Zak Folkman, co-founder of World Liberty Financial (WLF), expressed a desire to revitalize initial coin offerings (ICOs).
Folkman pointed out that venture capitalists often sideline platforms like WLF, forcing them to adopt an anti-VC stance. He criticized the way VCs manipulate markets to secure advantages, adding, “What they want to do is they want to engineer everything so that they win. And even if it’s at the expense of somebody else.” Folkman argued that this exploitation contributed to the erosion of trust in crypto, explaining that, in the past, ICOs were an open opportunity for everyone to participate in projects. He called for a return to equal access, stating, “Back in the day, ICOs were good. People were able to get involved in projects, and everyone had access to the same thing.”
The discussion also highlighted concerns over meme coins, particularly their lack of regulation. Folkman warned that people risked losing substantial sums in meme coins, mentioning the many Twitter users voicing their frustrations about losing life savings to failed projects. “How many people are on Twitter right now complaining that they lost their life savings on a meme coin that got rugged?” he asked, stressing the need for clear and consistent rules to guide the industry.
While Folkman was critical of the current state of meme coins, Sun remained optimistic about their future, arguing that memes were the “future of crypto.” However, Sun agreed that the industry needed to address how tokens were launched, criticizing the high-risk nature of some meme coins. “Most meme coins we’ve seen in the market today have a high market cap at launch and then go zero,” Sun noted, explaining that many investors lose faith in the tokens after their value collapses.
Folkman also warned against allowing venture capitalists to invest in projects in ways that are not accessible to the public, calling it “anti-crypto.” For Folkman, crypto is about democratizing access and offering equal opportunities to everyone. He argued that the system must be fair and transparent for all involved.
Both Folkman and Sun emphasized the importance of properly regulating meme coins to avoid the pitfalls seen in the past, such as scams and rug pulls. While Folkman advocated for ICOs to be restored to their previous form, Sun remained focused on ensuring that the future of meme coins was built on stable and trustworthy foundations.
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