memecoins net bad for political, regulatory, and legal image of the industry net good for getting crypto into the hands of more people (also useful for stress testing the network, memecoins have improved Solana 10x long-term, just as NFTs had done in 2021) importantly — and this is key: memecoins are **not** the reason that you failed to build things people want PMF is hard, blaming the lack of it on shitcoins is easy pornographic content on the internet did not stop Amazon from building a great business drugs on the internet did not stop Facebook piracy did not stop paypal memecoins are just gambling, this already exists the fundamental problem remains — as it always has — the incentives in the industry are hilariously misaligned VCs fund a billion L2s because they're the safer investment instead of taking the chance on a crazy social media founder because if they don't, their LPs yell at them due to other VCs making billions on random memecoins founders see what's being funded, put together a deck, and then make 8 figures in token liquidity within a year (or they just sell secondaries) this is not normal, yet you've all normalized it to afford a new mansion I've seen it firsthand, no one would fund Helius a few years ago — now, our revenue is going to surpass our valuation (lol) and still I see VCs marking up companies with 0 product to insane valuations simply because there's a token guess what, those tokens are also memecoins lmao and what's worse is that they pretend they're not all this is to say: - memecoins are not the reason founders don't find PMF - the lack of PMF in the industry is due to the perverse incentives normalized by literally everyone — not just VCs, not just memecoins, everyone - there are still plenty of crazy, mission-oriented founders interested in building the future of the internet — let's take more risk and support them