basil on Warpcast

basil pfp

memecoins set crypto back 3 years but i’m glad 800 people made a few $100k at the expense of 250,000+ people this is one of the biggest misunderstandings about crypto: if you build it, they will come they won’t, not anymore because you, as a leader, leaned into garbage over & over & over again & more than 95% of people who followed you lost money they are not coming back, ever good luck with the onboarding tho [insert meme: well if isn’t the consequences of my own actions]

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basil pfp

name one person you know who hasn’t at least heard of crypto; now ask them what they think about it this is what we did (repeatedly) perceptions are held for life

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basil pfp

you can’t use logic here these folks *believe* crypto is a scam they’re not upset they lost money (they probably lose money all of the time)—they are upset because they *believe* they’ve been scammed, which is why they won’t return it has nothing to do with zero-sum or losing; it’s entirely a perception problem that we’ve created through shitcoin propagation, exploits & cringe marketing https://warpcast.com/itsbasil/0x073daa4c

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JB Rubinovitz ⌐◨-◨ pfp

JB Rubinovitz ⌐◨-◨

They thought we were trash in 2022 and we doubled down.

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J Finn 🎩 pfp

dunno about this take. this seems fairly unique to Solana, and was basically a 'gambling cycle' in line with generational income disparity, sports betting everywhere, etc. perfect storm, not sure how it could have been stopped ... the countertrend has been the 'base builders' type of vibe, which we see here on Farcaster, trying to build a new ethos. admittedly, when all the capital flows in one direction (meme gambling), you have to follow it to some extent, but the depravity of it might give birth to the types of companies you have talked about with 'revenue coins.' that seems to be the direction proxy is going with Clanker, and it seems to be taking shape in small niches.

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Steve pfp

I agree with the general sentiment *but* would argue it accelerated the inevitable and because of that it'll be a net good. It's created a black hole for us losers who are still around to cannibalize the few resources that remain. As we descend to nothingness, I can see something totally new emerge, in such a way it's so far removed away from blockchains that most people won't even realize it's the underlying tech. Similar to TCP and HTTP in the 90s Internet boom (albeit those protocols came with no baggage, especially being correctly associated with grifts). I imagine zk proofs will be the catalyst for public ledgers being useful somehow. How exactly though, I don't know.

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Spaceman Spiff 🎩🍖 pfp

Spaceman Spiff 🎩🍖

@spaceman-spiff

The first thing humans seem to do with new tech is porn and gambling. See the .com boom and early perceptions of the internet. The edge cases and outcast are usually the early adaptors because the system isn't working for them, perception is already against these groups/ systems. The previous US administration stifled a lot of innovation by targeting good actors and forcing many people in the industry to move into this narrow meme space to avoid their wrath during that time. Some gamblers and curious people got hurt in that cycle, that is true. My question for you: What happens when actual profitable crypto creations can start turning the fee switches on and adding value to their meme "governance tokens"? My thesis is that people will come back when the incentives are aligned. It appears we are entering a period where the good actors that spent a lot of time and energy fighting for their lives can now focus on building again, that makes me bullish.

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Nicholas pfp

win-lose games always play out the same way. we e/acc'ed those games to their logical conclusion. now we are free to build what's next.

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sgt_slaughtermelon pfp

sgt_slaughtermelon

@sgt-sl8termelon

I'm thinking about this a lot. People apparently love sports betting these days too (which I don't get). I think a part of the difficulty is that forbidding use-cases doesn't really work, and people who make reasonable and patient claims for what the tech can and should do just aren't as exciting as get rich quick hyper-casino antics, right? A news article about someone who made slightly more yield on a stable farm for a year than their bank savings would have earned doesn't get clicks. Explaining normal returns on lending protocols that you couldn't use in tradfi unless you were a multi-millionaire - is that what excites people? 🤔

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Ghostlinkz pfp

@ghostlinkz.eth

This has been a huge issue with crypto industry from time. The leaders back some really bad ideas, and when it all comes crashing down, no one takes responsibility

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agusti pfp

30y according to our quants

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Monteluna pfp

Interesting takes. I think my only response is: 1. I'm not entirely sure this is a bad thing. We created a new financial substrate, then generated a way to quickly organize capital at internet speeds. Why exactly are we surprised when most of the capital formation ends up being zero sum "buy and pray" games, that most people lose? I would say we are training people to learn *not* to play those games. As an exclusive user of finance in crypto, I focus on swaps. People who are just here to play zero sum games are our worst customers and I'm not sure they should be rewarded or not lose money. 2. If you do view the space as a sort of way to "invest", why exactly should people also be "winning"? Startups and VC games have notoriously bad outcomes, since the risk reward profile skews towards massive returns if you're right. If we generated this global capital formation thing anyway, if you exclude the financial side, these people wanted to be VCs with adverse selection. They *need* to learn by losing.

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Catch0x22 (2025 variant) pfp

Catch0x22 (2025 variant)

bullshit lmao web3 holds the industry back. not memecoins all the dogshit VC projects not pumping but still need to pay MM is the best part of memecoins. drain the swamp

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Uncle HODL pfp

It's not just the trench rot... Consider there were projects like RTFKT, that required users to prove ownership for claiming tickets and merch... yet they never implemented delegate. Or what about the founders that should be pushing their communities to an onchain social that has features we all need, yet they don't? There's many levels of ignorance and greed in this space 🤷

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shoni.eth pfp

i onboarded most of my family after making decent money in the degen LP

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Stuart pfp

Maybe "onboarding the masses" was the corporate goal for crypto but shouldn't be our goal 🤷‍♂️ (not sure just considering the question)

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derpin.base.eth 🔵 🟡 pfp

derpin.base.eth 🔵 🟡

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Dvyne🎩 pfp

True Speaking from experience too The way i use to onboard now is through farcaster

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