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✳️ dcposch on daimo
@dcposch.eth
I had a great convo with @greg yesterday. Memecoins are fine as long as everyone understands they're a zero-sum game. Those can be fun! People enjoy slots and poker too! But for for every $1m someone makes, others are losing $1m. It's wrong to pitch them as a wealth-building opportunity.
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✳️ dcposch on daimo
@dcposch.eth
> How do you know ObamaSonic420Inu starts at $0 market cap, and it ends at $0 market cap. In between, a lot might happen. There's a power-law to returns, so even tho the sum total is $0 exactly, the *number* of people who end up net-down is much larger than the number people (largely those in early) who are net-up.
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DoomFuzz
@doomfuzz.eth
i don't think people realize how much of an advantage devs and early buyers have and also the majority are outright scams that said i have no problem with "honest" memecoins if you know enough to use a token called $degen to buy another token called $goat then you know what you're getting into 100 $degen
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six
@six
do you feel this way about punks as well, or have they crossed the legitimacy threshold that eg btc/eth have?
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Kuririn
@kuririn
I think many people don’t understand that.
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pontus
@pontus
+1
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Chinmay 🕹️🍿
@chinmay.eth
Fun always ends!!
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Kep28
@kep28
It is a lottery ticket with 95% percent of probability to lose your money.
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Zima ∞ 🦕
@zima.eth
What if the ones losing are the whales, and we end up with some cool redistribution mechanism? Most memecoins won't do this, but some accidentally (or not so) might tap into this. Call me an optimist, I know...
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Zadan
@zadan
We used to think of memecoins as empty projects, but there's utility based on social engagement; after all, memes embody that. Both 'chain projects' and memecoins have their utility, and both goes zero if they fail to fulfill their utility over time. For instance, I'm more bullish in Doge's future than on Cardano's.
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Domain Shane
@cultra
Amen 350 $degen
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Rebin🔵
@rebin.eth
Wise conversation🙌🏽
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