warning: this is another hot garbage basil take

FT was DOA; if you’ve been around for a few years, this probably should have been obvious to you

socialfi biz model is literally “pay to make 100 firstmovers (so CT influencers) richer” 

its fundamentally a pyramid ponzu hiding behind new branding with new promises; it’s the very reason why people leave crypto & why so many others hate it 

they’ve been trying this same model since 2014; there was even ones on btc 

so word of caution to those who are tossing this onchain onlyfans idea around: its been done 10 times before & has failed every time 

(also can we pls stop investing in people just because they’re an “it” person on twitter…. and perhaps, invest in… good ideas?)

this, but for every single scenecoin/tipcoin launched on farcaster (yes even your favorite one)

Full-stack digital product consultant @ BoundCorp.net - eng @daylight

Farcaster Product Studio @ https://dTech.vision 💜 in love with tech 🤓decentralization, fitness and oldschool rap 😎

ive seen at least 10 channels discuss doing a soulbound non-fi reputation token, which i think is a great idea with real potential to be different, yet oddly i haven't seen a single execution of it yet

dms are open if anyone wants to actually try it

wake me up when one of these coins gives a viable new money in strategy vs focusing on money in system / out of system

yappin in /midwits & creating idle rpg /animarising

all fair points but imho its easy to see that these projects destroy value (by increasing spam, decreasing genuine engagement rates, lowering protocol credibility, etc ) faster than they've ever added it (by bringing new attention and making a few people rich)

we're selling out the brand for quick lulz, bad strategy

tbf native memes & culture are necessary for the survival of any emerging consumer platform imo

memes will always come first & if daus are trending in the right direction & it’s a crypto-native platform… you’re going to get tokens

now you can make the case that tokens are bad but the reason we have 100 tokens is because a few of the very first tokens saw insane appreciation & so clones spawned 

among bringing broader defi integration to fc & generating x exposure, these tokens allowed these early holders to reinvested those gains into the ecosystem & others used it to bridge financing on their builds

basically a lot of FC as we see it today spawned out degen, ham, higher, enjoy, etc. 

so it’s tough to say it’s all bad, but then, of course, on the other side of that was tons of grifts & people getting burned, who’d then go on to leave the platform all together 

it’s tough because social needs memetics for proper distribution & wherever there are memes, tokens will always follow