The Hype Cycle
The problem with hype is that it transforms the use value of a would-be work of art into its exchange value. For in the middle (there’s no end) of the hype cycle, the important thing is no longer what a song, movie, or book does to you. The big question is its relationship to its reputation. So instead of abandoning yourself to the artifact, you try to exploit inefficiencies in the reputation market. You can get in on the IPO of a new artist, and trumpet the virtues of the Arctic Monkeys before anyone else has heard of them: this is hype. Or you issue a “sell” recommendation on the overhyped Arctic Monkeys: this is backlash. But there are often steals to be found among recently unloaded assets: “Why’s everybody hatin’ on the Arctic Monkeys?” says the backlash-to-the-backlash. The sophisticated trader is buying, selling, and holding different reputations all at once; the trick in each case is to stay ahead of the market. And the rewards from this trade in reputations redound to your own reputation: even though the market (i.e., other people) dictates your every move, you seem to be a real individual thinking for yourself.
No one will admit to being the 100% tool whose taste is 100% social positioning. Probably no one is that person… Hype-and-backlash overwhelm the artifacts that supposedly occasion them. At this point a basic inversion takes place. Never mind the moon; look at the finger pointing at the moon. Is it pointing too high, or too low? It makes you want to turn away from that overhyped satellite altogether.
True enough.
