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Former Coinbase CTO: Meme is a zero-sum lottery where most people should buy long-term assets

Former Coinbase CTO Balaji Srinivasan wrote on the X platform that Meme Coin is a zero-sum lottery. It does not create wealth. Every buy order is simply matched with a sell order. After the initial surge, the price eventually plummets, and the last investor to buy will lose everything. If the platform still takes a cut, it is actually a negative-sum game. If you want to gamble moderately for entertainment, that's fine. If you are a professional trader, that's fine. But most people should buy assets that preserve their value for the long term. Sometimes it is possible to add use cases for Meme Coin, or maintain its value indefinitely by keeping it hot. But in general, don't invest money that you can't afford to lose. I agree that there are indeed some Meme coins that have stood the test and built a successful community. I will further point out that quite a few of the top 100 cryptocurrencies are actually "ghost chains" and de facto Meme coins. But in a highly politicised environment, a rapid price spike could well spell trouble. Much depends on what happens after the first big price drop.