the guidelines for living that are suitable for this era. In a future where the digital and real worlds are increasingly integrated, we need to work together to create a more equitable, transparent, and responsible cyberspace.