I grew up in that world. People making 150 per month would have kids carrying 600 phones just to put something on the table. In eastern europe, an adidas track suit seemed like Armani, when advertising just started after the fall of communism and people thought that made them feel sophisticated for wearing western brands. When you can’t brag with an expensive house or car, you brag with expensive accessories on yourself (gold chains, phones, watches).

It’s no different than a national geographic video where the loudest frog signals it can be bold enough to broadcast its location, even though it can be eaten. Wearing gold chains and bragging you have crypto is akin to yelling “come and rob me” in a less safe world.

The reality is that status is just a way to “encourage/compel” voluntary submission of services from other people, who may think they will benefit from your status rubbing on them in some way.

Strangers don’t support you for what you do, but for what you can do for them in the future.