Philip Decker pfp
Philip Decker
@psd
1/5 Attention Tokens: Cultural Stores of Value in a Hyper-Distracted World At the bottom of it all, crypto is a few core things: (1) a digital store of value (btc), (2) a currency (USDT, USDC), and (3) a hyper-connected incentive mechanism. The first 2 are well on their way. I want to focus on the 3rd, mostly because I believe it has the potential to be the most impactful. Munger said it best, “show me the incentive, and I’ll show you the outcome”. In our hyper-distracted world, the incentive is to keep doom-scrolling, keep frying our attention, keep that dopamine drip flowing. My thesis is that the stage is now set for a new crypto store-of-value to incentivize a reawakening of the human mind, freeing us from the shackles of social media. I call them “Attention Tokens”.
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Philip Decker pfp
Philip Decker
@psd
4/5 Almost as if pre-programmed into us, every human society creates stores of value. But that idea is always limited by the physical and conceptual constraints of that place and that time. People on Yap Island didn’t want Tulips. Folks from the Netherlands didn’t want seashells. And none of them would have even been able to comprehend bitcoin. So what makes a store of value “good”? A combination of qualities really: durability, scarcity, portability, fungibility (interchangeability), and arguably, most importantly, cultural or social significance. While the form of the store of value varies greatly across time and place, its ability to be understood and relevant to a wide swath of people ultimately defines its demand and utility.
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