Media Assignments

1 Paragraph Meme Response Assignment 

 

The Meme I have chosen is called "Ultra-Sound Money". 

Here is one of a few visual representations of the meme.

 

Originally rooted in the history of gold, the idea of 'sound money' has been around since the beginning of commodity trading. The term was used to describe a method of testing the authenticity of rare minerals, such as gold, by tapping on them to produce a signature tone. If the mineral was fake it would fail the sound test and be considered worthless. Commodities that were subject to the sound test also happened to have a fixed natural supply because they were pulled from the earth and could not be made synthetically by humans.  In recent times this term has been adopted by the bitcoin community to describe the scarce nature of the bitcoin supply. The idea of  'sound money' allows bitcoin investors to advertise the difference between the limited supply of bitcoin and the inflationary supply associated with fiat currency. In 2021 the budding Ethereum community has reinvented the term to describe the deflationary properties of their beloved coin ETH. ETH supply is actually shrinking every year due to nifty 'tokenomomics', making the commodity increasingly rare as time passes. The community has named this concept "ultra-sound money" as a jab at the bitcoin community who can only claim that their currency is 'sound money'. The meme is telling the story of two rival communities fighting for dominance and recognition in an incredibly competitive market. What started as a jab at fiat currencies and government monetary policy by the bitcoin community, has been flipped on its head and used to insult the very community that re-coined the term in the 21st century. The meme is associated with batman because bats are one of the only species on the planet capable of hearing ultra-sound vibrations. As a result, batman has become the physical manifestation of the meme. 

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