Discussion at Consensus Hong Kong
At the Consensus Hong Kong conference, Zak Folkman, who co-founded World Liberty Financial (WLF) with Donald Trump, took part in a lively discussion with Justin Sun, the founder of Tron.
During their conversation, they examined the possibility of a revival in initial coin offerings (ICOs).
Folkman expressed a keen interest in reinstating ICOs to their former glory, reminiscing about a time when these opportunities were available to all market participants.
Critique of Venture Capitalists
Folkman critiqued the influence of venture capitalists in the cryptocurrency realm, labeling their approach as “anti-VC.” He asserted that the actions of these investors have significantly damaged public trust in digital assets.
Emphasizing the need for fair regulations, he pointed out that many ICOs failed due to a lack of adequate oversight—an issue he believes is also affecting the burgeoning memecoin sector.
Market Caution and Lessons Learned
Both Folkman and Sun acknowledged the erratic nature of memecoins, noting similarities between their unpredictable market movements and the height of the ICO craze, particularly in how celebrity endorsements can sway public interest.
While Sun remains optimistic about memecoins’ futures, he stressed the importance of launching them responsibly to avoid the pitfalls of rapidly gaining fame followed by steep declines in value.
Folkman concluded his remarks by advising caution for those considering investing their life savings in memecoins, reflecting on the financial struggles faced by many during the volatile cycles of rise and fall in the market.
The past few years have been a rollercoaster for investors, and he hopes others can learn from those hard-won lessons.
Source: Cointelegraph
