Mike | Abundance 🌟

@abundance

369 Following

1724 Followers

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Mike | Abundance 🌟

only took a few months but Impact is finally experiencing some "serious" fraudulent staking - 30+ users staking $impact w/o regard to the cast's contribution to the ecosystem of course there's no benefit to doing this on Impact. Your stake will just be slashed, your allowance is reduced & you lose Impact Rewards 🤷

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Mike | Abundance 🌟

tbh kinda surprised all 37 of us got 10,000 subscriptions in 6 hours.

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Mike | Abundance 🌟

we may be taking this X/twitter clone approach a bit too far..

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Mike | Abundance 🌟

one thing we rarely think about is how our mode of payment for a product/service shapes the incentives of those providing the product the question is, does the mode of payment (subscription, ads, etc.) create alignment btw the user and the team behind the product?

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Mike | Abundance 🌟

starting a crowdfund campaign to get 120 $USDC for a very good cause. Funds needed by 1pm PST. your contribution is appreciated 🙏

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Mike | Abundance 🌟

Proof of 120 USDC

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Mike | Abundance 🌟

we have so many great projects, including Farcaster, that while creating massive value for others are struggling to make any money they just don't have an effective business model so why don't we build a mechanism in crypto you make money based on how valuable your contribution is? It's doable..

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Mike | Abundance 🌟

If you think about it, at its core Farcaster is the internet's identity layer

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Mike | Abundance 🌟

can we get activity filters pls? 🙏

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Mike | Abundance 🌟

who wants to build this? 👀 (DCs are open)

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Mike | Abundance 🌟

a game theoric mechanism that incentivizes a network to proactively look for and reward contributors to the network based on the value of their contribution

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Mike | Abundance 🌟

probably the greatest advantage decentralized networks w an open social graph have over web2 platforms is that they can directly value (and monetize) content they just don't do it yet but the capacity is there

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Mike | Abundance 🌟

what would you cast if you didn't have to care about engagement/reach?

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Mike | Abundance 🌟

my view is that the Merkle team got a $1B valuation, and to justify it it's looking for steams of revenue for the protocol (all good so far) it's building (and creating a platform for) lots of cool stuff like wallet integration, miniapps, etc. (also great) the problem is that their view of Farcaster seems to be that of a social media platform with add-ons & onchain integration Moreover, Merkle is focused on essentially rebuilding the same business models that power web2 social media (the Attention Economy) on top of an open social graph, instead of experimenting with web3 native models I believe these significantly limit FC's TAM I prefer an ecosystem view, where the protocol is a trustless & decentralize social layer that can effectively replace the model of centralized platforms (Amazon, Uber, Spotify, X, Youtube, etc.) Web2 depends on user engagement, and for that you need centralization. Relying on a centralized client on a "decentralized" protocol for revenue undermines FC's growth & success

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Mike | Abundance 🌟

the content on my X feed is about 10x more "engaging" than the content on FC every post there screams for you to engage w it, read comments, etc even tho the content is highly engaging, it's also mostly noise and little value added Not every new AI feature release "changes everything." Not every word uttered by a politician is "the worst thing that ever happened" but that's what you'd see on your feed when the platform only cares about boosting DAU, and doesn't care about enrichment user experience we're still miles away from becoming the toxic waste dump that is X so hoping we'll develop better metrics for content than just how "engaging" it is or how many likes it gets if we do that it will change everything

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Mike | Abundance 🌟

some of the biggest economic problems of our lifetime can likely be solved with some code and good game theory. meanwhile we're sitting here and reinventing gambling

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Mike | Abundance 🌟

from a user perspective, how does paying for a "community owned" product in web3 diff from paying for a commercial (aka "shareholder owned") product?

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Mike | Abundance 🌟

> "buy because you think it will get more popular, buy because you want to support the creator, or buy because you want to show you’re a talent scout" notice how none of these are "buy because you think the content is valuable" we get what we incentivize

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Mike | Abundance 🌟

one way to lure big X accounts to FC is to artificially boost their casts here based on their X following/views. if we're so focused on growth n all.. cc: @dwr.eth

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Mike | Abundance 🌟

when the user comes first, you get to choose what you see in your feed, what notifications you want (or don't want) to see, etc. when centralized platform's interests come first, feed & notifs will be determined by whatever helps the platform make money. that's how it works on X, and that's what we're importing here

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