when everything becomes a token, nothing has value; this fundamental truth has been ignored & the fallout is now making its way to x 

1) excessive tokenization creates a mirage of opportunity while actually destroying ecosystem value. when we fragment liquidity across thousands of micro-tokens, each new addition doesn't expand the pie—it merely slices it thinner. attention remains finite; liquidity remains finite; but tokens multiply endlessly

2) the math simply doesn't work. in a hyper-tokenized environment, capital continually flows toward novelty, creating temporary spikes followed by inevitable crashes. you can say "normal market efficiency" but the system generates far more losers than winners by design, not by accident

3) "direct monetization" sounds empowering but masks a brutal reality: without substantial existing audience, discovery becomes nearly impossible in a sea of tokens. creators with smaller followings face worse odds than in traditional systems, not better ones

> when everything becomes a token, nothing has value

Pre-internet generating public content was hard / expensive. And thus we had a finite supply.

The median internet post is worthless. There is an infinite supply of them. Some posts are valuable, though. And in aggregate, all internet posts are far more valuable than pre-internet content. The valuable companies surface and distribute the most valuable posts through feeds, i.e. concentrating attention.

The issue has been until recently, tokens were relatively hard to create, so there was a limited supply. 

As that's gotten 10x easier (and will continue to get easier), we haven't really adapted both the tools and norms around it.

At the limit, there will be an infinite supply of tokens. Most will be worthless. And some will be valuable.

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

Interesting take, but I think tokens might evolve to reflect more than just scarcity. New models might emerge where tokens represent a deeper connection, ownership, or value that can’t be easily replicated. Still, it’s a fine line

My casts are immutable, but my opinions might get a soft fork.

Followed by @woj.eth 🎖️

I think they will. For certain, token gating is real utility