tldr (tim reilly)
@tldr
🌶️ I don't think memecoin traders are in it for a "profit" any more than lottery ticket buyers are. They're spending money to chase the thrilling idea that their life might change not by a little bit, but by a lot. Looked at this way memecoins are just products. People are fine w spending money to use products?
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ted (not lasso)
@ted
my hot take is that this is a boring take… feel like this was consensus in March and April when $degen first exploded the most interesting thing about memecoins has been the application of them, the output of which is more innovative than the memecoins themselves
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tldr (tim reilly)
@tldr
Agree on second point. I don't think what I said above is consensus (see df's post that I was quoting – the general sentiment is that most people losing money in something means that thing is morally dubious or maybe a scam. I dont know what consensus is on FC)
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ted (not lasso)
@ted
my interpretation of the tweet he shared is that the guy is reminding people that most people either lose money or make minimal $$ from memecoin trading; the same way Instagram is a highlight reel, people only really share their trading wins (not losses) on the TL anything more than that is a reflection or projection
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tldr (tim reilly)
@tldr
Same guy, same thread: "Memecoins are nothing more than a cancer to our industry." https://x.com/crypto__kermit/status/1859231949564563875
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ted (not lasso)
@ted
sure, that’s not the tweet he shared though and i never saw the directly above tweet until you shared it so not sure it’s the same thread
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