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woj ツ
@woj.eth
engagement tokens tokens mineable by engagement on farcaster - assign every faracaster user a rank using @openrank. seed it with people you value - distribute tokens on daily / weekly cadence for posting - rewards are based on engagement weighted by the user rank - attach a funny meme, build a cult, profit essentially proof of work distribution but based on social signal rather than computing power
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Stephan
@stephancill
in my head tokens have taps that dictate supply and sinks that dictate demand and in the case of successful tokens the sinks are greater than the taps engagement is a tried and tested distribution mechanism as we've seen with tipping tokens and moxie the problem that remains unsolved is the lack of sinks to sustainably support creators realizing their gains (dumping) staking is a common sink. fan tokens are an interesting spin on staking, but ultimately has the same outcome imo feels like we're onto something here but are missing one or two more important innovations to make it sustainable
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woj ツ
@woj.eth
"token sinks" are overrated bitcoin, doge, wif, degen in april, nothing has any demand built in it's a perfect midcurve — cult and distribution is the only thing that matters
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Uncle HODL
@unclehodl.eth
precisely, at least in respect to dogecoin... it was a fun crypto to use as internet funny money. People were mining for luls. I think if there were a coin that could somehow be just for fun again, it would be another slow cook... but it would go up the way people want 🤔
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MJC
@mjc716
counterpoint: “token sinks” are underrated
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Stephan
@stephancill
memeability is a sink
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Stephan
@stephancill
also bitcoin isn't inflationary doge has the memeability sink wif " degen's sinks aren't sufficient anymore but its memeability gives me hope moxie isn't memeable which makes me bearish
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vrypan |--o--|
@vrypan.eth
I disagree. Even the promise or expectation of a sink is good enough, but it has to be there. For example , for BTC it was/is “internet money”. Where there isn’t one, price eventually goes down.
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