Capital is not just money sitting in a bank account. As Peruvian economist Hernando de Soto argued in The Mystery of Capital (2000), capital is stored productivity — the accumulated surplus of human effort, ingenuity, and time that has been preserved, multiplied, and deployed to generate more value. It's a factory. It's intellectual property. It's a dataset trained on millions of hours of computation. It's the software stack that runs modern finance. It's the brand trust that lets you charge premium prices.

De Soto's central insight was that poor countries aren't poor because they lack assets, but because they lack the legal and financial machinery to transform those assets into productive capital. This distinction is everything.

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They're not tech. They're not solving the blockchain trilemma. They're not building decentralized AI for industrial supply chains.

Memecoins are culture. Memecoins are energy. Memecoins are attention. And in this market, attention is alpha.

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