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]

i think sport betting is tremendously useful in framing the greater crypto perception problem

nearly all normies have no qualms with sports gambling & in fact many routinely engage

the majority of those who participate, lose money, consistently, but still, have no issues with sports betting

now you ask those same people what they think about crypto & you’re almost guaranteed “stupid” or “scam”

we, inside the space, know that our risk/reward is much better than sport betting & yet those who wager sports, call us the scam

this is what we’ve done to ourselves; even the risk-on degenerates think we’re trash 

extrapolate this to any risk-adverse cohort & now you see the problem—one that’s so widely spread & deeply rooted that it’s virtually impossible to solve at face value 

this is all without consideration of currency risk, custodial risk, hacks & rug risk, etc. 

so the normie that was most likely to convert, now calls us a scam, ie. they won’t come back, not even to wager on sports

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

yappin in /midwits & creating idle rpg /animarising

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