VCs then: back geniuses that are trying to change the world with no access to money that others laugh at — asymmetric.
VCs now: back a poser that everyone is already throwing money at regardless of valuation, with their business plan being how they’re going to sell a token.
“Here’s how my coin is a hedge against all of this” — people on their last shred of liquidity trying to make a presidential crashout about their memecoin.
Don’t expect good price action with bad liquidity.
When you’re concerned about the state of your asset’s price action — whether it’s just your asset or liquidity — look at everything else in the same category.
Bitcoin is the only asset that performed well since — a testament to how poor risk-liquidity really is — alts barely moved — memes struggle to break past $10M, let alone $100M.