David Furlong pfp
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 pfp
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 🌿🟣🐦☁️ pfp
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 pfp
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 🌿🟣🐦☁️ pfp
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 pfp
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 🌿🟣🐦☁️ pfp
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 🌿🟣🐦☁️ pfp
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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matthewb.eth pfp
matthewb.eth
@matthewb
big agree that regulation is holding tokens back, hopefully this will change but the idea that $OP is morally superior because they have a product (?) is silly, these teams are very corporate and are here to make $$$ exactly the same as degens. the gov tokens are just a liquidity event for private investors.
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