Cryptocurrency has produced a new type of cult: the cryptocult.
I don't use the term "cult" lightly. I don't use it to make fun of a group. A cult isn't just any group with a shared interest. It's a group formed around a charismatic leader, they have a strong in-group/out-group dynamics ("we enlightened ones who get it" vs "the haters"), and the leader hands down dogma which counts more than truths or facts. The dogma changes over time, but the group adapts immediately.
In a cryptocult, the leader pretends to be in the process of creating a superior cryptocurrency. Cult members get to enjoy an early entry, before anyone else realizes what's going on. Whereas they are bitter over having missed out on Bitcoin's early days, they often feel like they are given a second chance by the leader.
Coming into their camp as an outsider is hazardous; they are always looking for threats to their dogma, and the slightest narrative violation will cause the cult to mobilize against you. A cult always says they are open minded and interested in debating you, but their only interest is to recruit you, and if they are unsuccessful in this, they need to exclude you immediately – because being exposed to a member of the out-group is seen as dangerous.
While the leader pretends to be a technical genious, a multi-talented renaissance man, he is actually clueless. He discusses his supposed technology only on a very high level, using metaphores and vaguely defined terms. He will say this is so that ordinary people can understand it, because his cryptocurrency is for ordinary people.
A cryptocult has a certain lifecycle. When it starts, it is less obviously a cult; the group is diverse and the discussion is more open. The leader, who is never able to deliver on his promises (not only because he is technically clueless, but because there was never going to be any tech), will drag the group along with continued delays. He will often announce significant breakthroughs which excite the group, but interspersed are significant setbacks, often caused by outside enemies. The leader increasingly presents himself as a heterodox thinker that the establishment needs to stop – he's a victim. A lot of the initial group members leave at this point, or they are excluded because they challenge the leader. The people who are left, become the cult. They can be strung along almost indefinitely; they aren't really there for "the tech", but because they worship the leader. The leader will award them with special access; they get the privilege of interacting with him directly on a chat, and sometimes even travel to meet him in person.
Over time, the cult shrinks because people are just too broke or too disillusioned with the lack of progress. As members leave the cult, only the most zealous members remain, causing the group to be smaller and more unhinged. This is not sustainable for the cult leader, who eventually disappears, and that is when it ends. Sometimes the final event is the arrest of the leader, but unfortunately this is rare.
Some of the cult members will go on to seek new cryptocults. Others are left out of their money and too embarrassed to seek help.
If you are a victim of James Browning's Vertisan scam, I cannot help you get your money back – but I can offer you a victim support group on Telegram. Join here: https://t.me/vertisanvictims