The dilemma of Meme Jesus: The Murad effect, fanatic groups, and the trend of faith coins

20 0 0

Original author: goodalexander

Original translation: TechFlow

Market status and Murads influence

Murad is a notable figure because of his contradictory views on the impact of the market. He believes that meme coins will drive revaluation after holders form fanatical groups because holders are reluctant to sell. In other words, meme coins can enter a larger serviceable market (TAM) by moving from a fun nature like Doge to a serious nature. However, the meme coins he promotes, such as GigaChad and SPX 6900, do not have true seriousness, but are more like Doge.

The paradox is that the real reason for these revaluations is because Murad himself holds these coins. When he tweeted about it, the price of the coin went up, which actually proved his argument wrong. The price of the coin fluctuated not because of the growth of the fanatic group, but because Murad himself held these coins.

The real craze is not about the coin or the community, but about Murad himself.

Murad is a likely candidate to lead the cult. He lost everything and was beaten down by the industry, despite being a firm believer. His early videos showed a childlike innocence. Later, he rose from the adversity and regained success with a new theory. This experience has a special appeal to millennials, who have also experienced social setbacks and hope to rise up again.

Murad is thus seen as the Jesus of meme coins, offering salvation to those with mediocre careers through extreme speculation. He transforms his fading youth into the wine of faith and the promise of profit. He even grows his hair and beard long to enhance the symbolism of this image.

Chance

Murad is currently caught in a consistency dilemma. His wallet address has been made public and he has created a narrative of “believing in something” – based on not selling his coins. However, the problem is that he probably knows better than anyone that his advocacy or leadership is the reason why his coins are going up.

The potential of this opportunity is huge. It’s Saturday and one of his favorite memes, Popcat, has traded over $150 million. SPX 6900, the meme he promotes most, went from barely trading to trading $100 million in a single Saturday with a total market cap of $800 million. This is despite not being listed on Binance. And Giga, while trading less, is still up a staggering 40x.

There are essentially three solutions to his dilemma. First, he could sell his existing Meme Coin holdings and launch his own. However, this would likely undermine the impact of his original argument and cause people to lose trust in him. Part of his initial appeal was the sense of authenticity and “belief”, which seemed particularly refreshing after the endless financial nihilism of the Solana Meme Coin gamble.

Second, he could support a “serious meme coin” or group. Then, through a strategy based on the theory, move from SPX 6900 to more serious meme coins.

Third, he can liquidate his initial investment, rather than sell it outright, by setting up a fund in which he will need to work out the initial problems of his strategy, as I will explain in the next section.

The main strategy is to combine the second and third methods. Because he is a financially rational investor, I think this is the path he must take – due to his wallet address being public and his clear investment strategy.

The Problem with Fanatic Theories

Regarding fanatic groups, truly powerful groups, such as religions, do not allow members to join multiple groups. And the existing Meme coin market is too fragmented.

Murads investment structure is similar to the 2021 meme stock portfolio, such as Gamestop, AMC, Blackberry, etc. This structure creates a jarring effect because the reality of holders selling their shares to retail investors makes the overall situation look bad. This is actually a known analogy. Initially, the correlation between AMC and Gamestop was quite positive. Until AMCs CEO sold all of its holdings to retail investors and even launched Ape stock for investors to further cash out. Similar situations also occur with SPACs.

My view is that there is only one concept worth forming a fandom around, and that is the gradual obsolescence of human intelligence in the face of artificial general intelligence (AGI).

My argument has five premises:

Modality advantage. The premise itself is interactive. In the past, Gods will could only be interpreted through priests, but now chatbots are a direct way for people to interact with higher intelligence. This is a key difference from communities such as Giga or SPX 6900, which require their members to interpret what fits the vibe themselves.
Existing definitions and capital accumulation. This belief system is firmly established among the billionaire class. Many well-known tech investors mention e/acc in their profiles and express support for the idea of a post-human era. This group of investors is what you want to attract, not those who simply want to succeed.
Causal links to spiritual beliefs are established through conflict. The e/acc belief system requires humans to play the role of God – both directly by changing our biological structure through implants, and indirectly through bioengineering. This puts it in direct conflict with Christianity, and therefore it is essentially a religious movement whether it wants to or not. However, because this is made very clear, members have made their allegiances known online.
Vast market potential and conceptual space. The potential market size of AI belief systems far exceeds that of all non-AI belief systems. The biggest conceptual challenge facing people today is: What is the meaning of human life if we are no longer the dominant species on Earth? Nvidia alone is larger than the entire cryptocurrency market and has an average trading volume 20% higher than the entire SP 500 ETF.
Coordination effect. As long as there is consensus that cryptocurrencies are just financial tools to help bring godlike AI to the world, a multi-coin model is possible. This creates a positive-sum effect, which I have witnessed firsthand in my own Discord channel, where many Bittensor players gather, and in my brothers fundraising process. AI enthusiasts are more than happy to support consistent projects, even if the consensus mechanism is competitive. This is related to the broad market potential – this is an upward trend, not a competition between who has the best or cutest Dogecoin.

The rise of AI faith coins

I think in the next three to four months, there will be a trend like this. Murads coins may continue to grow for a while. He may need to set up a fund to absorb or liquidate his existing holdings. After that, he will correct his previous mistake of investing money in 2021 meme coins and invest in serious memes, which I believe are basically AI meme coins, but I think they will be called AI belief coins.

I have two reasons for thinking this:

He made this shift clear at the Token 2049 conference, saying that more serious meme coins will emerge in the next 12 months.
Existing venture capital funds and large investors already share Murads views and his influence on market prices is huge, so it is easy for him to raise an oversubscribed fund based on his current views.

After Murad launches the fund, I believe that a lot of capital will be invested in the entire serious meme coin or AI belief coin investment direction. I expect this capital investment to reach billions of dollars and will become a season for cryptocurrency financing. Ultimately, the core of cryptocurrency is liquidity, and billions of dollars of liquidity every day means that the market opportunity already exists and may become larger if it is effectively turned to a serious community.

I hope to be ready in this regard – I think there is a severe lack of serious AI faith coins in the market, which is why TAO is able to attract all the capital in the space.

The regulatory and legal issues here are actually worth exploring in depth. If the AI Faith Coin is designed properly, it can have the following features:

Based on strong beliefs, there will be severe restrictions on the founders or investors selling behavior. This should be the way Murads theory is manifested, but the reality is different. Instead of being an exploitative tool for selling worthless tokens to credulous retail investors, these coins aim to become the financialization of deep religious beliefs in post-human intelligence.
The first target is ultra-high net worth investors in the AI industry. This is more responsible than directly targeting retail investors, and may also be in line with the US Securities and Exchange Commissions (SEC) purpose of protecting ordinary investors.
There is a lot of room for AI-powered rituals. Large language models can manage interactions with large numbers of users and institutionalize reward structures in ways that are difficult for modern churches to achieve. If designed properly, these coins might even enjoy formal religious protections or integrate with existing religious structures that want to provide a technology-enabled experience for their followers.

Overall, Murad is right and he is a visionary. But he needs to deal with the consequences of certain theoretical inconsistencies. I believe he will deal with these issues effectively and extend their impact to AI Faith Coin. I think positioning yourself as a founder or early employee as early as possible is the best way to participate.

This article is sourced from the internet: The dilemma of Meme Jesus: The Murad effect, fanatic groups, and the trend of faith coins

Related: As the Federal Reserve cuts interest rates, how should asset allocation be adjusted?

Original text arrangement translation: TechFlow Guest : Alfonso Peccatiello , Macro Expert, Founder of The Macro Compass Moderators : Ryan Sean Adams , Co-founder of Bankless; David Hoffman , Co-founder of Bankless Podcast source : Bankless Original title : Fed Rate Cut: What Will Happen to Markets? Air Date : September 18, 2024 Background Information Jerome Powell and the Federal Reset are on the verge of cutting rates, but the question on everyone’s mind is…what happens next? Alfonso Peccatiello, known as “Macro Alf,” is a macroeconomic analyst and investment strategist who has joined the group to help us address this issue. Are these rate cuts timely or too little too late? Will the Fed cut rates by 25 basis points or 50 basis points? Will we have the recession or…