Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Sunday, June 18th, and that means it's time for Long Read Sunday.

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breakdown. Hello, friends. Welcome back to The Breakdown. You can find a link in the show notes or go to bit.ly slash breakdown pod.

Hello friends. Welcome back to The Breakdown. Earlier this week, I tweeted something that a lot of people

are feeling, but not a lot of people are necessarily saying. That tweet read,

Behind the scenes, the crypto industry is a bleeping catastrophe right now. Layoffs everywhere, budget reductions,

delayed plans everywhere. We will overcome it, but the sheer magnitude of the damage done by bad

actors and the subsequent overcompensatory regulators is unreal. Now, what prompted this was

seeing yet another private telegram chat, or I think this one was a

Twitter group chat, where some really talented person had been laid off by their crypto company,

quietly, of course, because they didn't want to make a big set of news about more layoffs,

hoping to find some new opportunities for that person.

I see this non-stop, absolutely non-stop. And there is so much blame to go around, so much to be

reasonably frustrated about. Today's Long Read Sunday is about one of those things to be frustrated

about. It's by Dr. Paul Dylan Enis and is called the meme coin grift and how it threatens Ethereum culture.

Paul writes, if Ethereum is to grow, it'll have to mature beyond the antics of those shilling

the token of the moment.

The ceaseless and cynical pumping of tokens devoid of value is an existential threat to

...