this is so obvious, and it’s surprising it needs to be said by CZ in order to wake people up who have gone total nihilist over the past 2 years
i own a few larger cap memecoins, even some which have some real communities around them
but the meta of “create 50K of them per day” has led us to a completely zero sum game where you are blindly guessing (or even worse, cabaling) on what performs for the next 24 hours. and then you totally forget it ever existed
it’s not healthy. it’s the literal definition of extractiveness, and yes, it’s far worse than the ICO and DeFi periods because there is almost nothing of real value which can even come out of it
think back to ICO and DeFi era. yes, there were many failures, rugs, and outright scams- but there were also real platforms and apps which were created then and still persist and add value today
note that a few days ago when we were seeing some truly deplorable memecoins launch on livestream, no one even bothered to say “yes, those coins are deplorable, but just look at [X] which started out similarly, but is actually great and useful” because there is basically nothing like that to even point to
you all have propped up the people peddling this garbage. you’ve deified them like they are the new beating heart of crypto for being able to call or create the pumps we see on this garbage, but what you are actually doing is killing the soul of crypto
you have a choice. please, choose to build and support apps, cultures, developers, and community members you can be proud of and add value to decentralized crypto and to the world 🫡
i own a few larger cap memecoins, even some which have some real communities around them
but the meta of “create 50K of them per day” has led us to a completely zero sum game where you are blindly guessing (or even worse, cabaling) on what performs for the next 24 hours. and then you totally forget it ever existed
it’s not healthy. it’s the literal definition of extractiveness, and yes, it’s far worse than the ICO and DeFi periods because there is almost nothing of real value which can even come out of it
think back to ICO and DeFi era. yes, there were many failures, rugs, and outright scams- but there were also real platforms and apps which were created then and still persist and add value today
note that a few days ago when we were seeing some truly deplorable memecoins launch on livestream, no one even bothered to say “yes, those coins are deplorable, but just look at [X] which started out similarly, but is actually great and useful” because there is basically nothing like that to even point to
you all have propped up the people peddling this garbage. you’ve deified them like they are the new beating heart of crypto for being able to call or create the pumps we see on this garbage, but what you are actually doing is killing the soul of crypto
you have a choice. please, choose to build and support apps, cultures, developers, and community members you can be proud of and add value to decentralized crypto and to the world 🫡
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