Can someone explain to me the most charitable, steelmanned justification for the existence of memecoins and the desire to invest in them? I can not conceive of how this is a good idea
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The original memecoin, DOGE, was created specifically to lampoon Bitcoin. It was worth literal millionths of pennies for years (before Elon Musk started mentioning it), because everyone knew it was just a joke.
People _seriously_ using memecoins is very dubious though, I can't defend that.
Best use case I've got is that it's kinda like... merch, I guess? Trading card merch? You buy some to show off that you like the person and having it gets you cache in that fandom community?
Tenuous, but that's the closest I can get to an explanation that isn't "Ponzi scheme".
Not sure I believe there is one. I think anyone interested in investing in one is simply hoping to benefit from the Ponzi scheme this time and are rationalizing it ethically as being as fair as any other financial investment in this unfair world.
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For ten installments of $9.99 plus shipping!
People _seriously_ using memecoins is very dubious though, I can't defend that.
Tenuous, but that's the closest I can get to an explanation that isn't "Ponzi scheme".