GM

A common critique of shitcoiners is that they’re trying to solve scaling and utility problems on their layer 1 technology.

I don’t think that’s quite right.

If you zoom out past the tech, they’ve actually made the mistake of starting on layer 2. The money is layer 1. They’ve skipped past fixing the money to try to fix financial applications.

Assuming 100% of them aren’t scammers and some people are actually trying to fix problems, they simply haven’t gone deep enough to realize there’s a more foundational problem that needs to be fixed first.