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Murtaza Hussain
@mazmhussain
I’ve been thinking a bit about Moxie lately in the context of incentivizing usership and participation on a social media platform. It’s actually kind of ingenious: There is a native token, which you earn for popular interactions, and whose value is theoretically upheld utility that is attached to it and which makes it desirable to hold for its own purposes. There are two things that I think would make it very successful, which are 1) finding a mechanism to democratize users “power levels” while preventing bots from exploiting, 2) adding more users to Farcaster so it can develop into a mature economy. These seem quite doable and ideas like this are the reason I still keep an interest in crypto and its ability to positively impact the internet, even if I look askance at the excesses of the industry. Finding a way to make social media economically sustainable would be a win-win for all sides. I’m interested to see how the Moxie experiment develops. So far it’s been fascinating to see.
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Jack
@jackten
I don't really understand how is sustainable.. like when everyone starts trying to actually turn the coins into money to pay their bills, who is going to provide them liquidity? What value is being created on the buy-side?
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Jason Goldberg Ⓜ️ 💜
@betashop.eth
Couple points: The more value user derive by holding fan tokens, the more demand pressure their is to get moxie as you need moxie to buy fan tokens. That value is generated by rewards and devs building features. You can either earn your moxie by helping farcaster grow, or you can go buy it. The more the rewards serve to grow farcaster and engage users, the more demand there will be from business to buy moxie and give out rewards. It’s a virtuous cycle.
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Jack
@jackten
Ok but.. Presumably you would also sell fan tokens for Moxie too, right? So you've just created a bit of a buffer before the domino's start to fall. I mean fan tokens are a zero-sum speculation game of musical chairs just like celebrity meme coins. I'm not seeing much of an actual value proposition here. 'People will buy it so that they can give it away to people who will sell it' just seems like the kind of circular reasoning that created (and later collapsed) the 3,3 degen defi cycles. Maybe if you can create an actual economy of community-minded participants.. but that would require more free market trade and feels like it would be extremely hard to implement with a participation reward only algorithm. Seems like you would at least need a punishment/burn algorithm that extracts/taxes moxie from the system to achieve sustainability
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