Why I think memcoins are an improvement over the crypto space circa last bullrun

I know 100% of you reading the title will disagree. That's OK.

I'm not saying Memecoins are good though. All I'm saying is that memcoins, as a phenomenon, are an improvement of what crypto used to be before 2022.

There have always been shitcoins. In 2015-2022, the way I remember it, every coin was supposed to have "utility." It was supposed to "revolutionize the world of finance" or "solve global problems through the blockchain" etc. Remember?

For example, an energy sector shitcoin would say something like this: "Global energy sector is worth $1.5 trillion, projected to grow to $3.2 trillion by 2040. We are going to disrupt this $1.5 trillion sector with blockchain technology!"

You'll probably also remember that 99% of these projects were a bunch of vaporware and buzzwords.

Then, if you're honest with yourself, you will admit that WE KNEW they were vaporware and buzzwords but willingly played this game, pretending there was actual utility to the shitcoin we held and that it was going to disrupt the world of [insert random business sphere].

What made us play along with this masquerade is "number go up." When numbers do go up, the buzzwords suddenly start to make sense somehow. If other are buying, then it must be coming true!

When numbers turn red, we called that alt a "shitcoin with no actual utility" and moved onto the next big thing set to disrupt something else.

Essentially, gamblers gambled on what they believed others would be buying. That's it.

The abolute worst of this model was the poor no-coiner mf's falling for the buzzwords and aping into vaporware at the top of godcandles. Their disappointment was immeasurable.

Now enter memecoins.

Dog or cat or a cartoon character. That's it. No buzzwords this time. No promise of utility. It does nothing. It's literally just an image of a dog/cat/goose with a bucket/hat/bag. The teams and insiders then pump their own memecoins to suck in the retail. Just as they did with the "utility" shitcoins. And then they exit, and the game resets. There are winners and there are losers, as always.

With memecoins, nothing changed: gamblers still gamble on what they believe others will be buying.

But this time, there is no promise to disrupt the insurance sector through the blockchain technology or to solve the global warming by tokenizing your dog's farts.

We have to admit, the dominant usecase for crypto is still a promise of getting rich. There are other usecases, but they don't come close to this one. What changed with memecoins is that the crypto market has become more honest about it and more self-aware about its gambling addiction.

Is it a problem? Yes! But the real problem that plagues crypto isn't monkey jpegs or useless memecoins. The real problems is that 99% of crypto users are regarded gamblers. Crypto is permissionless, so it's no surprise that it caters to its target audience's cravings

Sooner or later, a prolonged bear market will cleanse the crypto space of memecoins once again. But rest assured, new ways to gamble will emerge. Perhaps even more useless and ridiculous than the current memecoins. And rest assured, I will be there alongside y'all, gambling on that absolute abomination that the market will come up with next!