When other participants in the discussion reasonably pointed out that memecoins, by definition, lack intrinsic value and survive purely on "hopium" — blind faith that there will always be someone willing to buy the asset at a higher price — Schwartz agreed. He added that attempts to build a serious investment portfolio around such tokens look ridiculous.
Why wallet activity is not a token endorsement for Schwartz
The reason crypto enthusiasts cling to every word from Schwartz lies in a recent incident involving the FUZZY memecoin. Earlier this month, the developer opened a technical "trust line" for the token, triggering a full-scale wave of conspiracy theories among $XRP holders.
To fans, this looked symbolic because the coin's name references the historic Fuzzybear wallet, which the Ripple team activated during the early days of the network launch back in 2013. That wallet once placed the legendary joke order offering to exchange 1 $XRP for 1 BTC. Particularly impressionable investors immediately concluded that Schwartz had direct involvement with the project.
Schwartz quickly and firmly shut down those fantasies. He explained that adding a token to a wallet is a purely technical and routine step used for network testing, not a blessing to buy the asset. According to him, he sees FUZZY as nothing more than an amusing internet phenomenon and knows about the project no more than any random passerby.
For Schwartz, memecoins have the right to exist as part of internet humor and digital subculture. But when people begin confusing memes with investments, Ripple's veteran responds with nothing but professional bewilderment and, apparently, a slight sense of disgust.
u.today
