Former Coinbase CTO: Meme coins are zero-sum lottery games, and most investors should buy long-term value-preserving assets

Odaily Planet Daily News: Former Coinbase CTO Balaji Srinivasan wrote on X: "Meme coins are a zero-sum lottery. It does not create wealth. Every buy order is just matched with a sell order. After the initial rise, the price will eventually plummet, and the last buyer will lose everything. If the platform still has to take a commission, it is actually a negative-sum game. If you want to gamble for fun, but in moderation, such as in Las Vegas, that's fine. If you are a professional trader, that's fine. But most people should buy assets that can maintain their value in the long term. Sometimes you can add use cases for Meme coins, or make it a headline to maintain its value indefinitely. We have also seen such examples. But in general, don't invest in things you can't afford to lose. You are free to regard any asset as a Meme coin, and I have no objection to this, but I am happy to explain why I think Bitcoin is different. 1) Bitcoin is the base layer asset of the blockchain, with a hash rate of about 800 Th/s in hundreds of data centers around the world. 2) It has never been hacked for more than 15 years and has experienced several 80-90% decline. 3) It has hundreds of millions of holders worldwide and has a global network effect. 4) It grows gradually over time, not all at once, and the mining issuance schedule limits the amount that any one party can sell. 5) It has “industry utility” because the Bitcoin blockchain allows for cryptographic proof of existence that is difficult to forge. 6) It was the first of its kind and pioneered an entire field. In short, I think Bitcoin has proven its staying power.”