Machink Johnson
5K posts

Machink Johnson
@OFFICIALmachink
ABOUT EVERYTHING.
South Australia, Australia Katılım Kasım 2023
733 Takip Edilen370 Takipçiler
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@c_mami HAMSTRING CURLS AND CALF RAISES IS WHAT I CAN THINK OF.
GOOD LUCK.
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Machink Johnson retweetledi

SUMMARIZED
• @blknoiz06’s reply to Coinbase CEO Brian Armstrong explaining public frustration with Base for selectively supporting onchain projects like creator coins while under-supporting high-volume memecoins.
•The post argues crypto assets derive value from both business fundamentals and intangible community attention, using examples like Bitcoin’s pure belief-driven valuation and Ethereum’s hybrid model to defend memecoins’ role.
•It emphasizes that L2s like Base benefit from diverse ecosystems including memecoins, as onchain trading boosts fees, attention, and builders, citing Bonk’s impact on Solana as evidence for supporting user-driven trends.
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going to add my two cents here
i believe ppl are generally upset with base because you guys pick & choose what you want to support onchain, because you never know what is going to work and what isnt going to work so it isnt as simple as objectively determining what is positive sum beforehand
for example, base did a big push on creator coins, you even directly bought balaji's coin, but base was not as supportive of memecoins, especially the ones that were doing a lot of volume onchain and could have benefitted from exchange listings earlier, but the creator coin & memecoin charts ended up looking near identical, with most of the creator coin charts not doing nearly as well as a lot of the largest memes on base - i personally think there are some unique reasons for why they didnt work and will work in the future but thats for another post
from my pov there are two different ways to value crypto assets, one is based on the fundamentals of the underlying business, and the other is more intangible value determined by the community of users of the network and driven by attention/momentum/belief etc
hyperliquid is a great business that makes real revenues and is valued in part because of those revenues, but it also trades at a premium because of the collective belief that their users have in the network and their future plans to execute on that vision
bitcoin on the other hand, makes no revenue, but is the largest crypto asset by market cap because it trades purely on the collective belief that it is a better store of value than depreciating fiat currencies and the network grew so large that it became a self-fulfilling prophecy
ethereum is somewhere in between in that it does make real revenues but if you simply valued it purely off of those revenues as you would a tech stock it would trade 95% lower, ethereum also has some intangible value determined by the network of cypherpunks who are majority stakeholders of the network, and they believe that its value as an asset is more than what you would come to conclude on based off of purely p/e ratios
tokenization, stablecoins, perpetuals, and prediction markets have been crypto's greatest success stories to date, tokenization in particular has been so successful because it is one of the only ways to accurately put a dollar value on this intangible value of culture and attention
memecoins are denigrated by a lot of the corporate entities in crypto, but i think what a lot of people fail to realize is that the same intangible value that drove bitcoin and ethereum to be the #1 & #2 largest assets in crypto is the same intangible value that attracts retail to speculating on memecoins, doge sits at $11B and has outlasted a majority of coins over the past decade, its value is purely derived from how internet natives value culture and memetics on the internet
do i think its important to uplift and support protocols in defi/rwas/consumer etc etc? yes, but its just as important to recognize what your users are interested in trading, the best analogy i can make is that if you are a mayor of a city and you have patrons who want to go to nightclubs or go to the casino or go to bars, you would not exclude this activity because you only want people to build businesses like banks, restaurants, corner stores, bookstores etc etc. - for an L1 to thrive it needs to have a diverse ecosystem of all things, and it is clear from the data that onchain trading volumes directly positively impact the native blockchain, whether thats in bringing more attention to the chain, or increasing fee revenues, or increasing revenues of underlying infra providers, or attracting new builders to create new products - best example of this is how bonk revitalized solana at the lows & was a very core reason that trading activity came back onchain + the main reason the first set of solana mobile phones sold out
all L1s & L2s are social networks with their own ecosystems and their own culture, with permissionless networks you cannot control what people build or trade, but you can find ways to provide support across the board and contribute to ideating on how to make trends more sustainable
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Crypto stuffs that Robinhood chain and base will both learn in the next 12 months or so.
Robinhood chain
- new chain steals the spotlight, but it fades quickly after Robinhood users get very bad experience trading these meme coins. Statistics has shown, these games are massive extraction in the long term.
- if volumes are coming solely from PvP meme coin, their real exchange users are the only losers therefore impacting their core business and trust over time.
Base
- been there, done that with non productive memecoin trading, team attention will finally be spent toward sustainable crypto use case.
- not all builders are worth supporting, many will leave for Robinhood chain if not already moved, and eventually they will move onto the next chain.
- steering user towards positive sum crypto use case, liquidity, users/customers are your best moat.
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@JamesWynnReal FOLKS HES A RETARDED SCAMMER.
DONT BUY WHAT THIS PIECE OF SHIT POSTS.
HES GOING TO TAKE UR MONEY AND ACT LIKE NOTHING EVER HAPPENED.
x.com/dipwheeler/sta…
Dip Wheeler@DipWheeler
holy shit james wynn sounds like a retarded dwarf.
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Now it’s gonna go mental
James Wynn@JamesWynnReal
Decided to burn early due to insane demand and volume. $128K gone. Now we run $MIX to the moon.
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We will give @sneako some dollar if he goes on live with us
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@JamesWynnReal COMING FROM SOMEONE WHO RUGS THERE FOLLOWERS.
Dip Wheeler@DipWheeler
holy shit james wynn sounds like a retarded dwarf.
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@JamesWynnReal THIS SAYS IT ALL.
x.com/dipwheeler/sta…
Dip Wheeler@DipWheeler
holy shit james wynn sounds like a retarded dwarf.
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@JamesWynnReal RETARDED DWARF.
Dip Wheeler@DipWheeler
holy shit james wynn sounds like a retarded dwarf.
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@JamesWynnReal STILL A RETARD.
Dip Wheeler@DipWheeler
holy shit james wynn sounds like a retarded dwarf.
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@JamesWynnReal @Cobratate WHAT A RETARD.
Dip Wheeler@DipWheeler
holy shit james wynn sounds like a retarded dwarf.
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@JamesWynnReal THIS THE RETARD YALL BE TRUSTING.
Dip Wheeler@DipWheeler
holy shit james wynn sounds like a retarded dwarf.
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Machink Johnson retweetledi
Machink Johnson retweetledi

Machink Johnson retweetledi

BREAKING NEWS : As of Sunday July 12th solana:42cXQvAAr7hcPBPWAS4ocVtDyeJ4Fa6gRR2uG4gppump has completed 8 rounds of air drops to its community totalling 8,081,500 TBB.
At the current price of $.00918 that's $74,188.17 USD or (965.99 Solana) or (1.1628 BTC @ $63,860).
This has all been done in 12 days.
What an overwhelming success.
Dev wallet holds $6,405,989.21 (AAgeUpYYFfDQ42wZLFdejMfdssf9rVCVMeZfWzceGA2w)
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Machink Johnson retweetledi

HEY @elonmusk AND YOUR DVMBFVCK MINION @nikitabier YOUR APP FVCKING SVCKS.
SINCERELY,
-MJ
Jack “CouRage” Dunlop@CouRageJD
It’s fascinating to see how much of a shit hole Elon turned this website into when you see all the AI/bots/extreme nuts in the replies to my Tweet about a great movie… Reminder: X isn’t a real place. It’s a complete cesspool of garbage you read
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