Electronic Money: Is Memecoin the Red Flag for Web3?

Memecoin, these lightweight tokens are often seen as harmless, potentially the Achilles' heel of Web3. Dan Finlay, co-founder of MetaMask, recently explored their impact through a bold experiment. What is his conclusion? A weakened Web3 due to lack of consent, transparency, and accountability. A reflection that shakes the certainty of the cryptocurrency ecosystem. Bright illusion of Memecoin Memecoin plays a paradoxical role. While their gentle nature attracts crowds, their impact on Web3 is much darker. Dan Finlay, co-founder of MetaMask, conducted a worrisome experiment by releasing two types of memecoins on Ethereum and Solana. These creations, though satirical, have exposed Web3's profound flaws in terms of consent, trust, and accountability. From the moment they were in circulation, the value of these cryptocurrencies artificially increased, reaching a dizzying peak of $100,000. But excitement quickly gave way to chaos. Finlay describes a situation in which the lack of structure or clear vision prompts investors to impose a forced meaning on assets without a real purpose. This phenomenon not only exposes the limitations of the memecoin economic model, but also the limitations of the perceived trust in Web3. Even more worrisome, Finlay has become a target of threats from disillusioned investors, a situation that raises questions about the health of the cryptocurrency community. Is the implicit consent of users, which only involves agreeing to "play" with these tokens, sufficient to justify such behaviors? Web3: Between Promises and Disillusionment Memecoin is not just a legend. They embody the current challenges of Web3. In a space expected to be decentralized and fair, they reveal a much harsher reality: the blurred line between empowerment and accountability. Finlay draws a bold parallel between these motivations and the motivations of artificial intelligence. On platforms like Bluesky, public data is used without explicit consent, blurring social and technological expectations around the concept of consent. Therefore, Web3 is currently suffering from a serious lack of appropriate infrastructure. According to Finlay, this is not a moral issue, but a pressing need for better tools and better incentives. Accurate token control, market limits for specific communities or revenue structures are ways to break out of this impasse. Web3, like AI, must evolve to reinforce trust, clarify expectations, and respect user consent. Memecoin, despite emerging as a joke, brings important lessons. To prevent Web3 from becoming a digital landfill, it's time to reconsider its foundation. Meanwhile, bitcoin is on its way to ATH.