A speaker regrets dismissing meme coins in 2017 and argues that the current token ecosystem, where anyone can launch a coin for $2, is impossible for regulators to police. He claims crypto communities are creating their own money outside traditional finance, signaling a fundamental shift in how value gets assigned.
This is why I did not make multi-millions of dollars in 2017, because I was closed off to the idea of certain tokens. I was like, no, I'm a utility coin holder only. What does the token do? I have to know what it does. It has to have partnerships with big companies and doing real stuff. It's bullshit. That's all bullshit, right? And I saw that recently when I dove into meme coins, and it's the coolest thing ever. It's the Wild West. It's complete just crypto cowboys. Anyone can generate a token for $2 right now. How are you going to deal with that, SEC? Government? How are you going to deal with that? How? You can't sue everyone. They're all from different countries. It's a global network. I can go right now and drop a freaking token for $2. $2. And people can trade it against the US dollar, and we can assign it value. And if we think it's valuable, it's valuable, just like you do with your dollar bill. Your, you know, the stupid toilet paper bill, right? This little toilet paper. This is toilet paper. It's the same material. It means nothing. And our response to them tricking entire lives to work for this— the whole life, people's whole life gets wasted working for this, a piece of toilet paper. This runs the whole world. Our response as people in crypto is we're gonna generate our own money now and assign it value as a community. It's the response. It's only natural that the pendulum came swinging back on them, right? Now they've got hundreds of thousands of random tokens that they can't, they can't regulate, right? So we'll see what happens, but it's game over, right? It is game over. And if you're not realizing what's going on in the financial world with this right now, you're, you're not going to make it. All right, there's my little rant.
