"I want to make a product that has limited decentralization so I don't have to follow regulations and I can absolve myself from tokenholder rights that are standard in the history of equity, but I want just enough centralization so I get rich by capturing fees and programmatic distributions to myself and my team."
There's only about 4-5 projects in Ethereum that aren't this. Anything that sounds like this is basically uninvestable imho.
Any digital substrate that does not require native tokens for gas to introduce friction, will inevitably succomb to spam. No, moderation doesn't scale since the cost of botting the network is always cheaper than the compute costs to identify the spam, since spam detection is more expensive than the spam itself.
Yes, farcaster needs a token, so large spam networks burn tokens and reward non-spam actors for the negative externalities they introduce into the system.
Honestly, I think everyone is way too loose with the terms "Founders" and "Investors", especially on farcaster.
These aren't founders or CEOs because they are legally not bound to anyone to return capital. They have no expectation to generate revenue and expand market shares. Most haven't earned a single dollar in profits at all.
These aren't investors because there is no legal guarantee of fiduciary duty. Tokenholders have no expectations of future returns. Stewards of these tokens have zero obligation to grow capital on behalf of tokenholders at all.
Everyone is having fun doing one-night-stand investing and company building, then they're upset when the partner ghosts. Flings are short time preference behavior and if you look at ensemble stats, of course are not rewarded over a long enough time horizon.
Guy who helped bankrupt the clients with memecoin slop is wondering why no one has any money anymore to buy the coins.
We exhausted the market. No one cares about crypto anymore because the space incentivized people who promote buying valueless junk and 99.99% of people lost their money.
Until we exile all people who promoted this useless nonsense and focus on real financial systems that empower products with additional blockchain superpowers, that do not make its supporters poorer, the prices will continue to go further into the sunken place.
Turns out generating a business that sells depreciating or non-valuable assets post-ZIRP is a bad idea, because you make your customers bankrupt in a high interest rate environment and you eventually run out of suckers to sell to.
Who could have predicted that?
