Scamminess Horseshoe:

But at the same time, we’re again forced to face the scamminess horseshoe / scamminess midwit curve

= The greatest bets are nearly indistinguishable from the biggest scams, by many measures

Both the most scammy projects AND the most legit projects do most things identically.

While the those in the middle who try to perfect all of their audit signals — most always turn out to be guaranteed losses! - at least for early stage bets.

Go ahead and fill a portfolio with early stage bets that perfectly pass all signals.

No great early-stage bet was ever totally “flawless”. Anything flawless by these metrics is most definitely a scam.

Case in point: BOME. The automated scam tools light up like a christmas tree for BOME.

Likewise if these signals were applied to Bitcoin, or many others in the early days.

i.e.

Perfectly passes audits: Less likely to be a scam, but near guaranteed to result in a loss.

Terribly fails audits: Either the biggest scam or most legit bet you’ve seen.

Scamminess horseshoe.

^ Throwback to 10th of February poll, when the /slashbiz/ telegram group raided our poll and voted that all memecoins are inherently scams.

Midwits can’t handle that most of the best bets look 90% indistinguishable from the biggest scams.

Now their group is banned from all apple devices.

Embrace the left curve.

Many such cases.

(1) Cheap-to-fake known-to-be-good signals soon cease to be good signals.

(2) But, expensive-to-fake good signals can remain good signals.

Goodhart's Law is BS because it’s just about (1), but if you add in (2) then it can be repaired.

Those buying just for “good narrative” get rekt

“Good narrative” can get a project noticed, and something good bets often have, but isn’t the real driver

“Good narrative” alone never enough.

memecoins > memestocks

Many have seen the classic story of useless people to useless counting jobs

…but been searching for months and cannot find the original story at all

Was it dissapeared?

Locked in

Because beyond Ethereum’s core initial promise of letting everyone launch their own coin with a few lines of code, which was solid,

— nearly everything else was wordcel BS

Obvious lies, to anyone who ever bothered to ask if what they were saying is actually good or true

…But that initial idea was still big.

Well, now all the BS is finally catching up with them.

About time.

Solana isn’t the ultimate answer either… but Solana doesn’t really pretend to be, unlike Ethereum.

Nah, Farcaster went the wrong direction

Initially was great for memes, and I’d been ran one of the top meme groups on there

Then they decided to fill it with devs and reduce focus on memes.

What’s wrong with that?

Same as filling a straight club full of 100% men and no women.

Gay af.

Same as a surrounding a band just with other bands.

Retarded.

Creators need to be surrounded with their potential AUDIENCE members,

NOT with other creators.

Farcaster f’ed up.