The role of public intellectuals will also change. Corey Robin’s “how intellectuals create a public” model will be dead as an influential cultural force along with TED and Davos and NYT op-ed section. The new way to create a public is tbd.
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It only looks like an “entrance fee” if you buy in with cash late in a game. Most agency is earned not bought. Get a wallet (free), put in effort in the critical early days (time), get tokens that reify earned authority (“local money”) that you can then sell out to entryists.
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Replying to @vgr
Did you just say "my gated community's entrance fee keeps the riff raff out" ?
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In the Industrial Age economy there’s a saying: “money is for poor people.” Real power and wealth is controlled by the crony-communism of the wealthy (why do they call it crony capitalism when it’s clearly crony communism?).
In Web3, money is for latecomers.
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Yes, I’ve changed my mind. The problems are the same, the tech introduces genuinely new was to attack them. They’ll have different failure modes and effectiveness levels.
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Replying to @BillSeitz and @vgr
Does this change your earlier tweet? Your optimism still feels a little magic/handwavey compared to that earlier pragmatic perspective.
twitter.com/vgr/status/144
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Besides which is not yet quite a DAO and may never fully be one by the strict definitions, I’ve lurked in a few discords. Haven’t commented on that publicly because it feels a bit like violating a soft privacy/Chatham house rules/FrieNDA type norm.
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Replying to @vgr
Have you put in time into any DAO/community?
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But sensei, aren’t pills are a Web2/Crowd2 metaphor? Pilling creates mad crowds.
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Replying to @vgr
cryptopilled
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There is a great analysis in Joel Mokyr’s Lever of Riches about the difference between manias (fast, boom-bust) and critical adoption (slow diffusion accompanied by trial and error). Fake innovations only have the former, real ones have both, and in the long-term latter dominates
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Replying to
Nope. They tried to win an auction, almost made it, and will now be returning most of the money minus ~4% fees.
There’s definite examples of mania within Web3, but this isn’t one of them.
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By your own criterion, most people who put actual money in will lose most of it in fees as they're not 4% but 4% + gas fees, but hey, money is for poor people. The ethereum plutocracy who staked most of the total will make a marginal loss, yes.
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The 4% *is* the gas fees. Read the details upthread. Those who donated small amounts like me will lose a lot more in gas fees (I’ll have spent ~$60 to round trip $200). Which I write off as learning cost. This will evolve as people get smarter.
Replying to
No it’s not. It’s a price people chose to pay to participate. The government wasn’t forcing me to contribute. And people who think they know better than I do how I ought to spend my money have no mechanism to stop me. That’s the power at work here. Actual consent of governed.
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