basil (recession arc) pfp
basil (recession arc)
@itsbasil
jesse got distribution because he is c-suite at a $45 billion public company & the founder of base, the 4th or 5th largest blockchain in the world with like $12 billion of total value locked it very clearly had nothing to do with the content which was 4 words—the exact same 4 words that the entire team tweets at least once per day—typed on a white square so the only way you get “semi-free” distribution is if jesse, or someone of similar status, retweets & shills your coin it has nothing to do with the content & eveything to do with traders speculating on jesse’s attention capture the problem is that jesse buys every single coin that’s deployed on base, incrementally diminishing the value of his signal, as copy traders have now been piling in for months only to get rekt & subsequently bitch on the timeline so while this one garnished some attention, all for the wrong reason by the way, the real content creators saw none of that unless of course they get a signal, at which point…
14 replies
7 recasts
41 reactions
basil (recession arc) pfp
basil (recession arc)
@itsbasil
they effectively create an arbitrage opportunity that traders, not collectors, will exploit & profit from the problem is that if the system needs a signal, it will consistently & disproportionately work against real collectors, which is the whole point in the first place so the platform itself needs to be the signal, likely through a native token that incentivizes organic discovery (flywheel whereby creators get paid by bringing new users into the system & selling their content) & long-term collecting (auctions, lockups & staking) otherwise any discovery is tied to fleeting signals that have no bearing on the actual underlying content what we’re doing now is a game of luck (via timing; first hour buys makes all the money) & grift (via insider trading, coordinated weighted trades, etc.) it has nothing to do with the creator, the collectors, or the content it has everything to do with chasing unsustainable attention the system needs to rely on its creators & collectors to mimetically signal, not a KOL
2 replies
1 recast
18 reactions
basil (recession arc) pfp
basil (recession arc)
@itsbasil
trading, not collecting, not creating, with a reliance on a KOL signal (effectively CTO) makes us pumpdotfun — is that what we’re trying to create here? that’s not a platform that works for creators & collectors; it’s a platform that works for insiders & traders — one that feeds on unsustainable attention spikes that ultimately cannabalize all other tokens on the platform in the process this is the problem it’s not the tokenization (though fungible art of any kind makes little sense) that people are upset about; it’s the system the system with a new token that does absolutely nothing for its creators but finds a way to pay VCs & insiders the one that fundamentally relies on insider & easily gamed signals that will always fizzle, disproportionately hurting collectors the system that offers no way for its creators to find the RIGHT collectors through organic discovery but prints some random CT bro $100k in 3-day profits (this is not a knock on jesse at all; we’re all figuring it out)
1 reply
0 recast
16 reactions
eatzebugs🎩 pfp
eatzebugs🎩
@eatzebugs
So....aero? This all smells like a fucking ponzi.
0 reply
0 recast
0 reaction