Farcaster

chief philosophy officer. creating and defining the names that frame the game

community strategy at @offchainlabs,  contributing to /arbitrum

I was also bearish at first but a conversation with @marmo.eth (who has been coining a lot) made me realize that I was too focused on edge cases to see why it’s interesting.

A key realization for me was that most coins won’t be valuable - but that’s not the point

The point is that when something eventually goes viral there is a **monetizable** source of truth

Right now it’s only traders valuing content coins but when the actual act of trading moves to the background and becomes automated through something like @noiceapp content will start to be valued more fairly, which has some nice downstream effects like incentives for curation

agree

and 1000000% to that last point esp irt to how @noiceapp does it

people only care to actually tip other people when they they're live (get a reaction/see their fav content creator engage with them bc of it), but not most people will not tip for the hell of it lol

excited to see how cointent evolves

your content has value because it was valuable to someone

theory is that, those who find it valuable should direct some of that value back to you 

so let’s analyze this, who is that someone who is finding your content valuable 

1) the platform
2) other users 
3) yourself 

1) the platform: sure. the platform is making money from advertisers or other users because of your content. makes sense that they compensate you. 

2) other users: sure, other users find your content valuable and benefit in some form. say they learn or get entertained. they can tip you. 

yes, they can collect - but that is not the common case. users don’t want to collect something that goes to zero. they can speculate in the short term - but that is not the same as them paying you for the value you are providing them. those who speculate would prefer not to pay you at all and keep all their money. 

3) yourself: you find value in posting your own content out there because it helps grow your audience, makes you visible. by definition you are already getting value out of the content you are putting out there. 

I sometimes wonder, coining is a solution looking for a problem. 

or perhaps is a solution built for a different use case and is masquerading as driving value to your content.

i don’t know if I agree with these takes 

can you coin pill me?

i don’t know if I agree with these takes 

can you coin pill me?

https://farcaster.xyz/czar/0xa68a0a85

Unlearning. Full time product manager. Part time builder/tinkerer on farcaster. Bots: @nftsoffc.

All those people who are trying to coin their casts should fundamentally realise one thing: there are going to be billions of casts (if not trillions). Your favourite creator is going to have hundreds of thousands of casts, and you also know that in this day and age, there are plenty of very hyped-up monumental events which everyone will have a take on - even your favourite creator.

All this to say, there is going to be no shortage of things to collect. There is going to be an infinite number of things to collect even from your favourite creators. What does that mean? It means a world of infinite supply and extremely small attention spans.

So, what does that mean for your casts that you are buying? They are naturally going to zero. Everything is going to zero. There is absolutely no chance that any one of these casts is going to be a collectible item that will retain value. That phase is over; done just get over it. Collect if you have to, if you like to, but also know that they are going to zero - literally every one of them is going to zero.

Thanks for your attention to this matter.

lower barrier to earn from your casts is very true and I think the workflow on base app is quite good for coining. pretty seamless. 

the broader point is, coining has nothing to do with creators getting paid for the value they are bringing 

it’s just not true, it’s a false narrative.

So yes lower barrier to earn but it still has nothing to do with earning? :)

I think it has less to do with earnings on every post and more to do with how the creators of viral content monetize that content

Not all content goes viral, but right now when something goes viral there’s 1000 different memecoins and hundreds of thousands to millions of dollars of trading volume of which the original creator does not see a single cent 

Coins solve 2 problems here 
1. A market efficiency problem - there is now one obvious source of truth that is tradeable by default
2. The creator gets a cut of the trading volume through fees

and as a bonus: 

3) they get to have a stake that they can choose to hold or sell

Exiting your position is admittedly tricky because of the zero sum nature of trading tokens but I think this can be partially mitigated by things like lending markets and vesting schedules 

I think another key component is fairly valuing content with the help of micro transactions. Not every position you take in a coin has to be a significant one! Most people don’t think about trading when they think about social media. But imagine if a post that you liked early went viral and you automatically ended up with a tiny stake that is actually worth a few bucks due to a portion of the value that you wanted to tip anyway being an investment 🤷‍♂️

There are a lot of ideas here sorry for the long post. But I hope you can understand my perspective a bit better

lower barrier to earn from your casts is very true and I think the workflow on base app is quite good for coining. pretty seamless. 

the broader point is, coining has nothing to do with creators getting paid for the value they are bringing 

it’s just not true, it’s a false narrative.

https://farcaster.xyz/czar/0xfef2b591

i dont think "collecting" is the point either tbh

i think in its final form it can be used to allow for faster, lower barrier to entry for monetization for creators

personally i think having an existing barrier of entry (X, Youtube, TikTok, etc) while it blocks a ton of small creators from making money - most likely it'll remain the most consistent means of income for full time creators

cointent feels like itd be more beneficial for folks who post 1 hit wonders on the timeline lol - cuz theyd get paid for it instantly