An explanation of the current thing: https://x.com/sgt_sl8termelon/status/2035307973774373273?s=46
- 3 replies
- 3 recasts
- 25 reactions
It’s not even interesting. A lot of the users I respect acknowledged immediately that creator coins and “cointent” wasn’t sustainable, wasn’t even gambling so much as it was just extraction. Monetizing social on a per-post basis or as coined identities just doesn’t work - and a lot of us said so. The writing was on the wall for that stuff, and the grand hope was that Farcaster had built something that would eventually function well as a social system once Base pivoted to still being a boring finance app and VC money realized that the value of Farcaster would not be exploitable for a long time or until a lot of growth happened. It’s okay. Jesse was a friendly dude that kept doubling down instead of listening to criticism - but he was also kind of trapped in that direction where admitting he was wrong meant what - designing a prediction market? One more place for perps? Finance isn’t fun, usually, and socials are first and foremost social and not monetary.
- 2 replies
- 0 recasts
- 9 reactions
From May 2020 - "a_crazy_plan_worked"
- 0 replies
- 0 recasts
- 10 reactions