Li Jin
@li
The case for why memecoins are useful
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ted (not lasso)
@ted
serious question: when the memecoin gets nuked and the price tanks, what happens to people’s sense of entertainment or loneliness or fulfillment?
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tldr (tim reilly)
@tldr
I think it’s good to call memecoins what they are: A lottery ticket with a community I think they have huge potential for positive sum building on top of this very powerful core product (see degen!), but it’s probably healthiest and fairest to users to call them what they are
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Jesse Walden
@jesse
Many crypto assets claim some (often future) utility/fundamentals, whereas memecoins tend to be very explicit about what they are for: a game played for entertainment and financial gain (or loss.) Games have winners and losers—I believe majority of meme market participants understand that. Not all.
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tldr (tim reilly)
@tldr
Yeah this is an interesting point: that the meme element functions as an (implicit) announcement that the thing is a toy/game But if we’re being honest it also often functions as a sleight-of-hand by the creator — making the thing feel harmless to try and providing a get-out-of-jail-free card upon future failure
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Jesse Walden
@jesse
I’d argue the latter is more true of things claiming utility
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tldr (tim reilly)
@tldr
Agree — but I honestly think what has largely happened is that people realized “I want to get rich from my coin spreading but to not face eventual consequences for not following through on utility promises”… and the meme/irony is a way to achieve spread without accountability
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