I agree with your problem articulation around wealth disparity and the phenomenon of 'privatising gains, socialising losses'. Fewer publicly listed companies and bail outs are expressions of that. At its core a political issue that is hard to solve with tech and culture imo.
I'm less optimistic about meme coins being productive means. Their entertainment utility seems lower than that of say music, art or movies in comparison. But that is debatable I guess. They currently do not contribute utility to any critical goods or services (shelter, food, logistics, health etc.). Do you expect that to change?
Access and broad ownership seems to be easily gamed. Many project initiators create thousands of wallets to fake distributed ownership and social media bots to fake attention metrics. In reality its often just a few people behind new meme launches trying to enrich themselves and some of their friends.
I struggle to see a real community aspect here, let alone signs of spiritual / religious connection like indicated by Murad. Most meme coin projects have a half life of a few hours or days before they go to zero. My definition of a community is a body of individuals sharing norms, values and identity. Why do you think any of those 3 can be established within days? Aren't they a function of time and energy spent together?
Love the analogies you're drawing to sports betting and alcohol.
It's more entertainment, which is fashionable and not long-lasting. But some media/entertainment becomes long-lasting culture. I think ranking entertainment is purely subjective. Ultimately, as the post argues, hidden in this chaos is a desire for easier and fairer access to wealth creation. TradFi can learn from memecoins.
Very inspiring piece, thanks!
I agree with your problem articulation around wealth disparity and the phenomenon of 'privatising gains, socialising losses'. Fewer publicly listed companies and bail outs are expressions of that. At its core a political issue that is hard to solve with tech and culture imo.
I'm less optimistic about meme coins being productive means. Their entertainment utility seems lower than that of say music, art or movies in comparison. But that is debatable I guess. They currently do not contribute utility to any critical goods or services (shelter, food, logistics, health etc.). Do you expect that to change?
Access and broad ownership seems to be easily gamed. Many project initiators create thousands of wallets to fake distributed ownership and social media bots to fake attention metrics. In reality its often just a few people behind new meme launches trying to enrich themselves and some of their friends.
I struggle to see a real community aspect here, let alone signs of spiritual / religious connection like indicated by Murad. Most meme coin projects have a half life of a few hours or days before they go to zero. My definition of a community is a body of individuals sharing norms, values and identity. Why do you think any of those 3 can be established within days? Aren't they a function of time and energy spent together?
Love the analogies you're drawing to sports betting and alcohol.
Where do you think memes might go from here?
It's more entertainment, which is fashionable and not long-lasting. But some media/entertainment becomes long-lasting culture. I think ranking entertainment is purely subjective. Ultimately, as the post argues, hidden in this chaos is a desire for easier and fairer access to wealth creation. TradFi can learn from memecoins.