Steve on Warpcast

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Steve pfp

@stevedylandev.eth

Tokens have done more harm than good to Farcaster

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@stevedylandev.eth

I mean the replies speak for themselves

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While I agree with the general sentiment, I think it just helped fast forward the inevitable. 1) crypto x social is unavoidably hyper financialized. Those here to witness tech change can afford to be patient (being well paid tech workers) with all the shortcomings. Those here to make a quick buck have every incentive to given how much can be made with the simplest actions. Then there’s everyone in between; and most people aren’t allergic to free money. 2) social networks in general needs a way to financialize to keep the lights turned on and their 1% content creators happy somehow. The tokens are only funding the latter right now but I think it helps us acclimate to a future with ads or similar models. I would rather have bots facading as interested people than the drainer scam hellscape that was Twitter not too long ago. Did the network grow too quickly overnight? Probably. It’s hard to say if slow and steady would have continuously kept up the way it did last year.

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gill pfp

i'd say that degeneracy makes more harm than good to farcaster and crypto, not tokens per se (remind, NFTs are tokens too). financial incentives are, like it or not, fundamental to the inner workings of blockchains. it's a fine line between financial incentives to keep the flywheel spinning and a huge casino being the main driver. the reality of 95% of products and efforts being made concentrating solely on the casino aspect imo definitely makes more harm than good to the ecosystem.

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turned fc into a casino with predictable results

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FarcasterMarketing

@quillingqualia.eth

I think FC has had tokens nearly as long as did not. (pre-permissionless) and i think this era is more interesting save for some aspects. And it's not like it was avoidable; a crypto focused social needs native tokens

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Tony D’Addeo pfp

a microcosm of the greater tokens / DeFi : crypto I am sympathetic but also feel nascent technology without chaotic energy is a bad sign

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Stephan pfp

What would you say are the negative side effects of tokens? Some large subreddits had tipping bots for ages and turned out okay - maybe due to more aggressive moderation? Maybe also because it was less widespread because you didn’t just get free money to give away

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In what ways? I think without tokens, Farcaster would probably be 10x smaller right now. Like it or not, A LOT of people come to Farcaster for the tokens and end up staying because it's a kickass place. That's what happened with me. I came here for money. I stayed because the culture, community, and technology is awesome.

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My thesis: We are playing with a new toy, digital ownership. It will take some time for us to figure out what works and what doesn't, and also to build our collective wisdom (culture). We will eventually get there, but we have to try all possible combinations first, and Farcaster is the first social network that natively supports these experimentations.

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Amir Mabhout pfp

yup, in twitter you quote tweet sth not to give some printed money to the twitter handle, but to voice your opinion about the tweet with your followers. Incentivizing engagement farming is just not natural and authentic.

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Rue🗽 pfp

Moxie feels net positive, but the AI spam does seem to be at wild levels

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