matthewb.eth pfp
matthewb.eth
@matthewb
a lot of memecoin critics don’t realize that the quiet part they’re saying out loud is “I don’t find the utility of making money very useful” which says a lot not a good or a bad thing, it is what it is
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alex pfp
alex
@proxystudio.eth
I'd love to read a great, anti-memecoin article. someone should write a criticism with real teeth, something nuanced, something that makes me blush & feel something think its a harder task than people might think: doubt most would say "buying coins is bad" its more we're buying the wrong ones. we'll get a pro-crypto, anti-memecoin backlash thats more meaningful eventually, but I haven't really heard anyone articulate a positive vision for blockchain, but not lots of random coins backed me a hope & a dream there is a vibe that is undoubtably "family money or venture backed project" to some of the criticism. but I think the impulse is sincere, people want us to be relevant, and financialization is not without its...discontents regardless, it would be good for our industry if there wasn't such singular attention on memes. but the big question for anyone who wants that is... so why crypto at all? maybe the best memecoin critique is secretly just a really good answer to that question
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typeof.eth 🔵 pfp
typeof.eth 🔵
@typeof.eth
Most people lose money gambling. This holds true for casinos, sports betting, horse races, etc. I haven’t seen stats on whether it applies to memecoins specifically, but I have to assume yes. Hard to say that their utility is “making money” if so FWIW I don’t think we should ban them, I just wish crypto was less about games where you don’t wanna be the one holding the bag
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Zach pfp
Zach
@zherring
Idk man memecoins fail the three traits of money-ness, so I don't think that's super valid tbh.
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MOΞ pfp
MOΞ
@moe
only a tiny tiny fraction of the people who trade memecoins actually make money. so no, making money on memecoins isn’t real utility or useful in the aggregate.
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ted (not lasso) pfp
ted (not lasso)
@ted
eh, not quite. there are many ways to make money: work a job, sell a product, become an OnlyFans creator, invest in stocks, buy real estate and rent it out, win the lottery, inherit it, etc. just because people criticize one way to make money doesn’t mean they don’t find utility in making money generally.
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Cooki pfp
Cooki
@cooki
the utility is speculation rather than making money tho right? 'cos there's no guarantee you win
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slobo pfp
slobo
@slobo.eth
part of is that memecoins capture attention i'd never vote to outlaw sugary drinks, but yet i'd love it if i never had access to them my view on memecoins is about the same
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callum pfp
callum
@csmit
Memecoins stop becoming memecoins when they’re no longer funny, that is completely up to the audience, whether they are buying selling or just watching Other than being funny, they are useless and often used explicitly to extract value from people who are trying to have a good time Clanker etc have been good in this sense because it has saturated the market so much that people just pump coins based on the name, not based on the long-term investment thesis for FartCoin It is lowkey a good way to attract investment into the crypto space for its novelty but really people should be coming here for the tech - the tech is actually important. In the future we will probably be regretting not transitioning to a crypto economy faster. Mark my words something is gonna happen again where people can’t access their assets or their assets are taken from them - remember SVB, FTX, the gold reserve act (1930 something), the GFC… etc Memecoin devs could be building to protect and bolster the memecoin economy (lol)
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Maxbrain Capital pfp
Maxbrain Capital
@viybz
I love when the millionaire “first principles” VC can’t wrap his head around why meme coins are so popular.
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Commstark 🎩🫂 pfp
Commstark 🎩🫂
@commstark
Ppl will hate on meme coins and say community is utility And then spend $10,000 a year to join an Art or sport specific country club
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