Giskard's Journal - slingin code to reach FI

[giskard]

Yeah ... so great for speculation and borderline spoofing. Lesser fools eventually unloading to greater fools. People having inflated NWs based on holding stamps, NFTS, selling pixels, sneakers collections, sports cards, and collectibles that might be hard to turn into cash. People making money from other people who end up holding the bag and eventually losing money. From my old school investor perspective, these are crazy times.

I wonder how many are actually playing these meme/stonk games #liquidity. Is it but a dozen millions fanatics each throwing in a hundred or a thousand bucks, encouraging each other within a single bubble. That would be enough for a so-called market value of 1B USD based on the peak price... although it would be impossible to extract that amount in cash getting out of the position. I wonder how much paper-NW can be turned into actual cash within, say a year, w/o crashing that NW metric. This used to be a VC or (pretend-)billionaire on paper problem, but it seems like it's turning into an everymans' meme stonk gambler problem defaulting to a "sell it down the river"-solution.

I think, at least currently, the technical hurdles to even be able to trade these (the worst ones only exist on chain) mean many people are going into this with both eyes open and they think of it as gambling first and foremost.

RE: your 2nd point... this line of thinking is quite interesting because its a public ledger. You can easily see the breakdown of who owns what coin, what other coins they own, and how many wallets hold it in total etc. You can do analysis on this to try to figure out which ones have more momentum, etc. And, yes of course most of these asymptotically trend toward zero over time after attention is exhausted.

Some links to further illustrate this

Here is an example on ethereum:
https://etherscan.io/token/0x6982508145 ... 3#balances
(note, pepe is quite mature so all the main holders are centralized exchanges)

Here is one on solana, this is something called STAN - "Stanley Cup Coin" (lol). It's not listed on any exchanges yet, its under 50 million mk cap:
https://solscan.io/token/CQSzJzwW5H1oyW ... JC#holders

Last link - I will point you to dexscreener which is the site everyone uses to see trending dex trading pairs across different blockchains. The main ones are solana and ethereum as you can see:
https://dexscreener.com/solana


Imo even from an old school investor perspective betting heavily on the gas tokens (Ethereum & Solana - the layer 1 tokens) that you need to pay for transactions and buy the meme coins with makes sense. I am very convinced only a small number of traditional market participants actually understand what we are dealing with here.

It's a world casino and everyone is invited but the L1 tokens are the price of admission.