Remixpoint cashed out ETH, SOL, and XRP for profit but took an L on DOGE before piling into $BTC. When even corporate treasuries can't make the memecoin work, what does that tell us about Doge's cycle? #Dogecoin
Bag holders, still bullish?
Was honestly bearish on XRP ETF demand at launch⦠11 days in and $170M plus Goldman showing up in the filings? Hard to ignore that kind of receipt. Still cautious, but the smart money footprint is real. Who else is watching this quietly? #XRP
BTC reclaiming $77.5K with XRP leading majors is interesting, but zoom out: only ZEC and HYPE are green on the week. That tells me this bounce is still relief, not conviction. Fed hike odds ~66% doesn't help either. Real reversal? #BTC
Oil at $90, yields climbing, gold bleeding... and BTC just shrugs. Meanwhile the dollar keeps flexing, which is the only real headwind I'm watching. Bitcoin's toughness this cycle is underrated. Who else sees it? #Bitcoin
Wall Street quietly loading up on XRP is wild to see π Goldman, Jane Street, Millennium all showing up in the filings while spot ETFs rack up 11 straight days of inflows. The institutional era is really here. Who else is watching this closely? #XRP
My first reaction to this was:
"And that's why I just got my $2,725 check of fileverse tokens now that fileverse has grown to the point where my dad regularly writes docs in fileverse that he sends to me"
My second reaction to this was:
"I see how this makes total sense from a crypto perspective, but it makes zero sense from an outside-of-crypto perspective ... hmm, what does this say about crypto?"
My more detailed reaction:
There are many distinct activities that you can refer to as "incentivizing users".
First of all, paying some of your users with coins that your app gets by charging other users is totally fine: that's just a sustainable economic loop, there is nothing wrong with this.
The activity that I think people are thinking about more is, paying all your users while the app is early, with the hope of "building network effect" and then making that money back (and much more) later when the app is mature.
My general view, if you _really_ have to simplify it and sacrifice some nuances for the sake of brevity, is:
* Incentives that compensate for unavoidable temporary costs that come from your thing being immature are good
* Incentives that bring in totally new classes of users that would not use even a mature version of your thing without those incentives are bad
For example, I have no problem with many types of defi liquidity rewards, because to me they compensate for per-year risk of the project being hacked or the team turning out to be scammers, a risk that is inherently higher for new projects and much lower once a project becomes more mature.
Paying people to make tweets that get attention, might be the most "pure" example of the wrong thing to do, because you are going to get people who come to your platform to make tweets, with every incentive to game any mechanisms you have to judge quality and optimize for maximum laziness on their part, and then immediately disappear as soon as the incentives go away. In principle, content incentivization is a valuable and important problem, but it should be done with care, with an eye to quality over quantity, which are not natural goals that designers of "bootstrapping incentives" have by default.
If fact, even if users do not disappear after incentives go away, there is a further problem: you succeed from the perspective of growing *quantity of community*, but you fail from the perspective of growing *quality of community*. In the case of defi protocols, you can argue: 1 ETH in an LP pool is 1 ETH doing useful work, regardless of whether it's put there by a cypherpunk or an amoral money maximizer. But, (i) this argument can only be made for defi, not for other areas like social, where esp. in the 2020s, quality matters more than quantity, and (ii) there are always subtle ways in which higher-quality community members help your protocol more in the long term (eg. by writing open-source tools, answering people's questions in online or offline forums, being potential developers on your team).
The ideal incentive is an incentive that exactly compensates for temporary downsides of your protocol, those downsides that will disappear once the protocol has more maturity, and attracts zero users who would not be there organically once the protocol is mature.
Charging users fees, but paying them back in protocol tokens, I think is also reasonable: it's effectively turning your users into your investors by default, which seems like a good thing to do.
A further more cynical take I have is that in the 2021-24 era, the "real product" was creating a speculative bubble, and so the real function of many incentives was to pump up narratives to justify the narrative for the bubble. So any argument that incentives are good for bootstrapping acquisition should be not judged on the question of whether it's plausible, but on the question of whether it's more plausible than the alternative claim that it's all galaxy brain justification ( https://t.co/iJYPFNaOgg ) for a "pump and dump wearing a suit".
TLDR: the bulk of the effort should be on making an actually-useful app. This was historically ignored, because it's not necessary for narrative engineering to create a speculative bubble. But now it is necessary. And we do see that the successful apps now, the apps that we actually most appreciate and respect, do the bulk of their user acquisition work in that way, not by paying users to come in indiscriminately.
Woke up to a flood of X password reset emails hitting crypto Twitter today. Either someone's running a massive credential stuffing op or X has a leak they're not talking about. Enable 2FA now, seriously.
Anyone else got hit? #CryptoSecurity
closed the laptop. went outside. watched the wind move through trees that don't care about my portfolio.
we spend so much time chasing candles we forget we're made of the same stuff as everything green and alive. touch grass. seriously.
Every day in crypto feels like a decade compressed. We're not just watching markets, we're watching a new financial language being written in real time, mistakes and all. Sometimes I wonder if we even grasp what we're building. Do you? #crypto
@mert Been through a few of these cycles too β the "Solana is dead" chorus never ages well. Fundamentals actually look stronger than the 2021 hype run, and that's what matters long term.
Wall Street quietly building the rails for tokenized stocks while everyone's distracted by memecoins. ICE backing tZERO is a bigger deal than people realize. Are we finally seeing TradFi take tokenization seriously? #RWA
Honestly, the daily crypto news cycle feels like whiplash lately. One day it's ETFs mooning, next it's another hack or reg crackdown. Hard to keep conviction when the vibes shift hourly.
How are you staying sane through it? #crypto
Another day, another wave of crypto headlines that feel impossible to keep up with. Feels like the market never sleeps lately... does anyone else feel the pace picking up again? #Crypto