Reminds me of the last bull run
It‘s so over. Think about it, someone is so rich and desperate about putting their cash in a place where it generates yield that they put up with morons like this. Just think about that for a moment. How absolutely fucked does our economy have to be for this to happen? And before someone chimes in here with „oh but these are just a few idiots“ Are they? There are a ton of anon crypto founders. Do we really know if these people are far and few? Or is this more common now than people like to admit?
I really want to caution everyone who's thinking that this is just a lapse of judgement or a collection of unintelligent, flawed characters. the entire thing is fundraising attempt where the solicitors actively tried to demoralize investors away from due diligence. it'd be one thing if this was a creative project with a difference of opinion + low impulse control. this, otoh, is deep in the realm of capitalizing ostensible picks & shovels with expectation of +EV (actually MEV, depending on their "L3" & "governance"). otoh, I'm optimistic that immunity mechanics (e.g. the hop sybil hunt) will filter the ecosystem in due time, even if we seem so dependent on social consensus and the assumption of an honest minority at the moment. hopefully, degen platforms actually evolve into this, instead of asinine features like emoji disclaimers on dexscreener. in the "post-assistant" future, I think intents will play a major role in collapsing the current grift. projects deep in the "speculation-only, zero-sum impact" will still be marketed, but at some point the specificity of my intent for risky yield will exceed the perceived value prop behind some blusterous marketing. in fact, I think we're going to retroactively see EOA-centric platforms lose mindshare as it becomes simpler to set&forget entry/exit from a smart account. and of course, as the CAC of crypto users generally becomes more efficient than seasonal airdrops. the defining trait of past cycles is that "rich and desperate" was hard to deny as possible. it's extremely easy to overlook project & community flaws when an outsized return is so likely. but let's be honest, crypto as a sector can only get older & more efficient, and for anyone thinking that memecoins are some bastion of efficient intuition, sorry, thanks for playing though.