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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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Spaceman Spiff 🎩🍖
@spaceman-spiff
The engine and team are great, but the tokenomics don't hold water. It runs into the same problem as Friendtech and the other socialfi apps since. How do they add enough value to cover the money cashed out? The fly wheel can never get going with this giant stream of outflows. I think an interesting element to add would be sponsors. Say degen puts in x amount of tokens and those rewards are used to power whatever initiative they choose. It could work in certain channels, but covering the whole network seems like an overreach at this point.
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Jason Goldberg Ⓜ️ 💜
@betashop.eth
Hi hi 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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Spaceman Spiff 🎩🍖
@spaceman-spiff
The downward pressure on the price would seem to indicate otherwise. It's the same problem as other socialfi apps, you have to keep growing the demand to find people to buy tokens at a higher price. I absolutely love the team, and the infrastructure that has been built, but I don't see how you get the token flywheel going with this constant downward pressure that outpaces demand. There are already other channels like hyper sub that better reward creators for their content without them having to jump through extra hoops. Why should creators play this game vs a more direct monetization channel?
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