Here we go again. Once more a Web3 speculation app emerges, with "thought leaders" debating the merits of speculative bubbles and if this is a "new generation" of applications. Invariably we'll also have a number of builders who will look at these narratives and decide that they should chase it.
We've been busy building new social experiences for Stealcam users and we realized we need a name that isn't limited to photos.
Introducing: https://t.co/YOHabcBde9. Your home for social speculation on Arbitrum.
Learn more and subscribe for launch notifications on the site: pic.twitter.com/Rm3C7kdUV7
— friend.tech (@tryfriendtech) May 22, 2023
A now deleted Tweet from the old friendtech twitter account.
Look we know that speculation-as-a-service works and if you've been in the space as long as I have you know that this has been the constant with each crypto cycle. If you have enough volatility in something with little to no underlying value there will always be a Greater Fool to provide exit liquidity. This has been true since the beginning of time and crypto has democratized this speculation -- global and accessible from day one. ERC20's, NFTs, or free mints, there's a ticket size for everyone.
https://twitter.com/HsakaTrades/status/1701333741627457632
What we learned thus far in crypto is almost tautological, people will speculate or gamble when you give them the tools to do so.
So now that we've learned that, can we try new things finally? Let’s go back to first principles about what makes blockchains an interesting technology. Censorship resistance and immutability with a sprinkle of capital coordination.
As a founder I understand there is a lot of noise, pressure from VCs, employees, and partners to try and chase bubbles. Don't get me wrong, there is a ton of money being made during these bubbles and you can easily convince yourself that you'll use speculation for the greater good. Or you may even start to believe there is a new social behavior that this bubble has manifested and that bonding curves do good price discovery. You are simply becoming the greater fool by believing this.
Turn off twitter, stop reading content from people who don't have skin in the game, and try and find truth yourself. If you're forced to pivot, might as well experiment with your wildest ideas and use first principles design and product thinking. And if your only idea is to chase a bubble, then you're better off quitting, for both legal and professional reasons.
Looking ahead, blockchains may prove to be the most consequential infrastructure in a world where censorship of the most critical technologies like LLMs is prevalent and our identity and data is increasingly siloed. But we need to start trying new things and stop falling for the same narratives again and again.
We need to accelerate blockchains, crypto, web3 whatever you want to call it, by trying a thousand new ideas, rejecting speculative design patterns, and simply build something useful. Let's get to the blockchain endgame as soon as possible. After all, it's far more fun (and profitable) to try crazy things and piss some people off.