Yeah, no, nothing has changed

Memecoins are not "fun" or "community building" - they are merely a tool to transfer wealth from the many to the few, and no one wants to call them out (understandably) for the fear of being mocked as "mid" or "boomer"

Yeah, no, nothing has changed

Memecoins are not "fun" or "community building" - they are merely a tool to transfer wealth from the many to the few, and no one wants to call them out (understandably) for the fear of being mocked as "mid" or "boomer"

https://twitter.com/apolynya/status/1598124343636422658

I think the important point here is that so far crypto has mostly been in a (very long) tech stack build-out phase. So most things during that time were circular and fake and gambling. That’s why imo the way out is to put full focus now on the first generation of real world applications.

Ethereum protocol R&D. Admirer of emergent order.

There are good applications for crypto and to your point about stablecoins, I wrote many blog posts about the topic in 2023. This commentary is in isolation about the dangers of memecoins where most people will lose a lot of money, and how the ratio of bombastic bull posting versus cautionary takes is nearly infinite.