Multiple big twitter influencers get together to do a memecoin launch yesterday.
Hard to count all the things that went wrong here.
Gambling retards will think it’s all about:
+ The meme
+ Influencers with huge follower counts mentioning it
Horribly wrong. That’s why you’re repeatedly getting wrecked. You’re a loser gambler who would wreck everyone else too if you could force your advice upon them.
Never about those.
What is it about:
(1) Liability. Someone taking on big liability for its success, in the form of tarnishing a long-standing reputation and cash, preferably both. Big reputation to lose, big cash at stake. This is because credible threat of conditional penalty, not unconditional reward, is the primary ultimate driver of all intelligent behavior.
(2) Right macro mvrv. Roughly, those holding the primary pairing token, or those who invested in similar things before should have currently high MVRV. People much more easily spend from sudden excess returns easily made overnight, than from money earned in more difficult ways.
We’re in the age of the memes, but it’s not really about the memes, like fine art returns is not really about how good the art is. Worse art often dominating better art via these other factors.
We’re in the age of big influencers, but it’s not about how big their follower count is, smaller influencers often absolutely dominating much larger influencers in their ability to pump coins.
None of this is that new, with something analogous to these having strongly applied to all early stage tech investing, since the dawn of time.
Not memes & follower counts.
Liability & macro.
Nothing new under the sun.
Hard to count all the things that went wrong here.
Gambling retards will think it’s all about:
+ The meme
+ Influencers with huge follower counts mentioning it
Horribly wrong. That’s why you’re repeatedly getting wrecked. You’re a loser gambler who would wreck everyone else too if you could force your advice upon them.
Never about those.
What is it about:
(1) Liability. Someone taking on big liability for its success, in the form of tarnishing a long-standing reputation and cash, preferably both. Big reputation to lose, big cash at stake. This is because credible threat of conditional penalty, not unconditional reward, is the primary ultimate driver of all intelligent behavior.
(2) Right macro mvrv. Roughly, those holding the primary pairing token, or those who invested in similar things before should have currently high MVRV. People much more easily spend from sudden excess returns easily made overnight, than from money earned in more difficult ways.
We’re in the age of the memes, but it’s not really about the memes, like fine art returns is not really about how good the art is. Worse art often dominating better art via these other factors.
We’re in the age of big influencers, but it’s not about how big their follower count is, smaller influencers often absolutely dominating much larger influencers in their ability to pump coins.
None of this is that new, with something analogous to these having strongly applied to all early stage tech investing, since the dawn of time.
Not memes & follower counts.
Liability & macro.
Nothing new under the sun.
🔥2
Case in point.
Looking like the crypto guys screaming to keep the LA fraudster losers out of memecoins were right.
Not taking on any real amount of reputational liability.
Not taking on any significant financial liability.
Normie death trap.
(In theory at least one of those could change, at the last moment, via appropriate mechanisms to show substantial financial liability for the success of this coin being taken on prior to launch. But, fat chance.)
Looking like the crypto guys screaming to keep the LA fraudster losers out of memecoins were right.
Not taking on any real amount of reputational liability.
Not taking on any significant financial liability.
Normie death trap.
(In theory at least one of those could change, at the last moment, via appropriate mechanisms to show substantial financial liability for the success of this coin being taken on prior to launch. But, fat chance.)
🔥1
Been saying this for years.
People screaming “normie adoption” since 2011.
It was always a horrible idea.
Always a false premise.
Willing normie adoption was NEVER neccessary.
But it’s more extreme than that.
ZERO humans needed to willingly adopt this kind of market mechanism tech.
Since the dawn of time, it has been observed that ALL breakthrough market mechanism tech, like cryptocurrency, was always met with extreme disdain.
Never gaining normie approval, ever.
Even as new tech like this was eventually adopted, people still hated it.
As pointed out in Hayek’s book and elsewhere — adoption of new market mechanism tech, like cryptocurrency, has never, ever happened willingly.
Normie willing adoption bs was always a psyop.
Always a horrible idea.
Never, ever something to strive for.
Never something that has been neccessary or sufficient for success, through out the history of market mechanisms.
Adoption was a psyops.
People screaming “normie adoption” since 2011.
It was always a horrible idea.
Always a false premise.
Willing normie adoption was NEVER neccessary.
But it’s more extreme than that.
ZERO humans needed to willingly adopt this kind of market mechanism tech.
Since the dawn of time, it has been observed that ALL breakthrough market mechanism tech, like cryptocurrency, was always met with extreme disdain.
Never gaining normie approval, ever.
Even as new tech like this was eventually adopted, people still hated it.
As pointed out in Hayek’s book and elsewhere — adoption of new market mechanism tech, like cryptocurrency, has never, ever happened willingly.
Normie willing adoption bs was always a psyop.
Always a horrible idea.
Never, ever something to strive for.
Never something that has been neccessary or sufficient for success, through out the history of market mechanisms.
Adoption was a psyops.
🔥6
“[novel market mechanisms like cryptocurrency], many of which men tend to dislike, whose significance they usually fail to understand, whose validity they cannot prove, and which have nonethe- less fairly rapidly spread by means of an evolutionary selection - the comparative increase of population and wealth - of those groups that happened to follow them. The unwitting, reluctant, even painful adoption of these practices kept these groups together, increased their access to valuable information of all sorts, and enabled them to be `fruitful, and multiply, and replenish the earth, and subdue it' (Genesis 1:28). This process is perhaps the least appreciated facet of human evolution.”
Breakthroughs in these areas get begrudgingly adopted even with zero people approving of them, let alone normies.
This is not an exception but rather the overpowering norm, in these areas.
Normie approval and adoption was always a psyop.
Nothing new under the sun.
Breakthroughs in these areas get begrudgingly adopted even with zero people approving of them, let alone normies.
This is not an exception but rather the overpowering norm, in these areas.
Normie approval and adoption was always a psyop.
Nothing new under the sun.
🔥3
Mainstream adoption was always a psyop
Vast majority of funds raised for any coin SHOULD ALWAYS come from the $2.5 TRILLION of gains held by those already rich from crypto.
$2.5 trillion in funds to invest in crypto and growing.
2.5 trillion and growing of the right kind of money inside of crypto already.
Mainstream money is poison.
Mainstream users are poison.
2024, any adult who’s still not in crypto at this point, after almost 15 years — is outside for good reason.
Expell the normies.
Expell those who try to bring in the normies.
Bring back gatekeeping.
Vast majority of funds raised for any coin SHOULD ALWAYS come from the $2.5 TRILLION of gains held by those already rich from crypto.
$2.5 trillion in funds to invest in crypto and growing.
2.5 trillion and growing of the right kind of money inside of crypto already.
Mainstream money is poison.
Mainstream users are poison.
2024, any adult who’s still not in crypto at this point, after almost 15 years — is outside for good reason.
Expell the normies.
Expell those who try to bring in the normies.
Bring back gatekeeping.