Bankless Can Crypto's Broken Moral Compass Be Fixed? | RSA+DH
Mar 27, 2024
Delve into the ethical challenges of cryptocurrency, spotlighting the troubling rise of racist-themed meme coins. The discussion highlights how personal gain can overshadow moral responsibilities within the community. Explore the contrast between traditional venture capital and crypto investing, exposing moral complexities and the idolization of controversial figures. Lastly, discover innovations in Web3 with networks like Mantle and Celo, all while navigating a social media landscape filled with negativity and distractions.
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Attention Economy and Memecoins
- Memecoins incentivize attention-seeking behavior due to the sheer number of new coins.
- This leads to an increasingly egregious meta, where shocking names attract more attention and profit.
Crypto VC and Narrative
- Crypto VCs prioritize narratives over fundamentals, unlike traditional VCs.
- Retail investors drive terminal liquidity in crypto, valuing attention over cash flows, which further warps incentives.
Crypto's Lack of Moral Compass
- Polina makes the case that crypto's relentless focus on profit justifies increasingly harmful behavior.
- This lack of a moral compass allows scams and negative trends to proliferate.