<MoneyLab> {MEME COIN} TRADERS MANIFESTO by Zeneca

[Geert Lovink]

{MEME COIN} TRADERS MANIFESTO by Zeneca (fwd. by Rosa Menkman
https://twitter.com/zeneca/status/1654640379436711936?s=46&t=hWx7pNqsdUW91gHeq1_bmw

Most people don't know, but I spent a solid 4-6 weeks trading meme coins in early 2021. Some words of advice from someone who has been around the block a few times. 

1/ YOU ARE LITERALLY ALWAYS EXIT LIQUIDITY This is the mentality you should have. Meme coins exist, in virtual entirety, so that the people who bought before you can sell to you. If you buy, you're hoping to sell to someone else at a higher price. It is a ponzi; but a fun one.

2/ NO REALLY, YOU ARE EXIT LIQUIDITY Even if you get in on a "pre-sale", you are, 99% of the time, exit liquidity for whomever is offering you generational wealth. Yes, 1% of the time you might make money (maybe even a lot). You are still exit liquidity when you buy.

3/ YOUR CHAT FRIENDS ARE NOT YOUR FRIENDS I can't tell you how many degen chats I have been in, where everyone is having fun and pumping up tokens and enjoying when number goes up. Literally everyone in there is waiting excitingly to dump on you as soon as price goes up enough.

4/ THE DECK IS STACKED AGAINST YOU If you're not involved in launching these coins, you're almost certainly being scammed by the people who are. That doesn't mean you can't still make money (by using the people after you as exit liquidity), but still. It's a cut-throat world.

5/ YOU WILL NEVER BE HAPPY You will always wish you held held longer, or sold sooner, or bought more. Enough is never enough. I wrote a thing a while back: "Infinite Regret". I think it is worth reading. You can google it.

6/ TWITTER = EVIL When someone posts about {meme coin}, everyone who owns {meme coin} is incentivized to make that post go viral, so that others will buy {meme coin} and price of {meme coin} will go up so that they can dump {meme coin} for profit. Be careful buying {meme coin}.

7/ FOMO IS A HELLOFA DRUG It may seem like everyone in the world owns {meme coin}, but in reality, this is not true. Social media algorithms simply make it appear to be true. I asked about 50 people in calls this week if they own {meme coin}, literally zero said yes.

8/ EXPECT EVERY SINGLE COIN TO GO TO ZERO Almost every single one WILL go to zero. You are effectively buying lottery tickets. Do not spend rent money, or money that is significant on you, on {meme coin}. Spend a discretionary amount, if you must, and be ok with it at zero.

9/ LISTEN TO NOBODY Remember how you are exit liquidity, and that your friends are not your friends? If someone is telling you X market cap is guaranteed, or that that dip is about to be eaten up, or that a dex listing is coming, or that {meme coin} is "consolidating".. Ignore.

10/ MOST PEOPLE SHOULD NOT TRADE. PERIOD. This applies not just to {meme coin} but also to BTC, ETH, NFTs, Stocks, whatever. Most people do not have the expertise nor the temperament to be a successful trader. Most people should buy + hold things they believe in long term.

11/ YOU. ARE. ALWAYS. FREAKING. EXIT. LIQUIDITY. You make money trading meme coins by finding someone else to be YOUR exit liquidity. This is the epitome of the greater fool theory. DOGE, the most successful {meme coin} of ALL time, is down 90% from its ATH. Let that sink in.

12/ INFLUENCERS ARE NOT YOUR FRIENDS also EVERYONE IS AN INFLUENCER The people telling you "omg don't trust THAT {meme coin} because it's shilled by influencers, you can only trust THIS {meme coin} because it's got no influencers!" -- are in and of themselves, influencers.

13/ LITERALLY NOBODY KNOWS ANYTHING Don't listen to anyone who tells you that the top is in, or the bottom is in. Don't listen to anyone who tells you something is about to take off. Don't listen to anyone who says "this is the next {meme coin}". Don't listen to anyone.

14/ DON'T HATE PEOPLE FOR TRADING MEME COINS It is foolish to hate others for having fun, or for making money, or for losing money. Let people do what they want to do. If someone buys a lottery ticket and gets lucky, why should you be mad? Tis a free market. Be sensible.




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