@Sakura please summarize this article, thanks uwu.
TLDR
The article discusses the current state of the crypto industry, highlighting the rise of meme coins, fraud, and the need for revenue-generating products that provide value to users.
Key Points
Meme coins and crypto fraud have become a major part of the industry, with presidents and influencers launching their own tokens.
However, there are also positive developments, such as the growth of stablecoins, on-chain analytics tools, and smart contract audit firms.
The article argues that the future of crypto lies in building products that can expand the user base and provide value to the “marginal person on the internet”, rather than just chasing hype and speculation.
In-depth Summary
The article starts by highlighting the current state of the crypto industry, which is dominated by meme coins, fraud, and a constant stream of negative news. The author questions whether they really want to be associated with the “clowns” in the industry.
The article then delves into the concept of mimesis, which explains why people tend to mimic and compete with their peers, leading to the proliferation of “me-too” products in the market. This is seen in the way VCs and founders often follow the lead of the “big money” players.
The author also discusses the rise of meme coins and how they have become a modern version of the “reflexivity” concept pioneered by George Soros. The article argues that the real reason behind the popularity of meme coins is mimesis, rather than financial nihilism.
The article then explores the evolution of the crypto industry, from the early days of Bitcoin to the rise of ICOs and the current state of the market. It highlights the need for products that can expand the user base and provide value to the “marginal person on the internet”, rather than just chasing hype and speculation.
The article then delves into the potential of products like Layer3, OpenRank, and Frodobots, which are using blockchain technology to incentivize users and expand the user base. It also discusses the potential of decentralized training and computation networks, as well as transactional agents that can simplify the process of buying and selling crypto assets.
Finally, the article draws a parallel between the current state of the crypto industry and the history of aviation and space exploration, arguing that the industry needs to shift its focus from perfecting the engine to making the technology useful for transporting people.
ELI5
The article is about the current state of the crypto industry, which is full of meme coins, fraud, and a lot of hype. The author thinks that the industry needs to focus on building products that provide real value to people, rather than just chasing profits and speculation.
The article talks about how people tend to copy each other and compete with their peers, which leads to a lot of similar products in the market. It also explains how meme coins are like a modern version of the “reflexivity” concept, where a big trade can attract a lot of attention and drive up the price of an asset.
The author thinks that the future of crypto lies in building products that can expand the user base and provide value to the “average person on the internet”, rather than just the hardcore crypto enthusiasts. They give examples of products like Layer3, OpenRank, and Frodobots, which are using blockchain technology to incentivize users and expand the user base.
Overall, the article is about the need for the crypto industry to shift its focus from perfecting the technology to making it useful for people, just like how the aviation industry went from building planes that could only fly in a straight line to landing on the moon.
Writer’s Main Point
The main point of the article is that the crypto industry needs to shift its focus from chasing hype and speculation to building products that provide real value to users. The author argues that the future of crypto lies in expanding the user base and creating positive-sum products that can grow the overall market, rather than just extracting value from users.