memecoins do not generate any value. It is just a transfer value from one fool to another. It is a zero-sum game. Should that be forbidden? No. Everybody can do what the heck they want with their own money. I don't care. But, for the love of god, stop comparing the financial platform that Ethereum built with the onchain casino that is Solana.

PS. I am a fool myself.
PPS. I'm still looking for the big UX difference between trading on Solana+Phantom and Base+Rainbow

I mainly write code and read books. Sometimes I take pictures. I wish I’d write.

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This is the alt account of Sister Hazel. Writings at https://powerlaw.systems.

The printing press is a totally different thing. You create something of value there.

For memecoins, I create token X. At this point it has no value. I add liquidity by adding some token of value, e.g. 10 SOL and 10 X. Alice uses the pool to buy 1 token X. Pool is now at 11 SOL and 9 X. I use the X that I minted when I created the token to take out all the SOL in the pool.

At the end, I have 11 SOL now and Alice has 0. We did not create any value but we transferred value. That’s it.

Obviously the whole thing is more complex since there are many more participants but the core concept is the same.

This value creation argument is rather short sighted in my view, or at least missing the point of how evolution and innovation works. 

I am pretty sure that the Pope or whoever did also have a bunch of hot takes ala "the printing press does not generate any value". 

Like yeah dude, it doesn't, for you. But since when did that become the yardstick?

PS: big Ethereum fanboy here.