KEYTAKEAWAYS
- The CAT principle (Certainty, Alignment, Transparency) is crucial for building trust in new cryptocurrencies and tokens.
- Successful crypto projects focus on creating positive energy systems within their communities, emphasizing long-term vision over quick gains.
- Authentic effort and emotional investment are more valuable than manufactured metrics in the "emotion economy" of crypto.
CONTENT
Luke Belmar and Meow share insights on Energy Theory of Money and discuss community building, authenticity, and long-term vision in crypto projects.
On the second day of Asia Blockchain Summit 2024, Luke Belmar, Founder & President of Capital Club, and Meow from Jupiter engaged in a thought-provoking discussion about the nature of money in the blockchain era. Their conversation centered around the concept of the “Energy Theory of Money” and its implications for community building in the crypto space.
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ENTERING A NEW ERA OF MONEY CREATION
Meow kicked off the discussion by highlighting a paradigm shift in our understanding of money. “In this new era of money, we’re not just making fiat currency,” he explained. “We’re creating new money. In one generation, we went from accepting money as whatever the government prints to realizing, ‘Wow, we can create our own money.'”
This shift, according to Meow, has democratized the creation of currency. From Bitcoin to memecoins, the power to generate new forms of money is now in the hands of the people. “The only thing you need to create new money is people, community, and faith,” Meow emphasized.
The Memecoin Phenomenon
Meow highlighted the explosion of memecoins, with an estimated 20,000 launching daily. He differentiated between those with manufactured traction and those that gain genuine community trust. “You see those memecoins that make it, whether it’s WEAVE or BILLY, they’re all a result of an intense period of community take over,” Meow observed, emphasizing the importance of authentic community growth.
MONEY=ENERGY=?
Luke Belmar expanded on this idea, drawing parallels between money and energy. “Money is energy,” he stated. “We have to abide by natural law. Energy can neither be created nor destroyed; it can only be transformed.” This perspective challenges the authenticity of fiat currency, which attempts to create value out of thin air.
Meow introduced his CAT acronym – Certainty, Alignment, and Transparency – as crucial elements for building trust in a new currency or token. He explained, “When you as a community, as a token, gives the broader public a lot of certainty that there’s no insider dumping, alignment on the longer mission and ethos, and transparency about token distribution and leadership, you create real value.”
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HOW TO BUILD SUCCESSFUL CRYPTO PROJECTS
The conversation then turned to some words of wisdom for founders and builders in the crypto space.
1. Focus on Energy and Long-Term Vision
Meow stressed the importance of understanding that crypto is fundamentally about energy. “Whether it’s your product, community, token, communications, or vision, it’s all about creating a very positive energy system within your community and with your token holders,” he said.
Belmar added, “The goal is to optimize for 20, 30, 40 years, not just for a quick run. You need to attract people with a similar vision.” He emphasized the importance of having clear mission statements, vision, and values to align the community.
2. Missionaries vs. Mercenaries
Belmar then pointed out two types of crypto communities: “There’s missionaries, and then there’s mercenaries.” He advised focusing on the missionaries who drive the project’s mission, vision, and values. “These are the people that drive your mission, vision, and values. So what are the mission statements? What are the visions? Where are we going? And what are the values? What do we stand for?”
3. The Power of Authenticity
Both speakers highlighted the critical role of authenticity in building successful crypto projects. “In this world of fakeness, the one thing that people really, really want is authenticity,” Meow observed. He introduced the concept of the “emotion economy,” suggesting that projects should focus on emotional investment rather than mere attention.
Meow emphasized, “You can’t fake that sh*t,” referring to genuine effort and energy, highlighting the importance of authentic engagement in building successful crypto projects.
4. Transparency and Trust
Using Jupiter as an example, Meow stressed the importance of transparency. “We recently did DeFi’s first transparency audit,” he explained, demonstrating how showing the community exactly where tokens are allocated can build trust. “We showed the community exactly what went. We don’t buy a group. But we managed to show everyone, ‘Look, we didn’t sell anything beyond launch pool. Every token is accounted for.'”
5. The Importance of Resilience
Meow offered a unique perspective on success: “Don’t worry about how high you can fly. Focus on how low you can go without dying.” This emphasizes the importance of building resilience in the volatile crypto market. “Winners are not made at the top,” he added, encouraging builders to focus on building strong foundations rather than chasing short-term highs.
A GARDEN MINDSET
Meow concluded with a powerful metaphor: “Think of this entire landscape as a garden. We plant the seeds and we all grow together. It’s moving away from a PVP mindset into a PPP mindset, where we all try to help each other.”
He explained that PVP means “player versus player,” while PPP stands for “player pump player,” emphasizing collaboration over competition.
All in all, the one-on-one conversation provided valuable perspectives on the evolving nature of money in the blockchain era and the importance of community-building in creating successful crypto projects, while also emphasizing the need for authenticity, long-term vision, and collaborative growth.
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