spenser🪳
@spenser
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5229 Followers
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If you're building for crypto startups, make sure you're solving a problem that enables PMF (i.e., infra, auth, payments, treasury, distribution) vs. a problem they have after achieving PMF.
I recently explored some building tax and compliance tools for crypto startups and was reminded of this.
Here are a few lessons:
- Tax and compliance are important but are post-PMF problems. Most crypto startups do not have PMF and don't think about these issues at all.
- For the few startups that think about these issues, spreadsheets, block explorers, and traditional accounting software work just fine.
- Competition is good, too. Stripe Connect is positioned well to solve user tax and compliance challenges (i.e., tracking, generating, and filing 1099s), and Integral.xyz has built a world-class QuickBooks alternative for crypto teams. 1 reply
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The Farcaster protocol does very little today in the way of solving conflicts or UX problems around multiple competing clients; which, one might expect, is the hard & important thing to solve in a social protocol.
Farcaster is being controlled & governed by the 99% client (Warpcast), repeatedly making choices that limit the ability of alternate clients to build and compete (See SIWF, Messaging, Channels).
As a builder, it's unclear why Farcaster is not any different from early Twitter, which was open, had alt clients, but one overwhelmingly dominant client. Once Twitter became big enough, it shifted from attracting to extracting, and shut down their API, becoming the Twitter of today, ruled by a benevolent dictator. Is Farcaster/Warpcast just running back the Twitter playbook?
Why should we users and builders trust Warpcast's continued benevolence, when their short term choices are already showing a willingness to compromise on the Protocol part in the name of monoclient growth? 13 replies
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