The cryptocurrency world is currently exploring recycling old ideas, stories, and projects. One example is ‘Capitalist Realism’ by Mark Fisher, who argues in his essay that we’re reproducing the past instead of creating unique, new ideas. In fact, many crypto projects are reminiscence of the past years’ trends, such as debates over Satoshi Nakamoto identity, memecoins’ association with community coins, and disreputable projects backing million-dollar investments — all of which were popular topics prior to the recent crypto boom cycle.
Another instance took place when HBO decided that Satoshi Nakamoto’s identified could drive viewership; however, the documentary failed, just like Craig Wright‘s fraudulent claim to be Bitcoin’s creator. The truth appears elusive, and the myth may remain intact.
The hype around memecoin is another example of recycled interest. The ‘meme supercycle’ is a theory born out of the recent surge people are investing in meme stock, neglecting technology and valuing stocks based on their appearance over substance. This trend is not completely financial nihilism, also, as memecoins don’t offer technological value anymore. Instead, they provide fellowship and a sense of belonging, however short-lived.
Lastly, the Einjelayer project, a crypto venture that combines restack and data availability, received $ 171 million in funding. An exploiter managed to phish an email pretended to be an investor and received $ 8.75 million on it, which he immediately dumped. What’s more, it was not just the exploiter who used this method, but also investors indicating they could sell if they wanted while their tokens were supposedly locked up leading to a significant fall in the newly launched Eigen token despite an initial price increase.
Such scenarios are a reminder that smartcontracts can be used to enforce vest and instead of using them, issuers are asking investors behave responsibly.
Hopefully, these examples bring awareness to the recycling behaviour of crypto projects and the need, perhaps, to look beyond simply reviving old ideas.
In conclusion… Smart contracts exist. Using them to enforce vesting is ideal, rather than asking investors self-regulate. When we’re done with reliving the past, we can shift focus to the future.
Source: <u>an expensive hobby for the wannabe.</u>