An important question in society is how broad-based our wealth creation is. I have nothing against billionaires, but I would like to see a million people make $1000 too.
This is only one aspect of web3, but an important one.
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Great I’m all for enabling more capital to come into tech. But I look forward to when we’re just talking about and measuring value propositions and utility for customers, not investors.
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Whatever a user will pay for that value prop, not the value of people *betting* on that value prop.
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Right. But in this new model users pay. So we should find out what they will pay for and how much they will pay — and measure the success/failure based on that; not the speculative trading around the theory that it happens.
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> in this new model users pay
Disagree. In the web3 model users *get* paid & have digital property rights. ENS is v1.
The big piñata that all the social media companies are sitting on is being bust wide open. The users are finally getting a cut of the wealth they are creating.
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They can only get paid by *other* users paying for something. When we remove the speculation we should find the clearing price for these value props.
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Right now users are paying something — time. Their hourly rate is way below what they get for the time put into social networks.
Ads are very inefficient monetization of countless hours. Tasks for crypto are an alternative paradigm. Much longer conversation.
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🥺 I’m too dumb to get it I think. People have money. They pay for things. Some apps they pay to use. Other apps they click ads and buy things and those advertisers subsidize our consumer apps. If we want users to have ad-free social apps; then the users have to pay for them.
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They can pay with money
They can pay with time inefficiently, via ads ($0.01/min)
They can pay with time efficiently, via skilled tasks ($10/min) — see coinbase.com/earn or layer3.xyz
And they can *get* paid for time efficiently (made much easier by crypto)
In my humble opinion, these are unnecessarily novel and niche innovations to effect capitalism. Most people on the planet just want to listen to a song, watch a movie, chat with a friend, book a flight, rent a house, etc. at a consistent price.
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Disagree. LinkedIn is a shadow of what crypto LinkedIn could be. Every person with an on-chain resume, receiving a feed of tasks optimized to their skills, anywhere in the world. Liquid micro work.
Made progress with Earn, spoke about it with
conversationswithtyler.com/episodes/balaj
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But surely we all know CAC will get recovered in the end?
So get paid to today to refer your friends, but on average, you'll pay it back.
And how much social capital will it cost me if my referrals are dud?
This seems like Trickle-down Economics all over again.
- People *get* paid.
- Who pays them?
- Well, <shrug> it trickles down somehow from existing payment behaviour!
(Also, this wildly underestimate the inability of humans to define value non-comparatively)