Losing money really has a way of sharpening the critical mind, or at least attuning people to their own appropriate level of risk.
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Second, and more substantively, a truly free market in small-dollar frauds is also a potentially amazing educational experience for millions of people. I feel strongly I should be able to engage in reckless speculation if that’s what I want, because this is America.
First, because freedom and bald eagles and semiautomatic handguns. So the question becomes, do we as a society have an obligation to protect people from their own urge to gamble? On the face of it, “no” seems like a compelling answer for a couple of reasons. It’s their money that ends up in the hands of meme coin creators, and of lucky and savvy meme coin traders. Some people in that tapestry are more frayed around the edges than others – more vulnerable, more desperate, less educated. Those with even the slightest bit of insight may find it hard to believe anyone would genuinely think “Will Smith inu” was a buy-and-hodl asset, but the human experience is a rich and varied tapestry. See also: Investing in Meme Coins? 3 Things Every Crypto Trader Needs to Know | Learn Not everyone who buys a meme coin knows that they’ve really bought a ticket for a time-limited, augmented-reality casino that can wipe them out faster than they can blink. Treasury Secretary Janet Yellen on Thursday laid out the Biden administration agenda on crypto, broadly stating that rules for the new technology should be similar to those for the traditional financial system, including prioritizing protecting investors from fraud.Īs much as knowledgeable crypto insiders may be tempted to laugh at meme coins as a funny and marginal quirk of the space, most are unambiguously frauds and they’re costing people money based on implicit or explicit deception. That simplicity makes them quite useful for thinking about crypto and financial regulation. On the spectrum of crypto assets, these are the real garbage. No wealth can be created because meme coins offer no innovation and have no real utility (this gets more complicated in cases like the shiba inu coin, where a formerly meme-based community at least appears to be building actual features). At the end of a memecoin’s rise and nearly inevitable fall, those who have timed their trades right make money and everyone else loses.Īs one analyst told the Journal, it’s all a “zero-sum game,” in which wealth is merely transferred between participants. Meme coin traders who are self-aware about the game they’re playing aim to get in and out at precisely the right times within a window of, in some cases, less than a day. But the report reaches the same conclusion that we did last month: “Nearly all analysts agree that participation is essentially a form of gambling.” Ĭredit where it’s due, the Journal does add some depth to the story, particularly by talking to meme coin traders directly.
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