<MoneyLab> {MEME COIN} TRADERS MANIFESTO by Zeneca

[efc at swisscows.email]

Nah, I think I'll stick with the stock market.

So far, I have not seen
anything attractive or any utlity with crypto that I cannot get
faster, cheaper and more reliably in other ways except....

Tax evasion/planning and getting around currency embargos.

Don't get me wrong... I would love to be able to completely cut own banks
from my life, and I hate banks with a passion (and I'm a business owner,
not one of those "protest in the streets" people), but for me, in europe,
it is just not feasible to move to 100% crypto while keeping my sanity.

So I think that perhaps there will be a next generation crypto that will
get everything right. The current generation leaves much to be desired.

Should it get everything right though, I expect governments to fight it,
and its users hard, given the authoritarian trend in the world we're
seeing the last couple of years.


On Mon, 8 May 2023, Geert Lovink wrote:

> {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.
> 
> 
> 
> 
> 
>