androidsixteen
@androidsixteen.eth
Memecoin gambling is like fast food -- call it "fast money". Tasty and a nice treat every once in a while (hard to resist a Chick Fil A spicy chicken sandwich) But if it becomes a habit, it can creep into your life in a negative way and erode your health and time slowly
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Michael Varde
@michaelvarde.eth
Agreed. I’ve been feeling more and more that meme coins are an insider’s game. Most people don’t hear about a coin until it pops 1000x, which typically only benefits the creators, then people jump in hoping to get those gains, and they wind up as exit liquidity. Even the bigger memes seem like too much of a gamble to me because of the asymmetric amount of information that insiders have over those betting on outsized gains that never come. What do you think, A16?
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androidsixteen
@androidsixteen.eth
Was gonna post about the cantillon effect earlier but forgot Those closest to the money printer (or in this case, token generator) get the first look and most financial benefits — that’s the game when it comes to seniorage, unless it’s done in autonomous and transparent way (even then you can only slow down accumulation because information still travels unevenly)
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Michael Varde
@michaelvarde.eth
Exactly. Happy to see someone put it so clearly. The token generators are like the VCs during a closed funding round. Even if you see a new meme coin pop up on Dex Screener, there’s no way to know if it’s one of the few that actually have a solid team or one of the 10000000 scams amongst them. Do you invest in meme coins and how do you discern the promising ones over tokens that have utility?
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androidsixteen
@androidsixteen.eth
I don’t “invest” but I do gamble and have fun, but only put in money I’m willing to lose completely By virtue of gambling, if I find a project with a solid team that will work to keep it alive longer than 1-2 cycles, then I might keep my money in the token — but this is like <1% of memecoins
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Michael Varde
@michaelvarde.eth
Thanks for that. I think it’s the most reasonable perspective to have instead of thinking, “Aw, man! If only I had sold everything I had and put all my money into this obscure meme coin four months ago, I’d be richer than Bezos!!” I guess the real question is, how do you determine a solid team? I see projects like $Chillguy and $1 pop up and they look promising but I have no idea who’s really behind them. Then you think, “Is this another token from a serial scammer or a legit project?”
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