when everything becomes a token, nothing has value; this fundamental truth has been ignored & the fallout is now making its way to x 

1) excessive tokenization creates a mirage of opportunity while actually destroying ecosystem value. when we fragment liquidity across thousands of micro-tokens, each new addition doesn't expand the pie—it merely slices it thinner. attention remains finite; liquidity remains finite; but tokens multiply endlessly

2) the math simply doesn't work. in a hyper-tokenized environment, capital continually flows toward novelty, creating temporary spikes followed by inevitable crashes. you can say "normal market efficiency" but the system generates far more losers than winners by design, not by accident

3) "direct monetization" sounds empowering but masks a brutal reality: without substantial existing audience, discovery becomes nearly impossible in a sea of tokens. creators with smaller followings face worse odds than in traditional systems, not better ones

> when everything becomes a token, nothing has value

Pre-internet generating public content was hard / expensive. And thus we had a finite supply.

The median internet post is worthless. There is an infinite supply of them. Some posts are valuable, though. And in aggregate, all internet posts are far more valuable than pre-internet content. The valuable companies surface and distribute the most valuable posts through feeds, i.e. concentrating attention.

The issue has been until recently, tokens were relatively hard to create, so there was a limited supply. 

As that's gotten 10x easier (and will continue to get easier), we haven't really adapted both the tools and norms around it.

At the limit, there will be an infinite supply of tokens. Most will be worthless. And some will be valuable.

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

So how should we value a piece of content? Is it based on whether it is an interesting idea or who published it? Is it based on the quality of the content itself or who has complied with the rules of the information distribution platform? 

Cooking @tako ,构建下一代开放社交网络 

很难，而且不论是token化定价还是像现在一样给内容广告分成/直接带货，本质上奖励的都是流量和传播而不是内容本身。目前看只有直接付费订阅或者打赏才是奖励内容本身，不直接依赖传播。