Eddie Lazzarin criticized the hype around memcoins, saying they undermine trust in the entire cryptocurrency industry. Memcoins are not technically interesting and not attractive to developers, the expert believes. This type of token is giving blockchain a bad name, changing how society, regulators, and entrepreneurs view digital assets.
At best, memtokens are like a risky casino. False promises by their creators could negatively affect the regulation of cryptocurrencies, since every day investors lose money when buying junk tokens, Andreessen Horowitz top manager complains. The expert is sure that meme cryptocurrencies will never reach the mass level, unlike Bitcoin.
Memecoins alter how the public, regulators, and entrepreneurs see crypto.
At best, it looks like a risky casino. Or a series of false promises masking a casino.
This deeply affects adoption, regulation/laws, and builder behavior.
I see the damage every day. You should too.
— Eddy Lazzarin (@eddylazzarin) April 24, 2024
Recently, independent crypto detective ZachXBT discovered at least 12 large memcoin projects created on the Solana blockchain in a month, which were created and abandoned by the creators immediately after the pre-sale.
However, co-founder of the crypto derivatives exchange BitMEX Arthur Hayes completely disagrees with the criticism regarding memcoins. On the contrary, he is confident that meme tokens can attract public attention to the blockchains on which they are created.
Source: Bits
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