Riccardo: your behavior was beneath you and embarrassing. Let’s get back to building technology.https://twitter.com/fluffypony/status/1018038021445292033 …
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I have no dog in this hashtag fight. However — 1. Accusing HODLers to be freeriders is absurd. 2. Accusing this group of wanting only a fight and not intellectual honesty is also absurd. Let’s break down your argument and hopefully stop the nonsense from both sides.
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Naval, first some questions so I can try to understand your arg better. 1) Why is a HODLer any different than a longterm investor that continues to hold company stock after IPO and lockup? Neither one is coding. Both are providing price support (by not selling)
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The coders in the company are being paid for their time, cash and equity. The coders on a coin are not getting paid for their time.
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The “free rider effect” is relative. If I hold 10 BTC and you are a new dev and buy 10 BTC we are providing the same price support, but then I “free ride” on your extra development work.
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This is a very dangerous argument. Some will accept it without thinking, and will see developer activity as the only thing that matters, resulting in community fights. (Like the one you’re trying to quell). Whether you code or meme or design, we’re all in this TOGETHER.
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Sure, we are in it together. But the way Bitcoin is set up, miners get paid their opportunity cost but devs don’t. That’s why you get a lot of devs running ICOs instead of contributing to Bitcoin. It’s basic incentive math.
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Two separate issues here. 1) Miners have clearer and simpler incentives and that’s a good thing. It drives the production function. Their capital cost is enormous 2) Devs dont need massive capital. Many (not all) of those doing ICOs are prioritizing $$$, not solving problems.
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I don’t think we really disagree but it’s really hard to communicate all of this on Twitter. I’m sure we could work it out with a whiteboard. Apologies if “free rider” came across as pejorative. I was using it in the economic sense. Anyway, we’re on the same team. Be well.
- 11টি আরও উত্তর
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I can almost guarantee you this point is being missed due to misunderstanding/miscommunication. In fact you would be the first to say you're also a free rider in this context, correct? I think a little clarification would go a long way. Your perogative, ofc.
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Correct, I am a free rider, relative to a brand new developer who owns no BTC and is expected to buy BTC and then contribute code to increase its value.
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The problem with using the free rider term in this context is that an economic fee rider has no SITG, like the citizen from another city using infrastructure without any of the tax burden. Holding crypto is not akin to free riding because 100% of your investment is always at risk
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I now realize why "free rider" came across for me as an ad hominem attack - I had associated it with "free loader" - I think the nuances got lost there somehow
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Whoah!
@naval just liked my tweet! :) If anything this exercise of reading all these#LookAtMeImNaval tweets made me look closer at the nuances of Bitcoin! Thanks Crypto Twitter!pic.twitter.com/D5LsYZ8sGM
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I would like to request
@naval if he could do a thread to explain the nuanced differences between being a "free rider" and a "free loader"
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Love many of the things you say but hodlers who go out and spread the good word of btc and do many other things to help more people understand and get involved are free riders just because they can't code? I tend to disagree Naval... They're putting in work.
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Of course they contribute, the whole point is that they don’t have to. Devs, advocates, educators provide a service to BTC that is not compensated more than them not providing it. That’s
@naval’s argument. And it’s a fair one.
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why don't you show a coin where incentives are aligned and there are no free riders
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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It seems to me people just confused the term "free rider" with "free loader". And thus got defensive. I am a free rider and proud of it.
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Can you explain the difference of freeloader and fre rider then? I second guessed myself, googled it and found they are synonymous. What am I missing?
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Rational incentive for a developer is to gain social capital by being a Bitcoin/Ethereum developer, and then translating that into direct economic benefit with own token sale to “cash that reputation out”, where miners/hodlers convert BTC for the dev’s tokens = market equilibrium
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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লোড হতে বেশ কিছুক্ষণ সময় নিচ্ছে।
টুইটার তার ক্ষমতার বাইরে চলে গেছে বা কোনো সাময়িক সমস্যার সম্মুখীন হয়েছে আবার চেষ্টা করুন বা আরও তথ্যের জন্য টুইটারের স্থিতি দেখুন।