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

janitor for /zk and some more stuff here linktr.ee/randomishwalk

Problematic is one word, kleptocratic is another

the token distributions for these are…problematic

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.

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.

Learning and contributing. Optimist  ✨🔴_🔴✨

Not worth adding nuance to this, personally. Given how quiet or non-existent the counter side is, happy to paint broad strokes to start a conversation

But what do you think of the meme project, not referring to a single static page meme project, coming out from this platform? Not to name anyone, but you create/cast/build and get something back(in form of token).

I can't help but view cryptocurrency speculation, especially with memecoins, as unethical. To win financially, the winner has to leave the loser holding bags.

But as a relative newbie, it's increasingly clear to me that there are other, more ethical ways to make money in this space.

they don't call out because their funding will stop, leads to negative credit on online presence. VCs or people with influence know this and that's why they continue to do this...in '17, '22 and today. This vicious cycle continues....one with good intentions getting tired of fighting this spam could be another reason

The elephant in the room is that without such assets there would be... not much left

What currency, crypto or otherwise, does not serve the purpose of making insiders rich?

what do you think drives the phenomena? why do people like memecoins?

People were allocating resources to all kinds of memes like sphinx . They are good and bad.

the issue here is that basically everything is a memecoin. There are very few “real” narratives.

99% of tokens are based on a meme, whether it’s a fintech meme, an AI meme, or a dog meme.

Sounds like you don’t own enough $member

I'm working really hard to be an example of how to do this. Blockchains are a new way for people to interact, so if you want to build a community, you can give them fun and interesting new ways to interact with other people besides gambling.

Honestly, in their purest form, memecoins are good for attracting both retail interest and building communities.

The problem is that 90-99% of memecoins now are straight up scams. 10-20% distributed to "devs", allocations for "KoLs", and all inflow coming from scammers on X shilling their communities into them.