David Furlong
@df
pure memecoins are a pyramid scheme that will collapse as soon as A) the same people keep winning (as this means the average person is losing $ consistently) and B) new buyers entering the system are exhausted (there's a limited amount). A is already happening (KOLs are driving token prices top down) & not sure how much of B is left. History rhymes - exact same thing happened with NFTs.
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matthewb.eth
@matthewb
sure and how does that differ from “governance” tokens being launched for the next big L2 etc., that nobody buys/holds for gov rights but rather to speculate on?
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nir.eth 🌿🟣🐦☁️
@nir
At least it actually has a product/purpose and can figure out monetization later. This weird conflation between memecoins and protocol tokens feels so nihilistic
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matthewb.eth
@matthewb
it’s an obvious point of comparison when you virtue signal that gov tokens—used to allow investors in private rounds to exit—are somehow less speculative (and therefore morally superior) than other tokens
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nir.eth 🌿🟣🐦☁️
@nir
They are less speculative because they’re tied to a product and not just a vibe. Betting on Facebook pre revenue isn’t more valuable and real than betting on a meme, even if VCs got in earlier
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matthewb.eth
@matthewb
except most gov tokens are not tied to the products they represent in any material way, so they are exactly that: vibe and mindshare
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nir.eth 🌿🟣🐦☁️
@nir
If ENS started buying tokens with their profits it would immediately have value. The problem is regulation, but I do agree that utility tokens or tokens w real value are better than gov tokens
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nir.eth 🌿🟣🐦☁️
@nir
That’s why this comparison to memecoins feels nihilistic. Nobody is making coins of value therefore they’re all vibes and valueless and we might as well own poopcoin bc no vc bags
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