Does Crypto Need Memecoins?
The Breakdown
Blockworks
4.8 • 806 Ratings
🗓️ 23 June 2024
⏱️ 9 minutes
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:08.3 | It's a daily podcast on Macro, Bitcoin, and the Big Picture Power Shifts remaking our world. |
| 0:18.4 | What's going on, guys? It is Sunday, June 23rd, and that means it's time for Long Read Sunday. |
| 0:24.9 | Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, |
| 0:28.7 | give it a rating, give it a review, or if you want to dive deeper into the conversation, |
| 0:32.1 | come join us on the Breakers Discord. You can find a link of the show notes or go to bit.ly. |
| 0:35.9 | Well, friends, in a week where arguably the dominant story, cord. You can find a link of the show notes or go to bit.ly slash breakdown pod. |
| 0:44.6 | Well, friends, in a week where arguably the dominant story was about a meme coin, a Donald Trump meme coin, of course, I thought it made perfect sense to read an essay from the Blockworks |
| 0:49.7 | op-ed page by David Canellis called Vitalik is wrong. Crypto really needs dumb meme coins. |
| 0:56.1 | Let's read the piece and then we'll get into the discussion. And this week it is, in fact, |
| 1:01.1 | just regular old me, no AI to speak of. If you're a celebrity, BORDAPE Y Club is out and |
| 1:07.7 | meme coins are in. BAYC was arguably the most successful project to find traction |
| 1:12.8 | with the mainstream, but they're passe these days as shown by flatlining floor prices. Meanwhile, |
| 1:18.2 | celebrity meme coins have found crossover appeal, something most cryptocurrencies don't really |
| 1:22.5 | have. The idea that meme coins are devoid of utility is short-sighted. Memcoins are critical benchmarking software for blockchains, |
| 1:29.5 | placeholders for quote-unquote real economic activity that might eventually come once more |
| 1:33.8 | of traditional finance ports over to blockchain rails. |
| 1:36.5 | For that to happen, those rails must be able to handle more than a few hundred thousand |
| 1:39.9 | people trading meme coins with silly names at the same time. |
| 1:42.7 | And at this point, siding against |
| 1:44.3 | the meme coin discourse risks misunderstanding some of the most engaged people in crypto today, |
| 1:48.9 | even if they're more responsive to absurd and pointless projects. The celebs are just meeting |
... |
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