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I think blockchain is actually central to the scheme. Like this: The ostensible scheme can't possibly actually work (it requires Twitter to not do anything to
by jmull 5y ago
I think blockchain is actually central to the scheme. Like this:
The ostensible scheme can't possibly actually work (it requires Twitter to not do anything to stop it -- of course, Twitter would work to stop it to the extent it ever actually threatens them).
What can work, though, is the narrative of the scheme. What you need is a mechanism to incentivize people to promote the narrative of the scheme.
That's where the crypto comes in. It's a viral mechanism to franchise selling the scheme. Anyone can buy in, promote the narrative, and get others to buy in. It doesn't really matter how many of the people have a deep belief in the original narrative or not. Get people's attention, get them to believe there is more money in it if they put in a little money, and once the money starts moving around, there will be opportunities to grab some, or perhaps a lot of it.
- notatoad 5y agoif you're relying on the narrative, you're going to run into the same problem as any of the other twitter clones that have tried to siphon away twitter's audience by targeting a specific demographic (e.g. parler) - you end up with only that group, and the prolific posters who bring the most value to the platform do so because they're chasing the broad audience that twitter provides. the crypto bros don't want to perform for an audience that's only other crypto bros, they want to reach the people who aren't part of their circle, and twitter provides that. same for the right-wingers - if they can't reach the suburban wine moms, there's no point in posting.
- Tao331 5y ago> It's a viral mechanism to franchise selling the scheme. Anyone can buy in, promote the narrative, and get others to buy in. This is a great definition of cryptocurrency. It nicely frames how they become pyramidal.