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IPFS News Link • Currencies

Yes, The Memecoin Phenomenon is Ridiculous, But Here's Why It's Worth Supporting

• https://www.revolver.news

More than any other time in world history, it is possible for an ordinary person to amass a transcendent amount of wealth, not by founding a major company or rising to the top of a professional hierarchy, but simply by gambling on a purely speculative product, a product that reflects no underlying value and no real economic production.

What's a shitcoin? As the name implies, it's a cryptocurrency. Or rather, it's a cryptocurrency, but dumber.

Think back to what you may know about major cryptos, like Bitcoin or Ethereum. Over the course of a decade, Bitcoin has ballooned from being essentially free to having a market cap of a trillion dollars, making it roughly equal to Tesla in value. In March 2020, Ethereum had a market cap of $15 billion; today it is more than $500 billion and is more valuable than Johnson and Johnson. Bitcoin and Ethereum both represent profound and exciting technological innovations whose underlying potential to fundamentally change society may very well end up justifying these stratospheric market caps, and potentially much more.


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