Big props to Reddit for experimenting with contributor ownership, and I know this is totally the fault of regulation and not Reddit themselves, but this made me sad.

This is why we crypto; it's a global economy.

IMO going public here is the beginning of the end for Reddit. As it was for Facebook.

Personally I’m shifting any time or energy I put into that platform over to Farcaster.

Blockchain and Digital Assets advisory. Building across Asia. Let's chat!

Going public in theory: you are owned by THE PUBLIC! It's democracy and it's a free market at the same time!

Going public in practice: you are owned by Blackrock, and totally unaligned randos and lawyers collecting $6b paychecks.

Community contributor airdrops are great, but they are one-time; need a rolling model

Farcaster

Farcaster isn’t a public company so it doesn’t need to be worth anything.

That’s the whole point of what we’re doing here.

🙃

It’s a trap!

https://warpcast.com/nelsonmckey/0x0100b13a

Implementing a rolling airdrop model is a step in the right direction, yet the looming threat of cliques forming and token distribution among themselves poses significant risks.

Democracy and free markets are the biggest illusions out there.
I doubt there was a moment when such things existed.