basil (recession arc)
@itsbasil
to tokenize everything is to tokenize nothing & simultaneously to dilute everything fundamentally, value is scarce; attention is scarce; liquidity is scarce you cannot accrue sustainable long-term value in any meaningful way in a completely lateral, fully tokenized system—it will leak; outflows will outpace inflows you will only welcome incremental volatility & disproportionately increase the amount of everyday losers relative to structured markets there is no consumer protection or provisioning in this system; meaning more consumers will lose in this system than in current models, which are already flawed as is the only people who fully stand behind this ideological agenda of tokenism are the teams who own the launchers, chains, dexs, vcs and the other intermediaries this is telling… there is no PURE consumer on the other side of this debate; it’s just business it’s like watching a train fly by that has lost its breaks; we fight the inevitable because it’s heading towards disaster
11 replies
6 recasts
29 reactions
0xmons
@xmon.eth
Good pt that the proponents seem to be the ones who stand to benefit I will try to steelman this later today One thing i could imagine proponents saying is we need to tokenize more things because good tokens are hard to come by, or the best tokens are yet to be tokenized So there could be some belief that mass tokenization uncovers or creates high quality assets in the long tail Whether this is true or worth the collateral damage ofc is another question
1 reply
0 recast
4 reactions
basil (recession arc)
@itsbasil
there are many delusions to stand behind which is why it’s so easy to do & so believable first order says: more tokens = more opportunities it’s hard to argue with that the second order & beyond tells us that we’re shooting ourselves in the foot—over & over & over again the argument isn’t against more tokens, it’s against dilutive systems that enable useless tokenization—particularly those that benefit the intermediaries at the expense of the everyday users & creators system design suggests that the best tokens SHOULD EFFECTIVELY DERISK the less attractive tokens within the system instead, this system INCREASES the risk of all other system tokens with EACH INCREMENTAL deployment it’s a fragile broken system that extracts value far more than it adds, let alone compounds
0 reply
0 recast
9 reactions
