Creatures

Burner account

[Brian Armstrong @brian_armstrong]

On memecoins…

Memecoins have generated a lot of buzz recently, and I’ve gotten some questions on how I think about them. I am personally not a memecoin trader (beyond a few test trades), but they’ve become hugely popular. Arguably, they've been with us since the beginning – Dogecoin is still one of the most popular coins. Even Bitcoin is somewhat of a memecoin (one could argue so is the U.S. dollar, once it was disconnected from gold). Just like the early days of the internet with animated gifs, new technologies often look like a toy but evolve into something much more powerful over time. So we should be open minded about where memecoins are going, even if some are silly, offensive, or even fraudulent today. Memecoins are a canary in the coal mine that everything will be tokenized and brought onchain (every post, image, video, song, asset class, user identity, vote, artwork, stablecoin, contract etc).

Coinbase differentiates itself by being the most trusted and easiest to use platform in crypto, so how are we approaching memecoins through this lens? From first-principles, we believe in free market capitalism. If our customers want it, and it's legal, we aim to let them make that choice for themselves. But it's our job to provide them with the best information we can find to make an informed choice. If a token is a scam or fraudulent, we'd want to remove it. But if it's just low quality, the customer should be able to see reviews or community notes, and make their own choice. (Defining what is an outright scam vs low quality is often a blurry line btw, so you need to be careful not to accidentally create a censorship regime.) We want to provide useful information to consumers, not play judge and jury or endorse/recommend investments.

Some memecoins have clearly gone too far lately, to the extent people are insider trading. This is illegal, and people should understand that you will go to prison for this. In every crypto cycle, there is a get rich quick crowd that comes and goes, and learns this lesson the hard way. Don't break the law! And don't try to get rich quick. You should get rich by contributing real lasting value to society (or at least be trying - it's not easy!).

So where do we go from here? We should purge the bad actors and lift up the people trying to build lasting value. We want to bring the next billion users onchain, and the only way to do this is to build products and services which people want. Help them earn a living, avoid high fees when sending money to friends and family, find truth about what's happening in the world, or get a loan to grow their business. Give them access to sound money and financial infrastructure, to accelerate progress in the world. Memecoins have a role to play here, and I think will evolve to help artists get paid, track trends, or who knows what - it's too early to say, but we should keep exploring.

Keep building with this long term mindset, and make something people want.

[Creatures @taxeth]

If you want crypto to be legit, y’all need to stop scamming people.

[Creatures @taxeth]

So it’s all still scams?

[Creatures @taxeth]

So how do we make a non scam crypto use case?

[Creatures @taxeth]

#SBF is such an idiot.

[Creatures @taxeth]

So SBF is a fucking moron.

[Creatures @taxeth]

@nytimes @nytopinion Fuck, another shitty opinion piece from the @nytopinion

[Creatures @taxeth]

Damn it must be real tough to be a billionaire heiress who never has to have a real job and can just travel and do psychedelics all day while you dad actively tries to destroy the world. Real heartbreaking story!

[The New York Times @nytimes]

Growing up in extreme wealth, Elizabeth Koch — the daughter of Charles Koch, the billionaire industrialist and far-right political force— said she had one pursuit: “To not be hated.” Now 47, she has a new venture that is all about self-investigation. https://t.co/mZvIZNDNrC

[Creatures @taxeth]

@brad_polumbo You’re a fucking idiot

[Creatures @taxeth]

@SenRickScott Cracking down Medicare fraud would probably help balance the budget. But Skeletor isn’t interested in that.

[Creatures @taxeth]

@NewYorker @JohnCassidy @NewYorker Since the author doesn’t I’ll try to explain. Depreciation is a an example of the matching principle in accounting since it matches the expenses with the revenue of assets that have a long life. Also the IRS requires you to capitalize and depreciate certain assets

[Creatures @taxeth]

@NewYorker @JohnCassidy If you’re going to publish article about taxes why don’t you have someone who actually understands taxes write it? This guy holds out depreciation to be some type of loophole, when it’s a basic accounting principal that any first year accounting student can explain why it exists.

[Creatures @taxeth]

@nytopinion @KellyannePolls @nytopinion Do y’all just publish any hack that submits? Why didn’t she mention Trumps great response to the Bowling Green massacre as one of his accomplishments??

[Creatures @taxeth]

Hey @RepBuddyCarter your tax bill is fucking absurd and out of touch with reality, and shows a serious lack of understanding of the tax system. Can any dipshit get elected now a days?

[Creatures @taxeth]

Fucking idiots

[Cameron Winklevoss @cameron]

Earn Update: An Open Letter to @BarrySilbert

[Creatures @taxeth]

Well time to dig into Trumps tax returns.

[Creatures @taxeth]

Kind of sounds like Elon is a little piss baby

[Creatures @taxeth]

@TBQuarterly do you all have a sports section yet? I’ve got some angry essays I gotta get off?

[Creatures @taxeth]

Hey dipshit @RonDeSantisFL why do you have capitalism and the free market?

[Florida’s Voice @FLVoiceNews]

WATCH: Ron DeSantis says Apple removing @elonmusk's Twitter from app store warrants Congressional response

"That would be a huge, huge mistake, and it would be a really raw exercise of monopolistic power that I think would merit a response from the United States Congress."

[Creatures @taxeth]

Hey @JohnCohenAD and @AuburnU how hard is it to just not hire a creepy asshole like Freeze? He’s not even that good at coaching, I mean he lost to UCONN and NMSU!!