[crypto]currency
Did we all forget what “crypto” is short for?
Did we all forget what “crypto” is short for?
Why is Balaji, crypto to his core, so into network states?
Why are crypto people creating month-long pop-up cities around the world? (Zuzalu by Vitalik, Edge.city by Janine)
Why is $DEGEN the token used for Farcaster-related projects, like Drakula, or bracket.game’s betting on FarCon’s Pickleball tournament?
Let’s remember: we’re all here working on cryptocurrency.
Memecoins
are currencies
are memecoins
are currencies
are memecoins.
Currencies form by meming their way into existence. There’s some key characteristics most successful currencies have:
Group Hallucination: there’s a shared belief that gives the currency value
Governance: There’s a group of people whose focus is to maintain the value and the sanctity of the currency
Economic policy: There’s a clear understanding about the supply, and governance around the expansion and contraction
Lindy-ness: The longer it’s been around, the longer it will be around. Just surviving is proof it has staying power
Acceptance as payment: By the entity that governs the currency, by businesses and individuals
Do you see it?
Ethereum is a digital network [state], Ether is its currency. And the borders are open to anyone with internet access.
$DEGEN is the grassroots currency on Farcaster (the network).
Cryptocurrencies are the currencies of network states.
What is defined as a “state” is up for debate and evolving, but directionally, it’s clear.
Bitcoin is the first cryptocurrency.
Bitcoin is the first memecoin.
Bitcoin is a memecoin.
Currencies are memecoins.
Memecoins are currencies.
The only thing driving the price of $BTC is how strong the meme is. It's point on the board for how much we collectively agree it has value.
In 2010 Chris Dixon said The next big thing will start out looking like a toy.
The next big currency will start out looking like a memecoin.
If you got this far you can go mint this funny looking Network State Memecoin