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This guy speaks truth.
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Dogecoin and Reddit have been doing this “meta” for like a decade.
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@farcaster so is farcaster a protocol, a social network, or both? Where is all data from Warpcast stored? On the blockchain, or on private servers? To my understanding, Warpcast is merely a wallet gated social network, with none of the actual data stored on the blockchain. The wallet is merely associated with a FID.
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It’s not a memecoin when the community is formed after the token is released. Thats a cash grab. Created then sold in very small, completely controlled and manipulated markets, and shilled by those with an appearance of popularity and influence on social media. They serve a purpose. But not to the majority.
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A bit of truth. Those with money capitalize on the loneliness and “boredom” of the masses. They profit off those who are broken and isolated and bored, with manipulated communities and markets. But it’s much easier in web3 to scheme than it was in web2, because desperation and loneliness are higher than ever.
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