tldr (tim reilly)
@tldr
I think memecoins will play out like the Internet Bubble: 1. The many projects that do nothing — yet with spectacular speed and hype — will indeed make short term money. 2. The very few projects that do actually something interesting will change the world in a big way. https://x.com/internetphysics/status/1884828445194018830?s=46&t=jfFbiO6yqIgiuy-BqPaNpg
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nick
@nickysap
People say this every cycle. Just replace memes with NFTs, ICOs, etc. It’s true but the stars still must align for the 0.01% of projects that fit the criteria. Getting through aggressive bear markets is not easy, even for the best projects.
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tldr (tim reilly)
@tldr
Agree. Aiming to cash out and aiming to create something enduring are both possible outcomes here, w very different probabilities Wild that Ethereum was an ICO. (tbd if any NFT projects become actually important) My point is: it’s best to know which one you’re trying be / which one you’re trying to bet on
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nick
@nickysap
Absolutely. I would say Pudgy has done a decent job of breaking out as an NFT project and enduring. There were many well-intentioned ICOs and NFTs that just couldn’t sustain multiple bears. It’s brutal and not for the weak hearted. But can be immensely rewarding if you can make it thru.
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tldr (tim reilly)
@tldr
Yeah Pudgy has parlayed one cycle’s token vehicle into the next. Which is impressive. I don’t know if there’s any “there” there, though. We’ll see - team is good at executing
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nick
@nickysap
Pseudo-related question: how can we hold “startup tokens” accountable this time? As token holders, we aren’t shareholders and have no rights to ownership of the company. Hence, we aren’t privy to the internal workings, including revenues, of these businesses. What standards should we be setting as a community so that this time is different?
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tldr (tim reilly)
@tldr
I bet it’s going to be continued “DYOR” this time around. Until there’s enough happening that we get new actual regulations around it. Prob best to treat everything like it’s probably just a meme cash out play until it proves otherwise.
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