In history, the phenomenon driven by greed is increasingly driven by despair.

Written by: Jason Choi

Translated by: DeepTechFlow

I read some blogs by VCs about memes. Some of them have interesting points, and I sincerely respect all the blog authors.

But personally, I think the existence of these articles is the reason people trade memes. No, memes are not yet the Trojan horse of culture, and I don't think they are a particularly effective market entry strategy.

I understand the need to describe memes in this way to make partners feel comfortable—I've had partners too. But let's face it, you and I trade memes for one thing: "Fuck it."

Let me explain. This is just a continuation of a larger trend seen in developed countries around the world: the future promised to the older generation is no longer owned by the younger generation. The dreams of my parents' generation were to have a stable job, buy a house, and raise two children. When I was in college, the most common dream was to become a billionaire tech founder.

Why?

On the one hand, it's because everyone has seen "The Social Network" and completely missed the point of the movie, idolizing Zuckerberg. (The same goes for "The Wolf of Wall Street," but that's another topic.)

But it may also be because since 1985, the median house price has risen by 80% after adjusting for inflation, and the ratio of household house price to income is more than twice that of our ancestors.

It may also be because now 50% of people have lower income than their parents at the age of 30, compared to over 90% in 1940.

It may also be because the world seems wealthier than ever, but for some reason, young people inherit less than half of what their predecessors did.

It may also be because simply working hard and being an excellent employee no longer provides you with the same opportunities as your parents.

Therefore, if there is no way to improve social class and the future is just about barely getting by, why not try to see if you can be the next dropout billionaire entrepreneur?

Next, cryptocurrencies are like an extension of Trenbolone. Today, nearly two-thirds of young adults believe that the stock market is a good way to accumulate wealth. But 90% of young people are broke due to rising living costs and cannot afford to invest with an average annual return of 7%.

Therefore, due to the huge volatility of cryptocurrencies, you hear stories of people getting rich overnight, and its appearance is like a pending game—if you are early and smart enough, and maybe a little reckless, you have a chance to live a good life.

To outsiders, this is much more respectable than a casino, and for us smart boys and girls, it can also stimulate their intelligence.

You might say, "Well, actually…since the tulip bulb traders in the Netherlands in the 1600s, humans have been attracted to speculative games for 'quick money'! You should read 'Devil Takes the Hindmost.'"

But the point I want to make is that in history, the phenomenon driven by greed is increasingly driven by despair. Want to feel this atmosphere? Talk to people in their 20s in places like Hong Kong, South Korea, and the United States.

In order to live a comfortable life, young people have to make increasingly risky life decisions on the risk curve.

And they know that this is largely due to the financial decisions made by the previous generation.

Now, this generation also wants to take away the crypto game from them through regulation.

They canceled ICOs under the guise of protecting you, so when these coins finally go public, you have to buy them at 500 times the seed price.

They call it "rat poison" while charging hefty fees from customers who buy cryptocurrencies.

Oh, these customers? Yes, the same conspiracy group—injecting billions of dollars into venture capital funds, trying to privatize more and more games.

This is the reason people trade memes.

Yes, it's greed, it's "buying tokens without a large oversupply," it's a gambling game designed for the ADHD generation whose brains have been corroded by smartphones as they grow up.

But it's also a "fuck it—nothing else works" attitude.

But more importantly, this is a "fuck it"—a counterattack by young people against the generation they feel has let them down. It is this generation that is now trying to take away something that seems to offer them a way out through incomprehensible regulations and increasingly privatized opportunities.

Maybe I'm wrong.

Maybe memes really are the next great market entry strategy for startups.

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