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Daniel McGlynn

@danielmcglynn

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The thing about crypto is that, almost since its inception, it’s been defined by its sideshows. First, it was early altcoins — coins that tried to be like Bitcoin, but better. Then came the shitcoins, an industry term of art referring to assets launched with little purpose beyond pumping and dumping. These projects were more like rug pulls that everyone was in on. Today’s sideshow has got to be memecoins. We’ve covered memecoins before, mainly because they’re so interesting. They fascinate because they’re like the internet’s version of a flash mob, but defined by satire rather than spontaneous dance — like there’s some kind of big joke out there, and you can somehow make money off the punchline. In the full arc of crypto’s brief and sometimes convoluted history, these sideshows might be seen as a distraction — like they’re the thing that will never really lead to the real thing.
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