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martin ↑
@martin
starting to realize most of the breakout coins on base might be new infrastructure coins degen led here, and now virtuals and clanker have preivously been bearish on infra/utility type stuff but re-assessing
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Michael Gingras (lilfrog)
@frog
Degen had some utility to give it value, does clanker have anything to give it utility aside from being associated to the narrative/meme of clanker coins this cycle? If no utility I struggle to understand how anything survives once the narrative does down and people move on to the next casino It’s what happened to 99.9% of alts in the ico mania
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martin ↑
@martin
Yeah most of my thinking is in the next 6 months or so - almost no tokens have shown they can survive a market and come back better the next time around, so that's not my plan. I think Degen had utility but almost all of the value / speculation had very little to do with the utility and more with making more money. Elaborate ponzi (in a good way) in that sense. Clanker has no utility, I don't think stuff like Virtuals does either. But the speculation can go longer than people think
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martin ↑
@martin
Anecdotally was able to track down an onchain wallet tied to a VC firm buying like $800k of clanker which prompted some of these thoughts
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Michael Gingras (lilfrog)
@frog
gotcha ya, I've come around to viewing these tokens as literally a casino game. Theres not even any point in trying to pretend the coins are good for anything aside from speculating on. Floor drops out? It's okay, move onto the next round of the game, the next token. Crypto will always be for gambling, at some point it feels better for the community to simply acknowledge that for what it is. Makes it easier to differentiate between gambling crypto and other crypto use cases
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Michael Gingras (lilfrog)
@frog
but ya to your original cast -- whats the infra/utility of something like clanker then? Seems like theres really no infra or utilty. It's just has a strong narrative potential because its "the" coin for clanker Also realizing when gambling, its better to sell the picks and shovels. Very jealous I didn't invent clanker, easy millions collecting fees with zero risk (except maybe until SEC throws you in jail for creating a bot designed to create unregistered securities lol)
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