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back in november, no one on twitter knew about farcaster.
by december, ct transplants of two kinds began arriving, drawn like moths to our bright, beaming shitcoins:
>profiteers, inspired by $POINTS (then $DEGEN) and the farcaster narrative
>tourists, who follow profiteers but have no skin in the game
the ct transplant tourists were gone by May/ June.
the ct transplant profiteers who haven't left are still churning and will exit by end-of-year. their fortunes ride or die with twitter, whether they realize it or not.
markers:
>exited farcaster social tokens (all at once or progressively, disillusioned)
>out of alignment with native farcaster token economy (no tribe)
>pontificated often and loudly on why: [insert reasons here, usual blah blah]
>theatrical pivot to alternative crypto scenes (Solana, usually)
risk:
>ct profiteers are habitually toxic: their farcaster shitcoin profits were less than they wanted (of course) and that makes them bitter and unneighborly.
fascinating to watch play out, tho 🍿 47 replies
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Hmmm.. this seems to be a narrow view - I can't find myself in it, being neither a profiteer nor tourist - unaware of the social token phenomena until I arrived..
When I did, I quickly found a "tribe" consisting of the usual suspects - witches, slowcore founders, BaseGirls, meme gods, photographers, cat lovers, extroverted hermits, and more.
RE: the "disillusioned" exit basis - I'm sure this has NOTHING to do with tokenomic issues that seem to guarantee shrinking valuations, which are only made worse when founders attempt to turn the "invisible hand" into a fist, exerting various restrictions on allowances and "allowed practices" which nerfed much of the social goods of social tokens while making it hard for users to, well.. USE them. Moxie represents a different tokenomic approach, and personally I haven't written off the older coins which I hold/use, either; there's still potential to get the incentive structures right - but listening to the wisdom of crowds / applying red-teaming is key. Just my 5 $DEGEN 1 reply
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