@vgr

Umm. I don’t want to gain “exposure” to cultural memes. I have enough exposure by being embedded in “culture” itself. I do not need more financialized and tokenized versions of Dubai chocolate, Sidney Sweeney etc in my life. I think most people are like me. We have no desire to make a casino out of the long tail of cultural ephemera. We have enough risk management to do around our more serious bets and investments. To the extent this market exists it is degens and gambling addicts. Serving this market is basically a tobacco/drugs type business at best. Memecoins seem stupid (deservedly) because they articulate low-value information for pointless low-value trading. If there is no intelligent pathway to either absorbing more high-value information or aggregating the meme-grade info into more interesting emergent signals it’s a fundamentally stupid game and the only winning move is to not play. Yes, there is some value in working out the tooling and infrastructure, but unless people have a plan to eventually redirect it to things that matter, I’m not interested. With only slight modification this critique applies to creator coins/writer coins etc too. They mashup the old income-share agreement (ISA) fad/grift of trad tech with the unaddressed failures of the NFT boom. This is not a meaningful new iteration. It’s just the older model with extra steps. That’s because the older model’s main flaws were a) lack of creator accountability for funds raised (unlike say Kickstarter) b) no link between the actual prospects and speculation. These not only remain unaddressed but have gotten way worse, bottified etc. The only serious attempts I’ve seen to address the flaws of the scene have been retro pgf style.

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