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hunter
@bfresh
I’ve changed my mind on “coining”
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Stephan
@stephancill
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
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hunter
@bfresh
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
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czar
@czar
i don’t know if I agree with these takes can you coin pill me? https://farcaster.xyz/czar/0xa68a0a85
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hunter
@bfresh
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
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czar
@czar
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
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Stephan
@stephancill
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
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hunter
@bfresh
agreed coining should imo be about allowing for people who create content that happens to go viral, earn instantly off that virality this isnt exactly how it works today but i think it'll trend towards that direction
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