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]

16 replies

6 recasts

62 reactions

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.

2 replies

0 recast

2 reactions

basil pfp

chain doesn’t matter; go ask your neighbor or barista what they think about crypto; then ask what they think about sports betting it’s not about us that are already here, it’s about those that were likely to convert that we’ve now scared away for life

1 reply

0 recast

6 reactions

J Finn 🎩 pfp

'ask them what they think about sports betting' that would be a good one actually ... cuz I think they won't see it as a 'scam' like most of crypto, but they also won't see it in a positive light either imo. at least in crypto, you can, with some probability, make some money if you find a good coin at the right time in the cycle. how many actually win in sports betting, like a couple %? most rigged odds against you of almost any activity, very capped upside. my point being, this isn't a democratic sport, it's about picking winners and trying to find opportunities to change your life, which crypto still has in spades compared to sports betting

0 reply

0 recast

1 reaction