a16z crypto CTO: Memecoins alter how the public, regulators, and entrepreneurs see crypto. At best, it looks like a risky casino. Or a series of false promises masking a casino. This deeply affects adoption, regulation/laws, and builder behavior. Besides undermining the long-term vision of crypto that has kept so many of us in the space, memecoins aren't very technically interesting.
@WuBlockchain No this deeply affects a16z because they cannot get in at the bottom... crypto natives had enough 10B FDV tokens launched...
@TheVultureTrade @WuBlockchain and look at ICO/LBP from a16z at the end of last cycle (2022), bunch of it went out at a gigantic FDV and dropped 90%, so a16z and their friends would use these LBPs as exit liquidity.
@TheVultureTrade @WuBlockchain The market value of the token they launched is too high and no one is willing to take it over
@TheVultureTrade @WuBlockchain Agreed They want public to buy their bags