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The model of cryptocurrency is nothing like a traditional business. In one sense, it is arguably the most fair way to pay developers for their work - the more u
by seibelj 7y ago
The model of cryptocurrency is nothing like a traditional business. In one sense, it is arguably the most fair way to pay developers for their work - the more useful a coin / token, the more it's worth, and the majority of overhead goes straight to developers for their work on the software.
This conversation is extremely complex and I'm not sure why you related investment in substack to crypto.
- simonebrunozzi 7y agoI owe you some clarification, as I probably bridged the two in my mind, but clearly not in my comment :) I think that Substack focused very nicely on product effectiveness, and as a result its business is now doing so well that A16Z decided to invest. Most crypto projects in the media space tried to offer similar features, but instead of focusing on a great user experience, they mostly focused on "cool technical stuff" that had nothing to do with adding value for the user. Perhaps it is more clear now? I hope so. You also say: "[crypto] it is arguably the most fair way to pay developers for their work". I think that we don't need a cryptocurrency to pay for a media subscription. Also, we don't need crypto for micro-payments - you can simply handle it with a credit system (e.g. you pay 1$ and you can then use $0.01 to pay media content 100 times using your credit).
- seibelj 7y agoI was meaning something more along the lines of 0x (https://0x.org/ https://0x.org/) where the token powers a decentralized exchange protocol, and the more the protocol is used the more the protocol token is worth. It's more akin to the creator of SMTP making money for every email ever sent. Instead of selling data or being advertising powered, you charge access inherently every time the protocol is used. It is simply a different business model and time will tell if it pays off.