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This is pretty high value and I‘m glad David Hoffmann wrote it. I loved the section where he talked about the value of the blue chip VC projects going public being perfectly priced internally already so that prior investors can dump on retail. And besides, yeah there are no more „fuck ups“ in the sense that someone accidentally underprices an early stage company or whatever. Ideally u got ur nepotism down and you know who to call to get into this round!
Missing the old days of retrospective airdrops without any notice. Just fresh tokens to users' wallets.
if any project ran a month-long (30 days) campaign where every participant has to commit to a daily binary choice, that would be a billion different ways to describe participants. some "descriptions" would have thousands of instances, and token distributors would be able to discern that these instances are not. instead, we have bundled activity like "like + retweet + follow + reply" quests. maybe some linear system where the whales fight the shrimp for some weighted deposit meta. at some point the sober perspective is that the market is not as fluid or a la carte as it can be, regardless of external scapegoats. This probably isn't a well-liked concept, but the responsibility of a value proposition does not default to the commitment of bagholders to secondarily distribute it. while it is true that algorithmic referral rewards are longer-tail incentives than KOL-amplified TGEs, this is only a step forward, not a leap or the end of the journey. the first step of recovery is checking the unrealistic expectations around these incentives. it's not reasonable to think that retroactive punishment is as constructive as retroactive rewards. central banks figured out dilution is easier to stomach than taxation, so why the hell are tipping systems killing their unit bias? this could have just been more tokens. analogously, multiplayer video games don't nerf the broken meta & piss off their userbase, they just buff everything else into balance. the other omission is clearly demonstrated by the current fantasy.top meta. all our attentive eggs are in one skinner box of a basket. all of the influencers are optimizing for distribution at any social cost. to me, this is a reinvention of hamster racing but now it's people compelled to inform their audiences that they'll be parasocially punished for not monotonously endorsing the "hamster's" constant progress. there's also a very unhealthy dependency on professed ignorance to duck accountability. it shouldn't surprise anyone that a bitcoiner proselytizing the OSU commencement speech was booed. I don't doubt the possibility that many will act blindsided when there's vitriol directed at lobbying efforts. plutocracy only goes so far. the more compelling idea is being immersed in the practical, consistent comfort of crypto that frees oneself from their troubles. this has been, & will continue to be, a challenge to articulate the whole truth surrounding the give & take of all participants. that is not contingent on regulatory climate, it is universal to every industry. we need to graduate from latecomer PnD & buff the risk-takers. /rant
that's such an awesome comment, I want to print, frame and hang it in my room! Actually, I thought what you said about video games was super interesting > it's not reasonable to think that retroactive punishment is as constructive as retroactive rewards. central banks figured out dilution is easier to stomach than taxation, so why the hell are tipping systems killing their unit bias? this could have just been more tokens. analogously, multiplayer video games don't nerf the broken meta & piss off their userbase, they just buff everything else into balance. you mean MMORPGs like WoW? I was playing a lot of arena and I can see what u mean. U wouldn't nerf a rogue if it was systematically OP because the player already committed time and energy to level up the char and learn to play it. Instead, basically, what you're saying is that they instead buffed all other chars until the OP'ness of the rogue went away. :)
not just MMORPGs, but also MMOFPS. all the dopaminergic activities follow this idea, it probably translates to sportsbetting as well. what would happen if parlay bets got outlawed? users would most definitely riot. what happened with the U.S. TikTok divestment? same thing. on the supply/design side, if I was a 100% hypercompetitive capital allocator anticipating a bounty of billions of $, I'd definitely be raising & throwing millions of $ at community nichebuilding as a significant fraction of the technical capex. There would be frontloaded question: "how are you, some random trustless account, identifiable by your decisiveness?" that means compartmentalizing the low-effort, low-SNR gmooors. it also means compartmentalizing the angels that want to only deal in $$$ & technical feedback. it means a paradise that would convert a lurker into sincere word-of-mouth distribution. In other words, I'm nonplussed that so many participants, by the consistency of their conduct, seem to want 7-8 figure shitcoins discussed only by bots, traders, & cultists. if the desired payoff was bigger, that incentive would drive preemptive hyperstition (high-SNR memes) & feedback-seeking (a satisfied community). people wouldn't stop at a multisig presale, at the very least they'd hardcode emission for farm2 onchain (and add clout over social as well). they wouldn't use the excuse of regulatory arbitrage or bot-hunting to cull tens of thousands out of the distribution. the stated intent by KOLs is belied by the predictably low aspiration inherent to the results. the rants will continue until the technical sophistication improves.