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Content
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https://warpcast.com/~/channel/follow-friday
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downshift
@downshift.eth
it's /follow-friday i'm re-recommending @abundance...he's one of the best thinkers and writers on decentralization on all of Farcaster, and is building something very compelling in /impact please follow and read him!
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Danica Swanson
@danicaswanson
I second this recommendation. I've been following Mike for quite awhile and I love his thoughtful takes. I've subscribed to his Paragraph newsletter and I also plan to start reading his book soon.
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Mike | Abundance 🌟
@abundance
💚 💚
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Danica Swanson
@danicaswanson
I don't know if you're interested in having Moxie Fan Tokens, Mike, but if you do decide to set up an auction, I'll bid without hesitation.
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Mike | Abundance 🌟
@abundance
Much appreciated Danica! 💜 But I'm just a small fish here. Would take me more effort to figure out how to set up an auction than any benefit that might come out of it 😅 Also, probably wouldn't do it until Moxie has a more sustainable tokenomic model - not just an engagement ranking algo w no value capture..
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Danica Swanson
@danicaswanson
As you wish, of course! Your hesitation makes sense in the context of what you've written about the shortcomings of engagement metrics in general. I do think Moxie is headed in the direction of sustainability from what I've seen of the roadmap, but of course it's still early and much remains to be seen.
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Mike | Abundance 🌟
@abundance
Yes, if Moxie was more sustainable everyone in the ecosystem would benefit for sure! But they'll need to tweak their mechanism to get there. I don't see a sustainable model atm, based on their whitepaper/roadmap.
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Danica Swanson
@danicaswanson
You don't see a path to sustainability for Moxie without changes to the mechanism...? Now you've got me curious and totally nerd-sniped. I'm gonna go back and review the docs again soon so I can think about it some more and maybe return with some questions for you... 😄
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Mike | Abundance 🌟
@abundance
it's basic supply and demand, as I see it; the goal of building out an infra that would "hopefully" create a moat down the road so advertisers/brands would prefer to use (and subsidize) the Fan Token model (over any other airdrop mechanism) in an open graph network. The "supply" is the Moxie we get from engagement. The "demand" is the Fan Tokens we buy (expecting to get more Moxie in return later). But if everyone expects to get more Moxie in return when they buy Fan Tokens, you don't get more demand than supply. The 2.5% burn is a mirage, bc you have to factor it in when you expect to make a return. The only way to create actual demand then is if the system creates value. But engagement in itself is value-neutral. Lots of moxie farmers out there, does that somehow create value in the ecosystem? Nope, it destroys value. So Moxie would need to tweak the mechanism to capture value beyond just engagement. That's at least how I see it based on reading the docs. Do you think I'm missing something major here?
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Blue Cockatoo
@bluecockatoo
Can you expand on this a little bit? I'm not quite following this conclusion: "But if everyone expects to get more Moxie in return when they buy Fan Tokens, you don't get more demand than supply." How does future sale of Fan Tokens decrease the demand for them? There will always be other Fan Tokens to buy, there aren't caps on their number and the supply of Moxie would just move from one to another (or be swapped for another crypto which would reduce supply, not demand). To preliminarily answer your question, it seems to me that Fan Tokens create value because they increase in value every day that people hold because of the "buy and burn" of the Moxie the Fan Token entity earns every day. While I haven't seen this yet, you can also potentially use them to financially reward people for whatever you want, just like tipping coins are used today. I am kind of surprised they haven't created a simple way to "tip" people portions of Fan Tokens yet.
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Mike | Abundance 🌟
@abundance
I think of Moxie as money and of FTs as stocks. People buy stocks bc they expect their value to go up. The value of a stock is based on the demand for the company's products (money coming in). Each investor tries to buy undervalued stocks (based on the expectation that demand for the company's products is undervalued in the market). It doesn't matter how companies issue stocks (or FTs) for this argument. What matters is demand for the product. Also wouldn't matter if every time you bought stocks a portion of the money was “burnt" (removed from circulation). That in itself wouldn't affect how much real value the economy creates, so it wouldn't increase demand to participate in this "ecosystem." So demand for Moxie comes from people seeing an opportunity to invest in FTs, which presumably create value to drive the demand. But if there is no real value created, and it's just as easy to farm engagement/moxie, demand for the token wouldn't grow. Lmk if this clarifies my previous post
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