let’s colorize the 4-cycle model: NUC — to what extent does usage improve the network? (utility) TSC — how supply changes over time (mechanics) TDC — what creates real demand vs narrative (behavior) SIC — what the token actually secures (risk)
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data isn’t a moat. control of the loop is.
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a good quiche is a disciplined custard that happens to contain things. that’s it.
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