jakiro
Author: JP Koning, Moneyness; Compilation: 0xjs@Bitchain Vision
Password punk wants to change the world.But we ended up creating memecoin.
Our story begins with some very clever and idealistic developers who are called crypto-punk, who have created a new technology, namely blockchain.Blockchain is a database, but it is decentralized.They are advertised as “not censored”, reducing the likelihood of users being disturbed by third parties.
Crypunk has always hoped that their tamper-proof database will flourish, become mainstream and improve the lives of ordinary people.A 2015 video shot from connected power plants, grocery stores, hospitals and planes, then arrogantly declared that one of today’s largest blockchains, Ethereum will be “a security pillar for everything from e-commerce to the Internet of Things.””.
Some of you may remember another famous video from the mid-2010s in which young Ethereum co-founder Vitalik Buterin challenged the audience: “What will you build on top of Ethereum?” The world responded.Forget the interconnected power plants and grocery stores.The most popular thing built on top of blockchain is memecoins.
Memecoins is a pure gambling.These worthless tokens are usually created anonymously, usually with a mascot or Mee loosely associated with it, some famous examples are dogecoin, pepe, HarryPotterObamaSonic10Inu, gigachad, and dogwifhat.Memecoins does not provide dividends and does not bring any production activity.Its price is entirely dependent on subsequent players buying it back at a higher price.The result is a highly unstable pyramid betting game.
memecoins is not exactly the same as crypto-punk’s dream, which wants to create a fairer system in which everything including all advanced finance (I mean banking, payments, insurance and investment) has already beenMigrate to blockchain paradise.memecoins are the epitome of low-level finance.It belongs to the same slums as some of the dirtyest members of the financial world: lottery, slot machines, letter chains, raffles, high yield investment projects and other zero-sum games.
Password Punk and his fellow travelers are disgusted with memecoins.They hope their blockchain can be used for a more sublime reason:
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It is sucking away the energy of cryptocurrencies
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This is a totally random fabrication, a complete mockery, a clown performance
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In 2024, things hit the bottom: racism, sexism and other stupid memecoin are just tools to transfer wealth from most people to the most annoying people on the planet
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Apart from undermining the long-term vision of cryptocurrencies that keep many people in this field, memecoins is not technically meaningful
Vitalik also complained: “Even non-racist memecoin prices often just rise and fall and don’t bring any value.” To find a glimmer of hope, he begged memecoin makers to donate some of its supply to charities, just likeThe lottery is used to fund charity.
Password Punk’s disappointment with memecoins is understandable.But I don’t think cipherpunk should complain.Guys, what do you think your zero-rules financial foundation will be used for?!Memecoins is the key point.
Memecoins as the basic unit of blockchain
People are born to like gambling, but gambling has a bad reputation and many gambling games have been declared illegal.Memecoins are a good example of them being banned from appearing in official financial venues in society, including its stock exchanges and commodity markets, as well as its casinos and online gambling sites.
In Canada, history has been a safe haven for despicable finance, and the closest way to issuing memecoins is to take the primary gold route.First set up a gold exploration company to buy ownership of some worthless property in remote northern Canada, list the company on a junior stock exchange, promote your scam as the next big gold mine, and then sell it to latecomers.You basically create a memecoins; a baseless token.
But it’s a tough way to run memecoin.You still need to disguise yourself as a regular company, publish audit financial statements, and hire a board of directors, in addition you have to provide your real name, which means potential litigation or criminal charges.Pure memecoin like dogwifhat is not burdened by any of these expensive real-world obligations and will never be approved for a listing license, even in Canada’s most undue junior stock exchange.
Entering blockchain, it is essentially anarchic.Blockchain allows people to deploy illegal and unregulated betting games, and authorities can’t step in and say, “Hey, you can’t do that.” Since both mainstream exchanges and casinos are closed to them, it’s no wonder memecoin will dominate new media.
If your blockchain does not have a continuous memecoin release, it is actually dead.Crowds of crazy gamblers buy and sell meaningless, unproductive currencies, marking a prosperous and fertile, uncensored financial medium.
As for crypto-punk idealists who complain about memecoins, they should put their shelves down and accept the fact that blockchain may never be “the backbone of everything.”Instead, blockchain will continue to act as a major hub for dirty low-level finance; things like memecoins and Ponzi schemes simply won’t be able to access official venues.Many low-level financial services will be illegal, suspicious or offensive because these are things that require resistance to censorship.(To be fair, some banned low-level financial services are very useful.)
Memecoins are sometimes described as potential entry drugs or Trojan horses for more widespread adoption of blockchain.“Once they tried dogwifhat, they couldn’t resist my secondary voting project.” But it was just wishful thinking.Serious and respected advanced financial services, such as insurance and banking—what we need in our daily lives—are necessarily legal and therefore welcomed by mainstream environments, so these services and their users never need to be like memecoins.Being attracted to the bottom layer without rules.
What will you build on the blockchain?Memecoins.They are the basic financial units of cryptocurrencies.
