To understand the phenomena surrounding the illustrious Bitcoin, one has to first understand the original cargo cults that sprang up in post-WWII Melanesia and similar Pacific islands. Essentially, Japanese and Allied soldiers were stationed on the island, bringing with them all manner of supplies, from food to clothes to vehicles and more, and shared a bit of these with the native islanders, who, due to a lack of missionaries present in a warzone, weren’t informed of the reason behind this sudden flurry of wealth.
After the war ended and forces withdrew, cults developed on the islands; leaders promised their followers a return of the wealth and benefactors. People imitated the now-gone soldiers in dress and behavior, and constructed elaborate life-size replicas of things such as planes, Jeeps, air traffic control towers, runways, and more. It was believed that these items and mimicking the troops’ drills and behavior would bring back the planes and materiel, and that the various forces who were stationed on the islands were related to either deities or ancestors, and used this power to bring great wealth.
Bitcoin operates in a similar fashion. Take, for example, institutions like the NYSE, NASDAQ, IPOs, and large banks. Buttcoiners see these systems and want their toy