I do not believe lockups, vesting etc. would change airdrop PA

It’s just dancing around the real question and the only thing that matters, which is, are you issuing an asset that people desire to hold?

Scariest question in crypto:

"What gives it value?"

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

Best question !! 
Imho for commodity like crypto, value comes from trust x network effect, scarcity, usage of information system services (telco/payments/compute etc.), robustness of system, security of ownership and other things I’m missing rn. 

For securities like crypto 🤫 value comes from partial ownership (governance and/or profits) of a protocol/dao, just like a regular stock but incredibly better, with wider use cases.

Then there is the casino /rollercoaster value, people just buying hope or other emotions they’re addicted too.

…what am I missing ? 🙏