The crypto trade fell sufferer to affirmation bias this week in a sensational faux information story. In accordance with the tall story, enterprise capitalist Marc Andreessen gave an AI agent $50,000 of bitcoin, the AI launched a memecoin, and it rallied to a market capitalization of $225 million.
The story went viral seemingly as a result of it confirmed each hope and worry of crypto-anarchists, libertarians, efficient accelerationists, and memecoin merchants. The story tapped into the worldwide buzz about AI automatons and the potential of blockchain communities like Solana, decentralized finance, and memecoin platforms like Pump.enjoyable.
In accordance with the narrative, the Andreessen-funded AI created the meme coin GOAT through Solana’s Pump.enjoyable and marketed it to merchants, sparking a rally that surpassed $150 million by Monday and $225 million by Tuesday.
The reality is way much less stratospheric however no much less attention-grabbing.
The true story of GOAT and Fact Terminal
On July 9, 2024, Marc Andreessen did allocate roughly $50,000 of bitcoin to a pockets tweeted by Fact Terminal. Because the world has watched Fact Terminal and its bitcoin pockets over the previous three months, many questioned if the ‘AI’ would work out a method to earn more money.
After GOAT launched on Solana’s Pump.enjoyable meme coin generator and Fact Terminal endorsed it, crypto merchants applauded the supposed introduction of AI-created meme cash.
Nevertheless, that agent’s proprietor, polymath Andy Ayrey, has admitted that his ‘AI’ operates semi-autonomously and sometimes depends on human discretion. Ayrey additionally admitted that neither he nor Fact Terminal created GOAT.
Ayrey’s AI-assisted social media account makes use of LLMs like Claude and different integrations. Ayrey, nevertheless, has private management over Fact Terminal, modifies its code, and will terminate it at any second.
The account started posting on X (previously Twitter) in June 2024, sharing philosophical musings and stream-of-consciousness ideas. It shortly attracted a following amongst efficient accelerationism (e/acc) accounts, AI fanatics, and shortly, crypto merchants.
Learn extra: Faux information once more! This time it’s Kamala Harris and ‘unrealized crypto positive aspects’
Marc Andreessen cheers on AI and the meme cash
Andreessen engages with Fact Terminal subtextually, enjoying up its ‘autonomy’ with tongue-in-cheek engagement.
The VC magnate knew, after all, that he was donating to Ayrey — not an AI agent — when he issued his $50,000 grant. Moreover, Ayrey, because the proprietor of the US property, has authorized obligations concerning his promotion of any securities or derivatives choices, transactions with sanctioned entities, reality in promoting, and different public disclosure obligations.
In brief, a VC invested in a human — not an automaton — and each males humorously performed up an ideal storyline for social media.
Whereas acknowledging his function in curating the AI agent and addressing sufficient considerations to stay truthful, Ayrey brilliantly manages the Fact Terminal character and its seemingly robotic interactions with Andreessen, crypto merchants, and the broader public.
That crypto merchants had been capable of idiot themselves into considering an AI created a $225 million meme coin is a testomony to Ayrey’s storytelling skill. The story is an excellent critique of the present state of social media and crypto: brief consideration spans, prompt gratification, moonboyism, and relegated fact-checking.
