ted (not lasso) on Farcaster

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https://warpcast.com/~/channel/ted

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ted (not lasso) pfp

ted (not lasso)

crypto underestimates the cognitive overload and monetization fatigue that comes with turning everything into a coin or a market the more financial decisions a user must actively make -> the higher the cognitive burden -> the lower the engagement, satisfaction, and trust this is well researched across digital apps

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EulerLagrangodamus pfp

EulerLagrangodamus

Turning things into a coin is the only move we have

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tldr (tim reilly) pfp

tldr (tim reilly)

This is def true with how hypercoinification is working now. Do you think there is any way to channel the market-making power of traders without causing the average user experience to feel like trading? Eg: typical Zora user automatically shares in the trading fees only, more or less passively earning with zero downside. Have to turn on “trading mode” to trade.

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Shira Stember pfp

I’m building a solve for this with @giftr.farcaster@giftr send real gifts. build connection. keep personal data private. all from a single cast.

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Jon Commstark pfp

People like to gamble If they think they can make outsized returns with little time or mental input… they’ll come back

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rish pfp

At this point in time, I agree. However, I also think that people overlook markets once they get used to it. E.g. if you are ordering something on Amazon, you don't think about how the added GMV might impact their stock price. When you sign up for Netflix, you don't think about added subscription revenue the company is making, etc. Those markets exist and have been abstracted away. There's a new thing in crypto where the markets are 24/7 and revenues are onchain instead of a quarterly earnings report so this will take more time to abstract away but I think over time, people will similarly forget that a market exists and do what they have always done. This is not to say that a specific experiment like coining things will play out, very well might not, but just the fact that markets exist doesn't always mean that there is continuous cognitive overhead. A lot of that is novelty effect.

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Gabriel Ayuso pfp

@gabrielayuso.eth

most people don't care about markets, they just want to make money by selling products, services or entertainment and they just want to buy products, services or entertainment. the numbers they care about are their checking, savings and credit card accounts, nothing else. checking and savings account numbers go up? yay! did they go up enough to pay for rent, food and credit cards? yay! the end

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ʞɔɐſ pfp

@farcasterjack.eth

This is yet another reason why I tell people a Farcaster token might not be a great idea.

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CHRIS DOLINSKI pfp

agree, imo a good start is with consistent language -- let the tech fade or appear when it separates "buy", "subscribe", "open" instead of "mint", "coin", "token"

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Nick Grossman pfp

@nickgrossman.eth

The other day someone described a design for a consumer crypto app where the creator, consumer and speculator roles were more separated. Specifically the consumer and speculator- so like a front end that’s more consumer and a back end that’s more speculative. I’m intrigued by the idea that maybe we can achieve better creator economics with crypto apps but not cause the issue you describe w the consumer experience Feels like an experiment we need to run

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Nicholas pfp

I think this changes in 3-5 years when 1) cognitive burden is decreased to 0 by personal AI agents, and 2) utility increases significantly once we reach a turning point threshold on the way toward tokenization of everything

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Zach pfp

you’ve been posting bangers non stop this week

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DammnThatsCrazy pfp

DammnThatsCrazy

@dammnthatscrazy

Bookmarking this

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Latif🔵 pfp

On the other hand, I was confused because of the large number of coins.

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AJ pfp

Have you read any of Daniel Ariely's books? "Predictably Irrational" is his most popular one. He has written about the cognitive burden financial decisions place on us. He recommends avoiding borrowing money whenever possible, living below one's means, and establishing the habit of saving and investing for the future. He advocates for tracking financial transactions to learn about ourselves. Why not allow the computers to do the mundane, difficult things? Have AI track our spending and make suggestions on how we could save more or financially align with our values more!

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Ashwinikumar pfp

@ashwinikumar.eth

Crypto itself has a perception and reality about it being a financial market. I agree with this thought just that it is about web3 as a while.

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britt pfp

might be able to align incentives here. what if we reward cognitive overload with a token?

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rathermercurial.eth pfp

rathermercurial.eth

@rathermercurial.eth

Yeah, we say it all the time. But people still often rush to preserve the reputations of vc-backed max extractors who peddle this garbage. The same people who make these criticisms will happily take a job with a company that perpetuates the same toxic behavior they apparently so detest. Being the person who says "No, this idea is stupid and monetized in a way that's antagonistic to human flourishing" is still an unpopular opinion overall, even though KOL's get praised for writing contrarian takes about the types of business practices they literally make their living from. Are we going to dick around with Warpcast posts about it, or actually exercise power by withholding our labor and attention from net-extractors and taking the personal financial loss of dedicating our work to human-centered alternatives?

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Estebrawn pfp

Do you think this initial fatigue could eventually stabilize and reach equilibrium? A few coins may be chosen and the others form a bustling and chaotic layer outside of that.

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