Balaji: Early social networks became zero-sum status games without crypto value transfer
Balaji Srinivasan · Balaji on How to Fix the Media, Cloud Communities & Crypto | MFM #178 · May 5, 2021 · at 9:50
Balaji Srinivasan, former CTO of Coinbase and general partner at a16z, discusses why traditional social media developed toxic dynamics and how crypto introduces native incentives.
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“Social networks were invented and scaled 10 years, seven years ish before cryptocurrency. And so because of that you could only transfer status online And not value. And what that means is that everything basically boiled down to status games, leaderboard, what's the most popular, how many followers, how many faves, et cetera. And those appear locally non-zero-sum, but are globally zero-sum.”
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