Yes, The Memecoin Phenomenon is Ridiculous, But Here’s Why It’s Worth Supporting

Yes, The Memecoin Phenomenon is Ridiculous, But Here’s Why It’s Worth Supporting. By Darren Beattie.

Tremble in fear, for the age of the Shitcoin is upon mankind!

More than any other time in world history, it is possible for an ordinary person to amass a transcendent amount of wealth, not by founding a major company or rising to the top of a professional hierarchy, but simply by gambling on a purely speculative product, a product that reflects no underlying value and no real economic production.

What’s a shitcoin? As the name implies, it’s a cryptocurrency. Or rather, it’s a cryptocurrency, but dumber.

Think back to what you may know about major cryptos, like Bitcoin or Ethereum. Over the course of a decade, Bitcoin has ballooned from being essentially free to having a market cap of a trillion dollars, making it roughly equal to Tesla in value. In March 2020, Ethereum had a market cap of $15 billion; today it is more than $500 billion and is more valuable than Johnson and Johnson. Bitcoin and Ethereum both represent profound and exciting technological innovations whose underlying potential to fundamentally change society may very well end up justifying these stratospheric market caps, and potentially much more.

Shitcoins are a different animal entirely. Consider the infamous Dogecoin (market cap: $28 billion).

Dogecoin was created as a joke, using the then-current Doge meme to poke fun at the speculative frenzy around crypto assets. Dogecoin has always been a joke and will always be a joke. There is no meaningful development on the coin, like there is for coins like Ethereum or Solana. Its value rises and falls based on memes, fads, and in-jokes. In January 2021, Dogecoin’s market cap rose 800% in a single day, adding $7 billion in value, after it was memed on Reddit.

In the wake of Dogecoin has come one meme coin after another. A spinoff coin created in August 2020, Shiba Inu, went from a market cap of essentially zero on May 6th 2020 to nearly $14 billion on May 9th. In late October its cap peaked at more than $41 billion (an amount roughly equal to Elon Musk’s share of SpaceX). Again, the coin is a joke with no point, even in the highly speculative world of crypto investment. …

In the past, a fad might come and go a single time, enriching a handful of early holders who were either committed scam artists or essentially just lottery winners. But many shitcoins boom and bust multiple times. … Dogecoin has had a half-dozen cycles where it rose in value tenfold before retreating, while those who simply bought and held since 2017 (after the first several boom/bust cycles) have made a thousand-times return on their investment. …

Intrinsic value?

Instead of reflecting a genuine underlying technological innovation, shitcoins such as those profiled above are cryptocurrencies premised on memes, jokes, puns, or sometimes nothing at all. Shitcoins are lottery tickets in a clown casino, opportunities to amass ridiculous wealth based on nothing but memes and speculative fads.

In other words, these so-called shitcoins honestly and accurately reflect the ludicrous and illusory nature of America’s economy at large. Shitcoins are not some absurd deviation from an otherwise sound financial system that is responsibly and discernibly connected to the creation of real value. Quite the contrary — the absurdity of shitcoins does not represent an exception to the overall financial system, but a perfect crystallization of it. Lacking the narrative window dressing that affords other sectors of the financial system a patina of legitimacy, the shitcoin phenomenon affords us a naked and unvarnished glimpse into the scam that is our entire economy.

Is the fact that it is possible to make billions from a “dog coin” any more ridiculous than the fact that a figure such as Elizabeth Holmes was able to ride the Regime-promoted meme of “women in tech” to fool some of the most powerful men in the country (including the disgraced and pathetic General Mattis) into supporting and investing in her biotechnology company Theranos? Which is more absurd and outrageous, the Shiba Inu meme coin or the Elizabeth Holmes meme coin, so to speak?

We can gain additional insight from the central significance that hype, crowd psychology and online promotion sent shitcoins into the stratosphere, rather than any underlying substantive technical achievement. After all, does this not in large part capture the essence of American power with increasing accuracy? The Globalist American Empire is less and less distinguished by monumental achievements in warfare, architecture, engineering, or innovation. More than anything, the source of the Globalist American Empire (GAE) power is its mastery over communications technology and psychological warfare, or, put more politely “soft power.”

With the de facto adoption of wokeness as official Regime ideology, is the GAE memecoin really that much less ridiculous than Shiba Inu? …

The seeds of its own destruction:

All of a sudden, thanks to cryptocurrency, it is possible for an unvetted person — entirely unnoticed by Wall Street, Silicon Valley, Washington D.C., or the press — to build a fortune worth tens or hundreds of millions of dollars. And it’s also possible for those unvetted multimillionaires to use their wealth to undermine the current regime.

The casino rolls on, on a tide of paper currency created out of thin air. All modern paper money is technically credit, because debt is owed on the loans that created it. Credit always crashes eventually, as the debt burden becomes unbearable. It started to falter in 2008, but the central banks stepped into rescue it with newly printed money and unsustainably low interest rates. Now inflation is arriving. Then what?