The turbocharged incentive structure that makes crypto so potent in the long-run is exactly what makes it so problematic in the short-run. If all you've built is a money game, then all you're going to attract are infinitely elastic yield farmers.

The problem is that the benefits of “community” fall off steeply once you’re in the minor leagues of payto-join PFPs. The real “in” communities will either have unassailable history, or earned reputation elements. Because I have no problem starting nuclear wars with my writing, I’ll end with this: Long Punks, Neutral Apes, Short Penguins and... See more