David Furlong on Warpcast

David Furlong pfp

pure memecoins are a pyramid scheme that will collapse as soon as A) the same people keep winning (as this means the average person is losing $ consistently) and B) new buyers entering the system are exhausted (there's a limited amount). A is already happening (KOLs are driving token prices top down) & not sure how much of B is left. History rhymes - exact same thing happened with NFTs.

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David Furlong pfp

if you want to make money, you need to ask yourself at what point will the cohort that bought before you sell, and leave you holding the bag?

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matthewb.eth pfp

sure and how does that differ from “governance” tokens being launched for the next big L2 etc., that nobody buys/holds for gov rights but rather to speculate on?

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nyc-crypto-cabal-kid pfp

nyc-crypto-cabal-kid

I want to agree with you here but a) I don’t think newer investors are savvy enough to know who’s making money and who isn’t so they keep thinking “I’ll get the next one” and b) it feels like people will continue to try to chase memecoins as long as they see others making “easy” money

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Adam pfp

There will always be a group of people who think they are the exception to the rule. That’s what the grifters depend on

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Chinmay 🕹️🍿 pfp

Chinmay 🕹️🍿

We are early to compare meme coins with NFTs. It's too early. But NFTs were more useful in their prime.

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nir.eth 🌿🟣🐦☁️ pfp

nir.eth 🌿🟣🐦☁️

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Disky.eth 🎩 pfp

Agreed. A reason why I do a quick out when some of these get airdropped.

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↑langchain 🎩 pfp

↑langchain 🎩

The issue is the mental illness has spread already so (even in this thread) people cannot differentiate memecoins from systems that have deployed tokens for actual usage. I feel this all ends similarly to ICOs and sets the industry back before good examples are highlighted.

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gogol on meth (🔵,🔵) pfp

gogol on meth (🔵,🔵)

But NFTs have some utility (artistic, IP, whatever), the memecoins of this cycle werent even funny, just influenzas low-effort pump and dumps.

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Reeeny pfp

It also depends what the community makes of it. I try to release a weekly collection on Drip.haus for /howdy as a community member, others produce content etc. But ofc you are right...I am a bag holder for many that took a profit on my neck.

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Quelz🎩 ↑ pfp

Good take ☕️

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