Personalities like Vitalik Buterin recently commented on not agreeing to the “concept” of memecoins, well, to be fair, he was more about “celebrity memecoins” which the year has mostly seen rugpulls upon rugpulls stemming from them.
Someone has to give Vitalik a wake up snack in the head since he seems to have forgotten what the whole point of “permissionless” is.
Think about it for a moment, this shit will always exist and people majorly can't be penalized for it, at least, for the time being, there aren't specific laws that prohibit their existence.
The fact that Vitalik went on talking about “public good” and “charity” in relation to memecoins as some sort of structure to earn his respect is beyond comical.
Who does this guy think he is? Probably just pissed that all that volume is on Solana cause he can't fuckin get his greedy validators and flashbots operators to stop killing Ethereum with high fees.
Truly, I am not a Solana fan myself, and not a memecoin fan either, but this was a silly take coming from someone supposedly building a “permissionless blockchain”.
If you want a “charity token” it will be called just that, there's absolutely nothing funny about “charity”. And if you want “public good”, run for president or something.
Memecoins are not supposed to be anything other than a “joke” so if people are trading a joke, they very much understand that the end holds nothing more than “financialization as the product” hence they will be bagholders rekt while every other person dumps on them.
The Undying Urge To Gamble
I've learnt quite a lot in the last few days simply exploring the broader crypto space and I can tell you one thing for sure: there's a lot of smokescreens to these things. Under the rug, everything is a highly engineered scam.
However, some scams only take longer to be realized while others are quite short-term. The media often focuses a lot on these short term pulls, but there's over 29,000 tokens and 99% are scams.
Maybe the word “scam” is too strong a word, ok, let's call it “designed to enrich the already rich”.
There may be incentives for the little guys here and there, but the ultimate goal buried in its designs enriches a concentrated few.
But people will be people, and that makes this sector a billion dollar success.
People love to gamble for the illusion of control, people love to gamble for the thrill, people love to gamble for social interaction, the reward system, escapism from reality, financial gains, cultural and societal influences.
People have an undying love for gambling because it makes life less boring and appears more reward-inclined at every point.
This very reality makes the memecoin ecosystem a huge value network because the reality is, even within the legal system, amongst what is socially acknowledged as legitimate, has the very same fraud “built-in”.
First they create a problem, then create an addiction as a solution to the problem, and we continue to build on that success.
Hate memecoins or love them, it has quite the mechanism for growth, and even though it could always lack “sustainability” it will never stop being a sector that gets money flowing and blockchain is a business that thrives on “traffic” - so who's to say we would mind the cowardice crowd when it makes us money at the end of the day?
Risks and Reward.
Posted Using InLeo Alpha