https://x.com/JackNiewold/status/1783917233296597375
HOT TAKE #2: Memecoins are horrible for the crypto industry.
While memecoins make it harder to dump on small retail investors, they delegitimize the industry in general.
A huge cohort of crypto investors (including me) are here for one reason: DeFi.
To the average retail investor, DeFi was the first crypto-native industry that proved an actual use case. It felt exciting. I remember telling my dad, a TradFi retail investor, about Uniswap, Compound, and Synthetix with real excitement.
It truly felt like we had the potential to change financial rails, to disintermediate, to cut out the fee-takers.
Now I tell him about $WIF and $BODEN leading the market and I'm honestly embarrassed.
Yes, these coins are better for a small cohort of crypto-native retail investors; as devs tend to dump early and VCs don't get involved, but don't think for a second that regulators will take kindly to 'Elizabath Whoren' and coins with racial slurs.
You want to onboard the masses? Make projects that appeal to the masses.
Most people aren't racist, most people don't want to invest in dog coins.
People want to invest in interesting products that resonate with them. People want to invest in companies that might make their life better.
And frankly, that's what a lot of legitimate, tier 1 VCs invest in.
Solana can disintermediate payment rails. Maker DAO can help prevent financial censorship. ONDO makes yields and RWAs accessible.
Yet you're praying for a memecoin supercycle?
Why?
MidwitioApr 26, 2024 View on X →
Friday, April 26, 2024