asset (e.g. <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">
Bitcoin) can vary so dramatically. Think about it, there are a lot of different groups with their own mimetic desires. Some mainstream <strong>investors believe that Bitcoin is viable and profitable</strong> while other early adopters advise each other to “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hodl/">
HODL” the coin even when it’s falling in value. Thus, different mimetic desires <strong>make people act differently</strong>, which results in constant changes in asset prices.</p>\n<h3>An example of Mimetic Theory</h3>\n<p>A great illustration of the mimetic theory in the world of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">
crypto was when Elon Musk changed his mind about Bitcoin. At first, he stated that he supports this currency, which was great for its popularity. However, as soon as he said that he <strong>changed his mind about it and he doesn’t support it anymore</strong> because of the environmental concerns, Bitcoin prices began to fall.</p>\n<p>Despite the fact that Musk had no direct influence over Bitcoin values, he served as a mimetic model for individuals who aspired to live an entrepreneurial, high-tech lifestyle <strong>using the ways that Musk promoted</strong>. This backlashed at him later because he was accused of manipulating the market.</p>\n<h3>The Downside of Mimetic Theory</h3>\n<p>Girard's Mimetic theory has a basic flaw in that it exaggerates its claim by attempting to explain every facet of human nature and assuming that there are no acceptable alternative explanations for the occurrences he discusses. </p>\n<p>For instance, in the theory, it is assumed that EVERYONE <strong>makes independent decisions based on how others value specific goods</strong>. Let’s get back to the example of the Apple iPhone. Yes, there are a lot of individuals that choose it just because it is popular. </p>\n<p>However, not everyone does, there are a lot of people who don’t care about the popularity of Apple and would probably choose an equally good smartphone from another brand that costs much less. 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Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":491,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Mining Pool?","slug":"what-is-mining-pool","section":"M","keyword":"Mining Pool","status":"published","definition":"a group of cryptocurrency miners who pool their processing capabilities and resources to maximize the chances of finding a block.","content":"<p>A mining pool is a network of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-miner/">
cryptocurrency miners</strong></a> who pool their processing power and resources in order to increase their chances of finding a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">block. <em>Why is it beneficial?</em></p>\n<p>In huge <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchains, like <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin, there might be some <strong>intense competition</strong> among miners who are eager to find the next block. This means that a miner's ability to obtain <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-reward/">crypto rewards</strong></a> requires an ever-increasing amount of processing power (and electricity). Besides, sometimes the infrastructure required for finding a block can get pretty expensive for an individual miner. </p>\n<p>That’s where <strong>mining pools come to the rescue</strong>. The chances of finding the next block and being rewarded with crypto increase a lot when miners pool their processing power and resources into one collective organization. The pool rewards are subsequently divided between its members. However, keep in mind that the <strong>split of rewards </strong>might depend on the amount of contribution of each member (it’s not always equal).</p>\n<p>In addition, note that there are a few downsides to mining pools. There were some instances of websites that claimed to offer cloud-based mining pools but turned out to be scams. Therefore, you always have to be careful when choosing a mining pool. Besides, keep in mind that you might be required to <strong>comply with a set of specific criteria inside a pool</strong> in order to be eligible for a block reward.</p>","level":"easy","meta_title":"What is Mining Pool? Definition & Meaning | Crypto Wiki","meta_description":"Mining Pool meaning: Mining Pool - a group of cryptocurrency miners who pool their processing capabilities and resources to maximize the chances of finding a block.","meta_keywords":null,"language":"en","created_at":"2022-03-22T12:37:19.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-mining-pool"},"prevSection":{"id":489,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Micro Cap?","slug":"what-is-micro-cap","section":"M","keyword":"Micro Cap","status":"published","definition":"a small company with a market cap of $50 million to $300 million.","content":"<p>A micro-cap is a <strong>small company</strong> with a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-market-capitalization-market-cap-mcap/">market cap</strong></a> of $50 million to $300 million. Micro-cap companies have a higher market cap than nano-cap companies, but a lower one than small-, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mid-cap/">mid-, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-large-cap/">large-, and mega-cap companies. However, a lower market cap doesn't mean that stock prices <strong>will be necessarily lower</strong> than for the companies with higher market caps. A company's market cap is calculated by multiplying the stock price by the total number of outstanding shares.</p>\n<p>Micro-cap companies are known for their excessive <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volatility/">volatility and the fact that they are <strong>riskier than companies with larger market caps</strong>. That’s because they are unpredictable, have no history, revenue, assets, or <strong>operations</strong>, and have a lot of untested products. Besides, due to the fact that they lack <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-liquidity/">liquidity and have a small shareholder base, they are vulnerable to huge price shocks <em>(potential investors should really look into the liquidity aspect before investing)</em>.</p>\n<p>The market cap of a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-crypto-asset/">crypto asset</strong></a> and its underlying <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain is determined by the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volume/">volume of circulating coins available to the public multiplied by the price per coin. Note that there is no specific market cap threshold that implies that an asset is a large-cap coin.</p>\n<p>Though the market cap of micro-cap coins is similar to the market cap of penny stocks because it is small. Besides, they offer the <strong>potential for enormous payouts</strong>, but they also carry the danger of losing more money than you would with the average coin. Micro-caps could even be considered riskier than penny stocks because of their volatility. However, if you choose a proper chart, you can <strong>control the amount of risk</strong> you face.</p>\n<p>Micro-cap coins are beneficial because they allow users to generate a significant quantity of money in a short period of time. You can earn huge returns on your initial investment if you invest in a micro-cap when it is still in the early stages of development. Being an early investor also means that you <strong>don't have to invest a lot of money to make huge profits</strong>.</p>\n<p>However, keep in mind that you’re more likely to be scammed if you invest in micro-cap coins. Besides, if you don't do your homework on your preferred cryptocurrency, you risk losing all of your money. This would happen if <strong>the crypto firm decided to</strong> exit the market and take all of your investment funds with it (this is known as a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-rug-pull/">rug pull</strong></a>).</p>","level":"medium","meta_title":"What is Micro Cap? Definition & Meaning | Crypto Wiki","meta_description":"Micro Cap meaning: Micro Cap - a small company with a market cap of $50 million to $300 million.","meta_keywords":null,"language":"en","created_at":"2022-03-22T10:00:00.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-micro-cap"},"currentChapter":"M","currentSection":"what-is-mimetic-theory","chapterTitle":"M","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-mimetic-theory","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter M
What is Mimetic Theory?
Mimetic Theory MEANING:
Mimetic Theory -
a theory that describes human behavior and culture, as well as how objects become desirable to humans when examined in the context of economics.
Let's find out Mimetic Theory meaning, definition in crypto,
what is Mimetic Theory,
and all other detailed facts.
When examining human behavior and culture in the context of economics, Rene Girard's mimetic theory outlines how products become desirable to humans. According to this theory, mimetic desire is a subliminal replication of another person's desire in which we actively participate. To give you an example, a lot of people are crazy about buying an Apple iPhone despite its huge price just because it looks sleek and other people have it (or want to have it).
When applied to the world of decentralized finance, the mimetic theory explains why the price of an asset (e.g. Bitcoin) can vary so dramatically. Think about it, there are a lot of different groups with their own mimetic desires. Some mainstream investors believe that Bitcoin is viable and profitable while other early adopters advise each other to “HODL” the coin even when it’s falling in value. Thus, different mimetic desires make people act differently, which results in constant changes in asset prices.
An example of Mimetic Theory
A great illustration of the mimetic theory in the world of crypto was when Elon Musk changed his mind about Bitcoin. At first, he stated that he supports this currency, which was great for its popularity. However, as soon as he said that he changed his mind about it and he doesn’t support it anymore because of the environmental concerns, Bitcoin prices began to fall.
Despite the fact that Musk had no direct influence over Bitcoin values, he served as a mimetic model for individuals who aspired to live an entrepreneurial, high-tech lifestyle using the ways that Musk promoted. This backlashed at him later because he was accused of manipulating the market.
The Downside of Mimetic Theory
Girard's Mimetic theory has a basic flaw in that it exaggerates its claim by attempting to explain every facet of human nature and assuming that there are no acceptable alternative explanations for the occurrences he discusses.
For instance, in the theory, it is assumed that EVERYONE makes independent decisions based on how others value specific goods. Let’s get back to the example of the Apple iPhone. Yes, there are a lot of individuals that choose it just because it is popular.
However, not everyone does, there are a lot of people who don’t care about the popularity of Apple and would probably choose an equally good smartphone from another brand that costs much less. Therefore, the mimetic theory overlooks the possibility that individual liberty could triumph over a communal culture which values certain objects.
