I like your analysis. Seems like a fairly factual account of the last dozen or so years in the crypto space. I was using a Dogecoin faucet and I'm still using a Bitcoin faucet. I like the concept of giving tokens away to help decentralize them a bit. I do that myself at @tokenfaucet.
Hopefully, everyone who buys into memecoins know they are worthless. They just hope they will pump and be that guy who got rich trading memecoins and now driving a lambo or whatever.
I have had some memecoins and decided they were worthless in the past so I sold them. For example, the Doge I got free from a faucet. Turns out I sold too early. I still think they are basically worthless but now I also see that they are a membership card in a social club.
We have meme tokens here. I really like #PEPE. It has been around over a year I think. Someone in here just analyzed the Ethereum PEPE and our PEPE and I think the conclusion was that in the last year real PEPE is up 6X and ours is up 4X. Not bad if we think of what the Hive was worth that some of us used to buy that hive-engine PEPE. It has gone down a few X. That may be why our PEPE looks higher because it is in HIVEs. Even so, in dollar terms Hive is down and PEPE might be even.
This part of the quote reminds me of something I'm working on...
hope they will pump and be that guy who got rich trading memecoins
I just added pumpkin items to one of my games (@metarobots) and am working on a mini game where you can buy and sell the pumpkins on a game market where the price is not market driven but algorithmically driven. The "game" is to see if you can catch on to what the algorithm is doing and make some in-game money in the pumpkin market.
I think most memecoins are not market driven. I think one or more whales are manipulating prices at their own will. I think using a little bit of a game's in-game currency to practice a simulation of what a manipulated market looks like might be informative and maybe fun. We'll see. I'm all about doing experiments and then analyzing the results to see what I can learn.
How about you? Are you experimenting with any memecoins here on hive-engine?
A couple of them build communities
That applies here too. Imagine if the rest of the world discovers we have a PEPE here, for example, and you can trade it on hive-engine for no fees. And it has a community with its own game @pepegame similar to a very simple Splinterlands.
I am a realist so I know it probably won't happen. But in my opinion, it is worth it to have a little skin in the hive-engine meme token game.
Just in case...
I wasn't aware of this one. I remembered someone distributing small HIVE amounts a while back (maybe they still do), in a faucet style, but I forgot how they were called. I am not against this, even on Hive. This is a known model which some prefer, and has the benefit of helping decentralization. Even though we have our own mechanism through POB, far more advanced.
Any benefits of being in this social club? Other than hoping to get rich?
I guess there is some arbitrage opportunity? Of course, there might not be one if we account for Ethereum gas fees.
Most likely.
Maybe... On principle, I won't buy meme coins with coins or tokens that have utility. I've been airdropped some dust PEPE, and because it doesn't have a pair on diesel pool, I've been too lazy to sell it. Probably worth close to nothing (I checked at some point). I am not against earning meme coins if someone prefers them, but not buying them with something with utility.