My take: People trading based on memes are old human traits wrapped around a word that isn't as old. If fashion is combined with a story and Keynesian beauty contests you have a way for people to make decisions and entertain themselves. Stories are eternal.amp.ft.com/content/e33046…
"How durable is this meme phenomenon?" My take is it isn't new. Like many things it is just human nature amplified by the Internet. Since neither human nature and increased connectivity aren't going away, memes are here to stay. Keynesian beauty contests also weren't new. 
"The confidence that individuals have in their beliefs depends mostly on the quality of the story they can tell about what they see, even if they see little,” Kahneman, "Thinking, Fast and Slow.”
“No one ever made a decision because of a number. They need a story.”
“No one ever made a decision because of a number. They need a story.”
3/ I have edited and published two books of "Ah Mo" stories collected by my Great Grandfather Judge Arthur Griffin. The Native American stories he collected often explain natural phenomenon, such as why salmon spawn in rivers or how humans obtained fire. amazon.com/Ah-Mo-Indian-L…
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