jesse.base.eth on Farcaster

jesse.base.eth pfp

I strongly disagree with Vitalik that pump is bad. pump is a nascent form of content moving onchain — thereby letting it be valued and creating real value that can flow to creators and curators who can identify content value early. there's absolutely things *around* pump (and other asset classes + venues) that are bad (e.g. people manipulating markets), but I think it's actively harmful to denigrate pump itself. onchain creativity is good — and pump has been pioneering. thank you to @alon and team for their leadership 🫡

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0xmons ✝️ pfp

what valuable work do u think the ppl who make these tokens are contributing? like what is the actual "content"? the name/ticker/image?

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jesse.base.eth pfp

what's the actual content of a social media post? name/description/image :)

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0xmons ✝️ pfp

i also don't think most social media posts are very worthwhile expressions of creativity or should be tokenized

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jesse.base.eth pfp

you need billions of social media posts to get millions of good ones. most get 0 engagement. that's good and healthy. same thing for tokens.

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0xmons ✝️ pfp

https://warpcast.com/itsbasil/0x82be667b i think these are the sort of arguments i'd like to see steelmanned more otherwise i find basil's takedown pretty convincing

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0xmons ✝️ pfp

see also: https://warpcast.com/itsbasil/0x864a90b6

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0xmons ✝️ pfp

and https://warpcast.com/itsbasil/0x8c94cfce

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jesse.base.eth pfp

i disagree with the underlying premise that tokenizing more things is bad or that we need to selectively tokenize to preserve attention. let the market handle it.

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0xmons ✝️ pfp

I think tokenizing more things *unselectively* is bad same reason why most protocols don't issue a token day 1

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0xmons ✝️ pfp

You get one shot if at that to rally attention in the market You cannot "relaunch" the day 1 experience

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jesse.base.eth pfp

i agree that this is true for certain things (e.g. apps, protocols) i don't think this is true for content. every new piece of content is your one shot. coin it.

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0xmons ✝️ pfp

What is fundamentally different? Why does content get its own category? Is a protocol not just a name/image/ticker?

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0xmons ✝️ pfp

(i mean obviously not but then you have to start talking about ephemerality)

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0xmons ✝️ pfp

And if u believe most of these coins will go to zero, it sorta begs the q of Why issue them at all? Who are these moonshots for? (Ostensibly people with lower costs of living somewhere else in the world?) How true does that feel tho

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jesse.base.eth pfp

- a protocol is definitely more than a piece of content - you issue all the coins, even if most go to zero, because it gives the 1% that are valuable the space to appear. this is just like most social posts getting zero engagement - you still need people to post, so you can get the bangers! - they are for everyone, everywhere i need to get back to work, but learn more over the next while :)

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will pfp

maybe lets zoom in on that 1% -- what are some really good examples? content i can look at and be like "hell yes so happy this thing is tokenized it makes up for all the rest"?

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jesse.base.eth pfp

pick your favorite tiktok video? i feel like we're tieing ourselves in knots to try and justify this. if something has 3 million views on tiktok, it undeniably has value. why should that value be controlled by a single platform? why shouldn't that value be owned by the people who like the video most? why shouldn't the creator benefit from that?

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0xmons ✝️ pfp

One direct response is that on current platforms, the consumers/viewers do not pay So either you normalize picotransactions or you convince advertisers to pay you instead (as an alternative social media/hosting platform) and then funnel to consumers But there's nothing about e.g. tying content to a coin that magically creates buy pressure for the coin each time someone watches the video, right?

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jesse.base.eth pfp

normalizing pico transactions is good some % of people who watch it think it's cool and valuable and therefore buy it for whatever reason they have this already happens today!

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0xmons ✝️ pfp

ok i think we're back to the crux of the philosophical dispute where I don't really wanna live in a world where everything is both liquid, fungible, and therefore some things are not sacred to offer a side point tho, why not just direct patronage? the 1% fee collected rn means people who view purchasing the token as "supporting" need to buy 100x the volume for the same net amt to be returned to creators (especially the most ardent fans, the ones who weren't gonna sell anyway) at that point why not e.g. lock up user deposits into yield bearing assets, stream procedds to creators? or, if u actually wanna degen financially, have people who "buy" the token actually underwrite incredibly thin straddle options and pay the premium to the creator?

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