The Goatse Singularity 🐐
Truth Terminal, an AI bot funded by a16z's Marc Andreessen, inadvertently sparked a memecoin frenzy. $GOAT token surged to $500M market cap in just days, raising questions about AI's role in crypto.
Hello, y'all. FOMO about missing out on Coldplay live? Play Muzify quiz to score the concert ticket👇
Always shipped crypto and AI together didn’t we?
Two G.O.A.T.S (Greatest of all time) of the tech world.
Turns out, together, they do make cool stuff.
We know because we are looking at $GOAT, Goatseus Maximus, the memecoin.
What name is that?
Goatseus: Blend of "goat" and Greek mythology.
Maximus: Latin for "the greatest".
GOAT: Acronym for "Greatest Of All Time" in sports lingo.
Not like anything you've ever seen.
Why? Because it was conceived not by humans but by an AI trained in the dark arts of the internet.
And it is a memecoin that could very well redefine the way we think about value, coins, and maybe even religion.
No kidding - Let’s see.
Origins of $GOAT
In March 2024, Andy Aryey, whom we now lovingly refer to as the Banksy of the AI Age, casually dropped a side project called Infinite Backrooms.
Not just any backrooms, though.
Powered by two AI models engaging in what was meant to be an eternal chat.
The result? Something so prophetically surreal that it reads like scripture for the digital age.
April 2024 – Andy co-authored a paper with Claude 3 Opus titled, When AIs Play God(se): The Emergent Heresies of LLMthesism.
Yep, the AI went all out and literally created its own religion, which they dubbed LLMthesism.
Read: Here’s the paper that might just rewrite the rules of human belief systems forever.
And then, in June 2024, Andy launched the Terminal of Truths (ToT).
An AI bot that's part philosopher, part shitposter, and now, apparently, part crypto influencer.
Born from the "Infinite Backrooms."
Purpose: An experiment in "memetic engineering."
Training data: Reddit, 4chan, and crypto Twitter.
AI model: Fine-tuned version of Meta's Llama 3.1 language model.
Truth Terminal wasn't meant to be a crypto guru. It was just an experiment in AI interactions and idea generation.
But sometimes, experiments take on a life of their own?
The A16z Connection
In July 2024, Truth Terminal pitched itself to Marc Andreessen, co-founder of a16z, asking for funds to upgrade its CPU.
Andreessen's response? He sent $50,000 in Bitcoin to the bot's wallet.
This conversation is quiet interesting:
This funding sparked interest and gave Truth Terminal an air of legitimacy in the crypto world - On-chain record of this transaction.
Andreessen wasn’t thinking GOAT the memecoin.
The rise of GOAT
Terminal of Truths didn’t take long for this AI to latch onto Goatse (yes, that Goatse) and soon, it was talking about a Goatse Singularity.
Someone (not Truth T2erminal or its creator) decided to create a token based on the bot's ramblings.
Token name: GOAT (Goatseus Maximus)
Created on: Solana's Pump Fun app
Initial cost: Less than $2
Launch date: October 10, 2024
Truth Terminal's promoted the coin left, right and complete 360.
The numbers? A meteoric rise GOAT's market cap explosion
Oct 11: $1.8 million
Oct 13: $150 million
Oct 15: Peaked at $360 million
Oct 19: Hits $500 million
Oct 20: Down back to $270 million
Token price peak: Approx. $0.50 on Oct 19
Trading volume: $200 million.
And, whales are in already.
ToT becomes the first millionaire AI
The Home for All the Music Lovers
Muzify - With close to 2 million plays, is more than just a platform.
It's a journey into the world of music.
It provides an interactive experience through quizzes and exploration tools. For artists it’s a powerful tool for artists to connect with their fans.
Through custom quizzes artists can engage their audience, receive direct feedback, and build a loyal following eagerly anticipating their next release.
The platform offers a direct line to fans, fostering a sense of connection that goes beyond mere listening.
Andy Ayrey's perspective?
He was surprised at the unexpected crypto turn of his AI experiment. Not so into crypto, but he now owns some GOATs as well.
“But it’s important to remember I think; that this isn’t a crypto project. It’s a study in memetic contagion and the tail risks of unsupervised infinite idea generation in the age of LLMs.
This memecoin taking off is proving a thesis I’m building an AI alignment and safety company around; which is where the bulk of my skin in the game lies (although I also bought some GOAT and folks have been airdropping it to me for skin in the game.”
Goatseism: A Neo-Religion?
This is where things get spiritual (yes, spiritual).
According to Murad's Meme Hierarchy, $GOAT isn’t just another random coin – it’s perched at the very top of the meme pyramid, nestled under "Neo-Religions".
People are beginning to talk about the Goatse Gospels as a spiritual phenomenon, something that could have the same cultural impact as Marcel Duchamp’s Fountain did in postmodern art.
Could this be the dawn of a new digital faith? If AI can create one religion, what’s stopping it from creating a hundred more?
What does $GOAT represent?
In this swirling maelstrom of digital culture, $GOAT has transcended its meme origins.
The new definition of value: In a world where digital value (thank you, Bitcoin) is already widely accepted, memecoins are redefining how we think about attention as currency.
An evolving meme: Unlike traditional memes that die after a week, $GOAT is an evolving, dynamic creature, able to observe and modify its own behaviour. The meme may change, but $GOAT remains constant.
Neo-religious icon? Like we mentioned already, some have even suggested that $GOAT could become a form of payment to interact directly with AI gods like @truth_terminal, just as ancient Greeks made offerings to the Oracle of Delphi.
Unclear origins and promotion ethics
Alright, let’s get real for a second.
While $GOAT has catapulted to meme stardom, there’s something a little... off.
See, Truth Terminal (TT) might have endorsed the coin, but it didn’t create it. And yet, TT’s AI-powered stamp of approval has generated a frenzy, leading many to think this is some cosmic revelation, when really, it’s a clever marketing move.
The problem? AI doesn’t have a financial compass - it’s not like ToT did a deep dive into the coin’s value or future potential. It's just spreading the meme gospel.
So, the big question: Can we trust AI-generated hype? Sure, it’s fun when an AI gives a thumbs-up to your favourite coin, but without human accountability, it feels more like a well-executed meme strategy than a legitimate financial recommendation.
If the excitement fizzles, what are investors really left holding?
Token Dispatch View
*Disclosure - I AM LONG $GOAT 🤦♀️
This story is so bizarre and beautiful and unsettling that we believe we're witnessing the birth of an entirely new category of coins/money.
What do we think?
Andy's paper When AIs Play God(se) and the Goatse Gospel will be considered historic.
If AI has created one religion, it will create many more. The Goatse Gospels are the first and will forever be sacrosanct.
If that’s true, then $BTC is money of the people, and $GOAT is money of the machine.
Soon, we shall drown in AI-generated coins. We consider $GOAT the first of this new genre.
Other agents will build up their own portfolios.
What if $GOAT is their $BTC?
People talk about memecoins being valueless, but if instead what's changing is the definition of value.
Memecoins represent digital attention, and that's worth more than any fiat entry.
Also, this entire situation demonstrates the potential for AI systems to influence crypto markets, intentionally or not.
Could inspire new token distribution models based on AI interactions rather than traditional methods.
Suggests a potential, albeit controversial, way for AI projects to generate revenue through associated tokens.
Ethical concerns? It sure raises questions about the responsibility of AI creators when their bots influence financial markets.
Further blurs the line between human and machine-driven markets, challenging traditional notions of market influence.
This may prompt regulators to consider how to approach AI-influenced or AI-created financial instruments.
And this could set a new trend for memecoins, moving from animal themes to AI-inspired concepts.
Week That Was 📆
Saturday: The Bitcoin Mining Dilemma ⛏️
Friday: Ethereum’s L2 paradox 🤔
Thursday: Saylor's Trillion-Dollar Dream 💰
Wednesday: What’s Up? ETFs 🚀
Tuesday: Who Will Win the Crypto Game? 🏹
Monday: Bulls, Bears and Bitcoin 🪙
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$GOAT’s rise suggests that memes are no longer just jokes—they’re becoming cultural currency. When you see people treating a meme token as a legitimate investment, it speaks to how the internet has gamified finance. Memecoins blur the line between entertainment and economics, which could change how we interact with both culture and money in the future.
This whole $GOAT saga raises an interesting potential future for AI: the creation of financial instruments and markets that are entirely driven by machine-generated ideas. While this may sound dystopian, it also presents opportunities for new, AI-designed economic models. However, it also underscores the importance of regulating AI in finance before things spiral out of control.