Is This Peak Bag-Chasing Yet?
[Sigh]
Reading The Hawk Tuah Memecoin Rug Pull Is The Apotheosis Of Bag Culture back in December, I think I died inside a little. I hadn’t considered how plainly acceptable it was to shill, scam, grift, and/or mislead. I know these things are all happening. I have seen Ballerbusters and The Grift Counter after all. But I always assumed that the victims were simply desperate and unaware.
Instead it seems that many of these people are desperate but very aware. They are in on the joke, and some fully accept with begrudging respect those who can take their money in slicker and more brazen ways.
broad acceptance of, participation in, and celebration of unadulterated grift is hard to watch. I thought the memecoin $HAWK couldn’t be beat as a cash grab. But not to be outdone, President-elect Trump demonstrates the meaning of experience.
$TRUMP memecoin is a success for Trump, his team, and a select few who happened to be paying attention and risked throwing money at it in the wee hours of Friday night. If you aren’t the one who secured the bag in a memecoin, is your bag ever actually secure?
There are no rules anymore (No wonder Nate Anderson is hanging it up).
Matt Levine’s “The Fun Market”1 is more real than ever and it is full of willing prey and more willing predators.
Game recognize game, I guess?
Be safe out there.
1“The Nice Market has rules, and the rules aim to achieve fairness, informative asset prices and efficient capital formation. The Fun Market has fewer rules, and it aims to achieve fun. The Nice Market, like all financial markets, tolerates a certain amount of speculation, because speculation can be good for price efficiency and liquidity. The Fun Market mostly encourages gambling.” (Money Stuff)