Reflections on "Community"

You do not build a community around a currency. You build a currency around connecting communities

This is the crux of the problem that many token-based communities face: whether they acknowledge it or not, they are so focused on token price that they lose sight of why they were created to begin with--the shared values and interests, the intrinsic motivators, the glue that is left when all other bindings are stripped away

Social tokens are not "community as a service", they are a "service" for a community ... that is, if you have a "community" to service.

For all the buzz surrounding R.N.G.'s ethos of coalescing diverse groups into a shared pool of common interests, all Raph saw in those early days was a money game:

Raph: "Tally the number of channel titles that mention or reference currency acquisition and wealth levels. It's clearly an extrinsic motivation architecture, at least in its messaging. Oh, I don't mean there is no organic element. But even the onramp is literally 'here's how to claim your play money.' It's framed around that."

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.

Any reasonably clever monkey can create a short term game, especially ones that promise rewards to early adopters. How many waitlists have you signed up for without knowing whether you even want the product?

I had managed to convince myself within days that social tokens were like magic fairy dust: sprinkle some on any crowd, and boost engagement and retention 10x.

For all the talk about how crypto is changing the world, the vast majority of token-based projects are short term games that structurally devolve into glorified pyramid schemes. Inflated expectations lead to the classic boom-bust cycle where speculative intent runs ahead of reality, and eventually, it all falls down.