The Cure

The author argues that crypto's capital formation has drifted from its original purpose of making retail users rich, and that VC-backed tokens, with high fully diluted valuations and low float, have performed poorly. The article says VC-backed tokens are chosen based on founders' pedigree and location rather than crypto expertise, while memecoins offer retail buyers an egalitarian launch with the full supply released at once. It cites a claim that 2024 vintage tokens underperformed the majors (Bitcoin, Ether, and/or Sol) by about 50% on a median basis, citing the author's earlier article "PvP".