Bitcoin Forum

In quantum mechanics, there is something called “quantum superposition” which has been explained through an example you might have heard of called “Schrodinger’s cat.” In effect, there isn’t only one reality, but in fact multiple “true” realities. Each of these realities would remain valid until they were observed by the external world. At that time, the superposition collapses in on a single version of the possible states.

Narratives constitute part of the reality around us: government, religion, culture, and finance all exist simply because we believe in it (and provides value for those who believe in it). Narratives therefore represent all possible potential states of what our reality is.

Crypto is no different. Many narratives ebb and flow in popularity, from Bitcoin’s Gold 2.0 and cheap payments to Ethereum’s “world computer/dapps” , “smart contract platform,” etc. Jostling for narratives can be seen as an evolutionary battle to compose the doctrines most likely to attract the next wave of adherents. Since there is no objectively correct monetary premium, promoting the superior attributes of a monetary good is more effective than for regular goods, whose value is ultimately anchored to cash flow or use-demand. Crypto-communities seek for newish narratives or adapt current ones as an exercise of collective strengthening, or making their narratives more antifragile. When something is “antifragile” it gains strength as a result of volatility, stressors, or shocks.

What we are observing now in this crypto bear market is the collapse of the narrative wave function upon critical observation, ultimately manifested via price. These narratives we believed in are unraveling. Which ones will remain? Which ones will survive? As we’ve seen in previous crypto market cycles, only the most antifragile will endure.

Read the full story here (which also includes a price time-lapse video): https://www.danheld.com/blog/2019/1/13/quantum-narratives?=bitcointalk