The real trouble begins when confirmation bias distorts your active pursuit of facts.

You can't rage against the machine through rebellious consumption.

We reach for the same brand not because we trust its quality but because we want to reassure ourselves that we made a smart choice the last time we bought it.

Wait long enough, and what was once mainstream will fall into obscurity. When that happens, it will become valuable again to those looking for authenticity or irony or cleverness. The value, then, is not intrinsic. The thing itself doesn’t have as much value as the perception of how it was obtained or why it is possessed. Once enough people join in, like with oversized glasses frames or slap bracelets, the status gained from owning the item or being a fan of the band is lost, and the search begins again.
You would compete like this no matter how society was constructed. Competition for status is built into the human experience at the biological level. Poor people compete with resources. The middle class competes with selection. The wealthy compete with possessions.
You sold out long ago in one way or another. The specifics of who you sell to and how much you make—those are only details.

You want to believe that those who work hard and sacrifice get ahead and those who are lazy and cheat do not. This, of course, is not always true. Success is often greatly influenced by when you were born, where you grew up, the socioeconomic status of your family, and random chance

Having a dissenting opinion on movies, music, or clothes, or owning clever or obscure possessions, is the way middle-class people fight one another for status...Hipsters, then, are the direct result of this cycle of indie, authentic, obscure, ironic, clever consummerism...It is ironic in the sense the very act of trying to run counter to the culture is what creates the next wave of culture people will in turn attempt to counter.