horsefacts on Farcaster

horsefacts pfp

@horsefacts.eth

There is an immediacy and velocity to exchange in the "social economy" that is new and different from other crypto interactions. Tips come in, tips go back out. I earned a @paperview reward last week and spent it on other people's content. This kind of exchange is one-to-one, personal, and often repeated. There was some of this in the "DAO economy" era but it was many-to-one, slow, and often captured. There is little of this in the rest of crypto: swapping and speculating are impersonal and often antisocial.

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horsefacts pfp

@horsefacts.eth

With enough economic activity this probably makes a pretty good reputation score. Does a given user participate in the network or just extract? (Reminds me of seed/leech ratios on torrent trackers) Sounds stupid and obvious, but the interesting thing about crypto social is that it is *social* and not impersonal.

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helladj pfp

I noticed you already removed the how much I earned feature on my profile

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Zinger pfp

I think it’s a little unfair to call people who don’t tip or spend money “extractors” given that if they’re earning it likely means they’re providing something valuable to the economy in a non-monetary way I think a lot of newer people who join will be less inclined to throw money around as freely as the early crowd because that’s not a normal behavior in “the real world” (most people won’t even pay $0.99 for an app) It’s a crypto, magic internet money, wealth effect thing and tbd if making it faster and easier to spend money, including small amounts, frictionlessly in a social context will increase the velocity of spending

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will pfp

eh except you need to "extract" 40% just to break even

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shazow pfp

Relatedly, I've been thinking through this lens about why email is so hard to kill: too much economic activity is dependent on it. It was way easier for Slack to steal the "internal comms" use case because there's no economic activity there. I should do a longcast...

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JE11YF15H 🪼🔵-‘ pfp

JE11YF15H 🪼🔵-‘

Interesting thought. In principle fully agree. In practice, that’s gonna be more difficult to track. For instance, I stopped using the Farcaster prompted tipping but instead load up @tipn and @noiceapp with any rewards or tips I receive and then add some more. I should score well as I seed more than I leech. But only if both apps I seed with were included in said reputation scoring. Who would decide where the scoring included? They become the king maker and is that much better than what we have now?

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Spaceman Spiff 🎩☸️ pfp

Spaceman Spiff 🎩☸️

@spaceman-spiff

That's a really interesting thread. The limitation of so many human social systems is the capacity of the participants. Socialism works pretty well in groups of ~150 people but doesn't scale. What if these social metrics can give us reliable reputation scores for larger group sizes. Will that expand our options for social constructions?

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Vinay Débrou ⚙️ pfp

Vinay Débrou ⚙️

@vinaydebrou.eth

https://www.ribbonfarm.com/2013/04/03/the-locust-economy/

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blockchainhof.base.eth pfp

blockchainhof.base.eth

I think socialfi can help us identify a new crop of "kols" who actually represent the ethos we want to see from influencers and content creators. Specifically on Base, who is actually shipping, lifting others up, participating in the global economy and truly helping bring the next 1bn onchain? I think you're on to something here.

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