now we're live
it's happy monday it's tuesday happy monday it's tuesday so you have to i might have to zoom out so you can fully see appreciate my shirt i'm wearing the nouns esports shirt but the reason i'm wearing it is it has the warpcast w on the sleeve
on the back is amazing i can't quite i can't do the spin because it's like not gonna work but it has my name on the back and it's awesome this is like a professional like esports player shirt like the real deal it's so cool oh it also says nouns espresso on the side that's derek and david derek and drew derek and david and david anyway gm gm happy happy actually tuesday and we should probably tell people to come on in because we're live and they're gonna be very confused but before that
oh good good good good amazing welcome app users if you're watching this on the app well you can't tell us come over to youtube and tell us you're watching us on the app
anyway actually rish i'm trying to use the neynar broadcast and i just got an error so i'm gonna fix that while we do our intro
alright we'll be right back in forty seconds
welcome to gm farcaster bringing you everything from breaking news to spicy memes to the deep lore shaping this vibrant digital community more than just a show gm farcaster is your digital third space where the community connects the stories unfold and the culture thrives whether you're a daily caster or just dropping by we've got the latest buzz to keep you plugged in so grab your coffee and let's dive in with your hosts nounish prof and adrienne for another episode of g m forecast
gonna let that linger there for a second do you realize what episode this is
250 yesterday
so not ready for it whatsoever we've been really like celebrating our big numbers and we have not with this one whatsoever
you know what 250 is like a big number to but but i feel like you love all the random numbers so it's true it's too i yeah i like the round ones i will celebrate two fifty
yes i figured you would or yeah our next big one yeah
i know thousand will be like five years oh my god anyway can't can't think about that right now
i think i limited it now because that's that that like sent me when he did that like it real i was like i was pretty shook i'm like that's a long time so yeah then i limited it so he's the only one who can ever have that long i think because i think i limited it to like two years now with the new one anyway gm and welcome to the two hundred and fiftieth episode of gm farcaster kind of because technically we have a bunch of other ones that are bonus episodes but we've done at least that many so pretty amazing you're waiting for two hundred and sixty ninth yes that'll be shortly '19 from now we'll celebrate that one as well yeah and then yeah 300 it just keeps on rolling we just keep on rolling did you get your app to work not yet
she's troubleshooting i could tell i could tell she was troubleshooting
it's working i'm testing i'm testing and it working i yeah if you have our using you just got a notification that we're live so that is cool and i added the
i see the notification i was looking amazing
and it says you can open in youtube for the live chat so if you're watching on our mini app feel free to stay there that is fine if you wanna open in youtube you'll be able to chat but alright
i'm gonna do this alright i just i do have the notification and i was able to cast about it very quickly mission accomplished mission accomplished amazing so let's dive in this almost was my background today but then i i went a different direction but meat on the timeline like there's a lot of meat there's a lot of meat because it was a holiday weekend and we in america when we celebrate a holiday we celebrate it with meat so there you go it's a little explanation for the europeans in the group and the asians who are like why why is there so much to take and sausage and like craziness on my timeline that's why
meat cooked outside yes we return to cavemen we don't know why it's just a thing it's like the roman empire stuff just don't question it just accept it it is what it is so anyway lots of meat on the timeline also a lot of sure best email that took off yesterday and this was a an incredible engagement farming by smoking frog i mean like really well done if it was on purpose it was incredible if it wasn't also amazing so everyone started posting their so back in the day long be before it was permissionless and before you could just sign up you needed an invitation to be here and the way we got invitations was by dming dan for the most part and then we have a few a few different ones for the early early early birds so this was my message to dan and i was told to just say nounish and then i did say who who directed me there which was side noun and sure best email and then yours was a dissertation
a small a small dissertation about how you should be here oh come on load for me load for me don't do this come on come on
i know
i know and now we're bound backwards but i had saved this so i have an overlay so on the right hand side of your screen is adrienne's on the left side is mine
that was just funny i just thought that was so funny how long you're like you're you're
your resume yeah so funny and most other people it was just can i you know can i get an invite but you you went above and beyond i cannot get anything to load right now goody goody goody goody we can
we'll just talk about all the things oh here we go now it's coming back because some of these were really funny hey dan i wanted to ask you about sure best email
i thought that was really good and then kylepatrick i can't pull this up this is gonna be one of those days kylepatrick was like you guys you guys had to get an invite i had to pay $5 wait here it is y'all are getting invites you're all getting sure best emails i paid $5 to be on farcaster we are not the same but we love you we love you for that and for all who came who came later we love you for that links unlike you guys i met dan in the bathroom turning the sure best email into the bathroom meme which also very funny and then of course i mean you see a meta you you coin you you clank the meta i mean hello so s b e sure best email became a token now i mean do i have to continuously say this is a bad idea don't buy it but please there you go there you go this is risky this is cryptocurrency tends to drift to zero with a with a few exceptions so you know be careful out there
there are exceptions they're called bitcoin and ethereum okay there are exceptions there aren't many but there are exceptions and solana i'll give you solana
i didn't i didn't get a chance to read the white paper for spe last night so i haven't i haven't yet aped in
i believe it was this this is this is the white yeah that was the white paper on sbe the funnier ones were the the v the very elusive v invite from varun this is super early days this was from linda it included a whole hit command alt i console i mean this is like super super super early same thing with rish rish and dan onboarded manan with the same sure best email thing manan just sent me the dot d m g immediately apparently he wasn't supposed to we then onboarded members of coinbase wallet team which we also weren't supposed to do and then did a video call with the whole team this was in 2021 so that was pretty amazing we tried to get coinbase to build on farcaster in 2022 didn't work so we left and started building on farcaster ourselves with neynar base realized in 2024 it was up and started building on farcaster using neynar still early that's a pretty fun like little journey if you good lore you think about that yeah it's some nice lore there
especially if you think about yeah like the coinbase wallet team having such early access but doing nothing and now it's gonna probably end up being the biggest client so very interesting so that was fun it was fun to see everybody's emails and i took so that you can see my background i took this took me way too long this was dumb i don't know why i spent so much time on this but i was having fun i took all the sure best emails and these are from people's real casts so i grabbed all the different ones and clipped them and put them in my background so there you go sure best email and moving on we did have the shift from warpcast to back to farcaster and there was a couple things we didn't get to talk about we talked about it happening but then there was a couple things that dropped afterwards this was one of those things and it was just really cute because miguel we love what you do and then this was from v do you remember fat line no you do not you know why because he protected us from it but i can't get it to come up it's gonna be a day it is gonna be a day so that is that there was a fat line option that was possibly gonna happen i don't know if you remember that farcast was
exactly and sds i believe was the one who saved us from that so thank you sds again we thank you for your service because otherwise this could've gotten really ugly i think i post at one point gm fat line was never happening never gonna happen gm warpcast was really not gonna happen either i don't think they ever considered that that's a possibility yeah this does not wanna come up nothing wants to come up right now fantastic give me a moment while i bring this stuff up we had a couple other pieces of news that we needed to dive into before we got into pro but let me see if i can get these to come up
love it when things just don't load it's super fun when you're live it's really cool alright let's talk about pro
dan's been talking about this for a little bit and then last week dropped a message towards the end of last week saying that pro was going to launch today and it was gonna be a an nft here it is psa farcaster pro will launch on tuesday there will be a limited edition nft for the 1,000 subscribers $120 a year no monthly option to start pay with usdc or warp's only if you have them no reason to buy more we will collect funds centrally then register in the contract once it's live we'll have badges on day one and at least one new pro only feature available next week so that was the very small announcement and then what happened was we all went 1,000 that's it and well to to quote phil here wow that's going to be a bloodbath you should do an auction would be crazy to sell $1,120 subscriptions to 37 users you'd think except and then it said where can i mint so what happened was people read nft 1,000 nfts and they thought about the nft behind you that was 938 nfts that at one point became worth a lot of money so people started to think about this in a speculative manner and we all know that this was gonna turn out bad if there wasn't a shift so he did make the shift to 10,000 of these nfts or not nfts 10,000 subscriptions will be sold today starting at 1pm pacific time there will be a an nft that will be dropped after the fact so you're not going to be purchasing an nft this should help with the speculative thing that hopefully folks won't just be snapping up nfts just for the sake of the nft and then trying to sell it it's really gonna be a commemorative thing that will be dropped to you afterwards so you'll be buying the subscription and then you'll get an nft that will go with it so this is from dan finally got this to come up as i've already explained it this is latest on farcaster pro so this was yesterday this is the latest here's everything you need to know launch is today tuesday may 27 after 1pm pacific which is 4pm eastern that mostly was for my own brain two first 10,000 subscribers will receive an nft at a later date it's the same nft for everyone one subscription per fid you must use the farcaster mobile app to subscribe usdc or warps one or the other no combinations three there are no other benefits to the nft actually let me back up for a second i mean just probably make sure you have usdc in your warplet that would i'm assuming that's gonna be helpful it's a benefit for okay so there are no other benefits to the nft it's a benefit for farcaster pro if you end up buying an nft on the secondary market there's no secret benefit in other words do not speculate on the nft that goes with this four if you have any hesitations about farcaster pro 120 annually only day one feature is a badge and an nft then do not subscribe there are no refunds we'd like to add 10,000 k character cast and up to four images in the near future but you should only subscribe tomorrow if you're excited about it so in other words if you're crazy then join us it's one p it's one price globally the goal here is to maximize revenue for the protocol and 100% of the revenue will go to creator and developer rewards six it's optional no better for no benefit to reach visibility or rewards you don't have to subscribe and then there was a little bit more here why ship farcaster pro with just a badge why not wait till other benefits are ready again it's optional and let me see if i can pull that up it's optional if you think that's dumb you can either wait to subscribe or just skip subscribing completely two for startups every day you delay something matters every time you say this thing is different and worth delaying you degrade your one true advantage as a startup speed it compounds and then a few years later when it ultimately doesn't work out you likely missed out on something like 100% more opportunities to ship action produces information love that that's a that's a brian armstrongism your pre product market fit startup is not apple okay
thoughts thoughts on pro i think that covered everything but will you be purchasing yeah of course yeah
take my money yeah
i there's so little talk about the fact that the this is going you know the a 100% of the proceeds are just going back into the ecosystem to reward and creators so that's easy and i'm all in on all the experiments plus i need a badge
i need a badge i just want a badge that's what it comes down to also we you know i've earned enough i've earned way more than that in creator rewards already and i had to send i had to send a w nine or whatever to to ted to ted did she dm you i did i did she did she did dm me and she also emailed me both things and i did fill out the form and plus even on i was thinking about this on amps i've made like over $500 or something crazy so like between the you know the funds that i've earned already on farcaster that are not even directly that are just related to me just casting is you know more than worth it plus i really could use the four images in the 10 k so i realize it's not available immediately but i will use this
you guys can keep your 10 k i don't want the 10 k i know been a fan of long casts dig up the transcripts i thought that
we've had this conversation
all paragraph yeah
write a book i don't care but not on farcaster anyway but i'll take the four images and yeah i'm excited and i guess i i the only thing i would add though if you're excited about it like sure do it i really think it should be reinforced that if you have doubts like if you don't know exactly why you're doing it it is okay to sit this out like you don't need to get in on day one this is not the only time you can get you're gonna be able to upgrade it's like a i think he wanted to start with a thousand to try it out seemed like there's gonna be more demand but i can't imagine i i don't think he's trying to force scarcity like where there's no only gonna be 10,000 ever like i'm sure
no smartest people find a way to anybody make your money at some point but wanted to like limit the first launch to make sure you always do that to just test to make sure things are working properly and all that kind of fun stuff so here's my thing about this i am not looking to write dissertations in every cast what i personally would like slightly longer is because every once in a while when i'm casting about gm farcaster i have to go back and trim something out because even the links are very long so it'll be i'll think i'm good i put the link in and then i'm over so that's all small things i really want more ability to tag more people is my big thing but these are a professor problem that pretty much nobody else experiences these are just prop problems yeah so i i the one of the other things he mentioned the purple badge is going away that was the the halo the purple halo currently that we have for funding your wallet so this was a way to like give people you know a way to flex that they funded their wallet when that first launched and they're taking that away
but we'll have something new some kind of badge some kind of return of the power badge situation happening i did like this this was funny how it feels after you're a pro the ferrostocracy is back but this was in response to mirtaza explaining to my wife that i will be setting aside money to buy farcaster pro it's funny and i really love this from horsefacts live look at the line outside the venice boulevard farcaster store looks like at least 50 people so far back in the days of the waiting for the new iphone kinda thing although you know what this reminded me of which the youngins will never comprehend waiting outside to get concert tickets
and we used to do that and i waited i can't even like this just popped in my head waiting outside the sears in brockton massachusetts where nobody should be where no no teenage girl should be at three in the morning ever and i was i was there getting tickets for bon jovi there you go
it's
it's proof of work exactly this from phil moving on to other thing well let me before i do that anything else on pro i mean it's pretty straightforward
yeah but today 1pm pacific or around then just yeah it it'll be launching and i just think it's fun because i like when the timeline talks about one thing
yeah it is fun although they've talked about multiple things but yes it's fine mostly that mostly that so speaking of one of those other things that they were talking about but this was last week and it feels like it was a zillion years ago and that's one of my comments back to phil was don't worry we'll move on and this was from phil do not recommend becoming main character for a day back to building and this was phil had launched or was about to launch let me rephrase that was getting ready to said he was going to launch a token and and that was mistake number one somebody heard that that's somebody being borodutch and borodutch went oh cool let's do a precoin so there was a precoin that dropped we talked about this this was on friday that it was coming i think it hadn't launched yet by the time we had the show so what follow hadn't happened but i said yes i bought some because i wanted to see the mechanism of the pre coin mini app did not expect this to do any numbers was not speculating on my generational wealth in any way shape or form and in your exact response to the whole thing when i said it was risky you said it was dumb i mean dumb
dumb dumb was the word
nothing personal against anyone i made sure i very much love you but it's dumb it just sounded dumb to me
it's while you're in a well
it was about as dumb as like sending you know like eth to a contract address that someone just posts on twitter for no reason just seems dumb
which that's exactly so that's what we were talking about that's exactly what you used to do for presales is you were dropped like they were literally like put it in a spreadsheet or whatever and you would be like sending to this contract and it was just ridiculous because you weren't getting anything back until the token launched so you were literally sending people money on the internet people you did not know at all
it and it went badly many times
totally trust okay so this seemed like a little better mechanism it is it's still not a good idea just to be clear but this this was you could send it to this pre coin you're essentially you were buying a coin so what was interesting as the day went on is that the coin the pre coin started going up in value
exactly so it's a little a little bit different because what was interesting is that it started to the pre coin started to go up in value so i made the mistake at one point of going i should really at least take out what i put in and i was like i'll do half and that was my you know i really should've listened to that voice because that was the smart thing to do and i kinda knew that but i was like but maybe i'll be wrong so anyway i was right so here's what happened here's what happened a lot of people misunderstood the contract but we're gonna do this this is from jasonkim this is the other part of this precoin mini app quick retro on today's first precoin to coin launch this didn't really go amazing understatement and i apologize we're making a lot of changes to refine the idea one we built precoin because we wanted a tool way for people to speculate on someone launching a coin before it launches two prefil started because we saw in the timeline that phil was gonna launch a clanker phil has no affiliation precoin is permissionless that's really important by the way he you know i'm he had no idea they were gonna
do this before we right like is that phil gets dragged through the mud anyway when something goes wrong
exactly three people put money with my cofounder borrow dutch having a 45 k stake the largest on farcaster into pre phil to get access to w phil's launch four precoin worked as designed and our system automatically bought w as soon as it launched fourth block seven seconds post launch however we were the thirteenth transaction and it got sniped 12 times before we market bot okay so the idea of this is as soon as the coin launches the buy from the pre coin immediately buys early token so the idea is hopefully you're getting in immediately but they got in at the fourth block people are confused as to why they put in a $100 into precoin and they got $10 yeah that's confusing in w it's not a 10 to one allocation this is partially because of the snipers and partially because the pre coin coin allocation wasn't ever one to one but proportional to the amount in pre coin lp so if you had 10% in pre coin supply you get 10% of whatever the market bought amount would be in the clanker coin today that was 7,500,000,000 in total supply in clanker bought by precoin we did communicate that over and over again but could have made that way more clear for users in designs etcetera in other words you need a little pop up that says this is what you're doing we underestimated snipers when we were testing internally with test coins etcetera etcetera so there was a lot of talk of this is a rug etcetera so you can see this from two sides you can see this from two sides one is yes they could have made it clear how they how it was working but it worked the way it was supposed to the way it was designed and then the other side is this is a snipe you might be the sniper so you might be the bots who bought before this and you bought you know like thinking that it's being manipulated in some way okay go ahead
okay so that was the so there was not
there was a contingent that was very much of the mindset that there was something shady that occurred i am of the mindset that this worked the way it was supposed to you may not have fully understood how it was going to work and the other part of this is because there was knowledge that it was gonna happen ahead of time and so much speculation that like the things changed a lot because of the the high amount of people who bought into the pre coin but the big thing is that you then alert the bots and the people who do snipe that this is gonna be a good one to snipe so that was a bigger issue as well there's been a lot of like speculation on what's the best way to launch a a token on clanker because of that sniper thing that there's only so much you can do about it to to prevent it so there is a like way that if you kinda stealth launch it you can kind of let the let the bots fight their way out of it and then you sort of announce it after the fact so there's you know plus and minus to that too because then people will be like oh well you told insiders or whatever and it's like well no but so there's been a i've seen a few people launch it in different ways and think about it in different ways and i think that's probably your best bet because you can see what happens when everybody on the timeline knows you're launching something mhmm before you do it becomes a bigger problem the other thing that was getting pushback or complaints that i saw was the fact that there was a notification and i forgot to pull this because i was casting about this because it was funny to me there was a there was a notification that kept popping up to tell you how many people were buying it's one notification but it's refreshing as new people are buying in so the number's going up so when i first cast them like oh my god there's 26 people that have bought this within minutes there was 600 and something people and i was like okay what are you guys doing but that was why because they kept seeing all the and that's the plus and minus of the social graph being tied into this so here's my 2¢ like just you know it's on you like this is a buyer beware situation and anything in crypto is and stop blaming other people for if you if you made this choice you made this choice it didn't work out great i really i have seen no evidence that it was anything other than the usual snipers who are there are people who have bought set up to buy every single clanker like it automatic buy so that's what it seemed like to me it did not seem like anything super shady it did seem like a risky proposition but there you go my 2¢ thoughts
erin's like i told y'all not to buy it so it's on you
yeah it's like the same old shit every day slightly different story so yeah what yeah what more what more can i add to it i think you i think you captured it very well
so this was funny so this was funny was there were people started posting about back in my day rugged men and this is from burberry back in my day rugged men the dev deleted all the socials one clipped the chart one clip means you just you're dumping on the chart and left this love note in place of the website we scammed you guys and you can't do shit about it this is the actual thing that happened so there you go and then this is another one that y'all might remember back in my day this is from jacy rugged mint one of the founders died during the mint was resuscitated via miracle and then died again the following night this is a
died twice died choice this is what we call a real rug and then of course the rug of all rugs the rug of all rugs kevin back in my day rug meant a company raising 70,000,000 on three eth mints in the promise of making a triple a quality game only to reveal this and this is pixelmon for those who may not remember and that guy's name is literally kevin it's in the traits
same as kevin we still don't know why we have no idea why his name is kevin but it is so you know this is like the real rugging of all things this is really funny too from zwillow seems appropriate for the events of the day when your friend loses money in crypto and says you were the one who told him about it who me and some advice from priyanka play with only what you can afford to lose hello i mean
ev exactly evergreen evergreen play play let's emphasize the word play she didn't say she didn't say invest only what you can afford to lose like this this is not serious things you can it is no it's just just it's play if you wanna play play play responsibly and one eight hundred gambler if you have an addiction or whatever it is
but whatever it is she's just making the numbers she's making out numbers
it's probably right it's probably right you're probably in you're probably there it might work this is funny too she also noted i imagine six five two nine is tired of repeating himself so punk six five two nine famously always says i wanna ramsay you should only buy what you like with money you can afford to lose fomo is both real in this space happens to everyone but keep in mind how many other cool jpegs are incoming and chill so that's the big thing is like the fomo will get you the fomo will get you you move fast you make a mistake you see it in the notification you don't wanna miss out and then here you are you lose your money so don't do that just don't do that all right let's move on we've got a couple more things to to chat about this from octant it's farcaster spring retro p g f season but apps closed may 30 12pm edt don't sleep on it if if your project has made a meaningful impact on farcaster now's the time to shine to apply post in the octant channel include very important you need to include this hashtag farcaster p g f spring twenty twenty five just go and copy paste so you don't mess it up one nomination per person so you are limited and they are now open in the octant channel so go like the ones that you like and for your consideration a couple that we'd like to highlight this from adrienne a submission for the g m f one zero one ai bot so go take a look at that and if you are so inclined give it a like and a recast and same with our cast out application so for those who may not realize like we do get sponsors to cover the prize pool but are just doing it for the love at the moment so this would be fantastic and will go towards us creating the next one yeah so and there's lots of amazing applications so go check out the octant channel right here oh why am i not following it i totally was following it that's weird if you just scroll through anything in here that you feel is a good submission you just like or an and or recast and or comment and that will go towards who wins so you can go check out the standings on rounds.wtf as well if you would like to see where people are coming in anything else to say about that by the way what your bot in general your bot is getting
let's talk about retro let's talk about retro rounds for people who are new to yeah farcaster crypto ethereum i from my background i did not really know what a retro p g f round was until i learned about it from the daw world so can we just do a quick like
yeah
go ahead do you wanna go ahead or you want me to okay go ahead
i know but it's like so retropgf stands for retroactive public goods funding so just to make that clear and the idea behind this particular round is things that have benefited the farcaster ecosystem i believe if you are vc funded or for profit and actually making profit you might be for profit and early may not count that's what we're primarily funding for this particular one purple has been doing rounds like this since their existence
much smaller this is the biggest one they've done because they do have octant on here as well as anyone who donated through the mini app and dan i believe has put in one eth as well himself personally so this is a bigger round that we normally see and it's the idea is for those especially those who are doing like the nights and weekends kind of thing the side projects the you know but but are contributing to the overall ecosystem and creating things that are cool and new and beneficial this is a way to support those efforts so yeah
public good being like already done yeah yeah exactly it's retro so it's not a hey i'm gonna put up a proposal for you to fund me for something i'm gonna do in the future it is work you've done that benefits farcaster so it doesn't benefit you personally but it's like something you've done that is a public good for the entire network that other people take benefit from and it's a way to give recognition to people who are kind of going again not not funded like it's not their like company work doing it so much or or vc funded or but you're contributing network and it's a way to recognize all the good people who are contributing
yep and who are doing and this was our our very first bit of revenue for gm farcaster came from a purple round back in just like a little over a month after we started so it can also be very encouraging if you're working on something and people are appreciating it and you're getting a lot of likes on that that can be super helpful it like keeps you going when
yeah sometimes it's yeah little recognition it's yeah it's great and purple is the daw that whose mission like i or right whose entire mission is proliferate support like grow the farcaster ecosystem
and exactly
there's a it takes it gets revenue through a daily auction so there's a daily purple token that you can auction if you don't have one you should get one it's a great way to support and then funds go and then the dow votes on how the funds are used but the goal is to kind of help support farcaster the protocol exactly and and that's an opt in as well is you know their whole deal is using rewards and yield that they're getting from staking eth and putting it back into the ethereum ecosystem through public goods funding
exactly exactly and they have another epoch that is happening as well right now which we'll talk more about tomorrow i'll pull one of those casts for tomorrow but so octant this is sort of their wheelhouse and this is really increasing the amount of rewards that are available so again if you've created something you've created a mini app created something that contributes to the farcaster ecosystem make sure you go put your application in and i think the last day is the thirtieth which is friday so also if you are a member of purple or you donated within the frame to this round i believe that also gives you access to a vote so only those likes are the ones that will qualify for the round but also even if you aren't a member but you want to amplify something you see that you feel is deserving you can always recast as well
okay just easy in crypto l lulls been negativity negativity funded so far in my years of raising awareness for public goods does that mean you're losing money i don't know what that means but i think
negativity funded i'm not sure
negativity funded i don't know but keep at it and i think advice for those who are putting up projects so if you've done a public goods project in your proposal be really explicit about what you've built people who are reading this probably you know if if they're not following you or catching up or you know be explicit about what you've built and the impact why it's good for farcaster make a good
you did great with that by the way this is really good this is really well done
i saw it afterwards and i was like oh this is a better word
this is the what i built why i built it which is like the impact how i built it effort in terms of like because i've also put in you know the time to do it there's infrastructure costs i haven't put that out but invitation yeah so feel free
to yeah and i did and you've also made it open source as well on top of that
oh i should have added that yeah yes it's a it is a public good now go everyone can have a bot
yeah so she she built it and made it open source so that's like perfect definition of public good for sure
oh and this okay so this is negativity meaning you've donated more than you've raised so you're putting in more than you're you're getting out
same overall same
feel you but yeah i mean and so we need but we need patrons right you always need the patrons who are donating who are making these things possible and that's part of what purple does so if you're a member of purple then you've you've actually donated to this already and or you could donate to the mini app that was available for a little bit that was specifically for this particular round which i did as well so i'm
i mean we could have a whole conversation about private and public goods right now and the role of governments and
it's a whole thing
in the world but yeah i mean i think also if you're looking to like public goods and grants are not necessarily the best way to like create your life
not sustainable yeah it's not sustainable it's it's useful for new things i feel like recognition of because then it can also drive additional funding where some of the very early projects on farcaster same kind of thing got early funding from purple and were able to move on and and get it you know i'm thinking something like ponder or whatever bracky are able to then move on and get some more sustainable funding to to keep going so it definitely yeah it it's it will it will only get you so far but it is definitely a huge recognition for things that you've done on the side so there you go okay we've got a couple more things that we wanna dive into alright i'm gonna i forgot to pull forgot to pull the bellagi cast to make this make sense i i kinda pulled the aftermath of the bellagi cast so let me set this up bellagi coined the cover of his book i believe first and the network state and it launched a coin on zora because it's zora
yeah so it automatically launches so there was a discussion about why it was dumping so there was a there was a whole back and forth about why is this coin dumping and there was a discussion again about he had after he launched this one he launched like a whole bunch after that close in time and that shifted liquidity as it can do but again he was treating this like it's a content coin it's not a meme coin that you should be speculating on but of course people speculate on it so this is what happened but what i was laughing about with this was we did at farcaster we're finally having the same arguments crypto twitter has because they're arguing back and forth about whether or not a content coin is is you know the purposes of it and there was a few comments on this this was from dan the fundamental problem to solve with for with personal tokens creator coins is a psychological effect of a significant price decline one most people are not equipped to manage a liquid global twenty four seven traded asset two current norms are that if someone buys an asset they expect the person team organization behind that asset are incentivized long term to make that asset more valuable in other words yo bro when you gonna update the decks is literally one of the first things you will see as soon as you launch a coin as anyone who has launched a clanker has seen especially if it takes off at all three when there's a significant price decline many most creators will be overwhelmed by the hole they now need to dig themselves out of layer on a bunch of angry synonymous people screaming at them on the internet four additionally what happens when you wanna stop creating like outdoor boys
yeah
wow never to be seen again
i saw him recently on here i was like oh hey mathis you're back good to see you good to see you four additionally what happens when you wanna stop grading like outboard outdoor boys recently did contrast to a publicly traded company where the founder retires the value still continues to occur that's like with any small business small creator though possible ways to change this invent new asset that's time bound closer to a prediction market or an option i'm speculating on x during period y two change norms culture this is super slow that's what has been that's been the attempt so that's why you see so we saw this whole discussion when base launched the the coin thing and it went crazy and people lost their minds and then jesse kept launching other they kept launching other coins and that was the way to try and move the needle of changing the culture that this doesn't have to be just speculative it can just be a thing that you do when you put something on chain which is the way that zora worked when it was nfts and nobody really flipped out about it it was you know yes some of those even popped off there were definite ones that base did that popped off when they were nfts so it wasn't that different except it feels different and that's where we're at
so thoughts you can just predict my thoughts so i'm not gonna say them i was cracking up when i did see i didn't even notice by the way i didn't think we were having the same conversations on farcaster because i thought we were smarter but i did see on twitter like oh my god biology launched a token i'm like no he didn't like he coined the piece of con he coined the cover of his book
yeah
like yeah if you're you know again aping in there because you're gonna speculate like that's i can't i i don't know how to help you
because you haven't learned you've learned nothing
if you wanna buy it and you wanna feed i lot i i've read the network state i love it i'd i'd be happy to own some of that coin just to have but it's i think he i can't i think
i own an nft of the cover i feel like he did that
launched it right
if you
preordered the book and on twitter he yeah he did give you an nft yeah i don't even need a coin i own it
i'm probably pretty sure i have that i don't i'm not positive but yeah i'm pretty sure it was an nft but yeah it was the same and i had that same feeling of oh i should just and then i was like you know what i'm not even gonna get into this because i think it's gonna it's gonna crash and i'll just wait until it
in terms of culture
right it just does feel we're in the phase now of what norms were in the past few years about tokens and coins where you're shifting to which is like everything is a token and everything is a market and that can be a yeah there's a you know you can kind of paint like a very negative and dark view of what that world looks like or it just is what it is and yeah i don't know you kind of i don't know how
we're gonna get there it's to change is messy and you know because i've been thinking about this a lot like we have our cast out token i was getting ready to launch another token for the cast the current season changed my mind that was mostly due to timing with proxy and i just you know what i'm gonna not do that right now but i've thought about the like a gm forecast we're talking we've talked about this like and it hasn't made sense i feel like it's getting closer to making sense for one reason is that there's more things that are integrating tokens so for example if you've seen empire empire's pretty cool there's a lot of way to reward people who are holders it's it's a pretty cool tool that has other things built in when i was looking at noise noise the tipping no it makes the most sense to me that kind of thing if you can use your own token or like other tokens that you hold a lot of like could be degen because it was airdropped to you whatever it makes more sense from to me than using usdc like to use your own token or whatever gives it's an interesting way to kind of mimic what degen was able to do in terms of distribution so like i think we're getting to a point where it might make more sense but it still comes with all of this craziness that makes you go ugh is it worth it so we could do this and we could do this thing but is it worth it and that's what we need to get to a point where you don't have this negative repercussion you're muted you're muted
exactly i i know every so dan if you haven't heard every time somebody asks dan is farcaster gonna launch a token his answer back is always what would the token do and i feel like we're getting closer to the point where the token does do more things now on farcaster is it enough probably not oh really there it we're we're getting there i really do i really do think so we're getting there but it's still not it's still until there's less
but why i just feel like why do you need a farcaster token there's tons of other tokens throughout the ecosystem like i don't also need a farcaster one unless it was somehow giving me equity in a company and it acted like a stock then i'd be like oh okay that sounds interesting but it won't so it feels completely
which reminder it won't points are not stocks they're slot machines yeah i mean yeah
so it's oh again there's another place you can put put a coin warp slot yeah there's so i i think depending if you are you know vc funded all of that like you probably don't need to do any of that i think there's been some interesting i've watched like what qr has done and in terms of like how they're now rewarding in their token like that's you know they're starting to find a a good flywheel there which is good so i think there's some instances and some experiments that are working very well but for the most part it's gonna be what bellagy has had to deal with yeah and
yeah anyway to be clear i'm not anti token i come across like super skeptical all the time but the problem is the speculators right so like yeah i i think it's cool we have a like maybe there's a gm forecaster token that we have a community people like like why am i wearing gm forecaster on my shirt like why do i have any like you identify and associate with communities and i think that's great the problem are the speculators right so then it becomes when you're attaching like an arbitrary price to something that's denominated in a stable value store of value
right
then you've got this psychology that just messes people up so it just feels like a distraction
yep it can be it definitely can be a distraction oh another token that you know there but there are a few like betters that's a good one that's been interesting to watch that play out there's been you know a few recently where there are what i would call project tokens that are very interesting mhmm and i think that's along the lines of creator tokens as well we did have garrett had some good thoughts on this too we shouldn't get mad at people experimenting with tokens we must take tokens off of the pedestal which i think that would be helpful they're not all the same and just because people have interacted eitj tokens in a certain way in the past doesn't mean that's the way everyone will interact with tokens in the future just because we coin something doesn't inherently give it any additional value it merely gives it the ability to be valued so and that was you know a response we've gotta get stop getting mad for people experimenting with tokens it's it's just because where we are still with the culture and the funny thing is that and i've had this conversation a couple times with jesse with dan when when zora made their shift of like oh this is gonna be rocky like you're gonna have problems and we've had that conversation and and it does play out that way for sure there are tokens twenty four seven just some small bad news and people overreact and things get into an endless spiral yeah exactly that's the yeah that's the big thing i think another thing that isn't talked about is the stock market isn't open twenty four seven while they are momentum assets people can sleep on things have a weekend etcetera yeah in coins or not so that's a plus and a minus right mostly a minus
that's a defect not a feature kinda hi this was really okay this was funny let me go back a couple things and i'll show you in a sec okay so this was funny so moon poppy had said content coins each creator has one main token with all their content will be paired with quoted in all their content's still coinable whenever you like something you must pay for it in the creator's token a tax gets transferred to the creator in content coin in which they can use to sell the content coin or in their creator coin generates volume three ways on the creator coin i don't know something like that somehow the nft people didn't consider provenance wild right i need everyone on base to win to grow the pie please bro people are fading things literally because they're on base we are proving them correct 99% of the time jesse said someone needs to translate in girly pop way and this was the funny one this is the funny part content coins girly pop edition babes picture content coins like the sparkly charm bracelet every scene queen rocked on mine's face this is interesting thought process every hottie with a hobby gets one oh my god so iconic token think of it as their personal hit me baby one more time signal all their pics bits spicy takes get quoted in that coin smashing that like button it's not just likes your wallet slips a little bit of the creator's coin their way a teeny glam tax skims off the top and lands on the creator's thank you next stash which they can flip for their big girl creator coin cash cha ching fans buying to like creators cashing out traders chasing the hype that's three flawless ways their coins keep popping off more volume than a crimped hair comeback provenance is hot but i guess we forgot that folks keep dodging base like it's last season's juicy tracksuit and have only been approved okay i just thought that was very funny but i do think that there's something to that in terms of like i think the idea of creator coins is is correct in a lot of ways and it makes a lot of sense it's a fact that all the speculation turns it into such a nightmare that we just can't quite get there to where it makes more sense so there you go yeah we'll keep experimenting
and luckily for us it'll take like years to figure out so we can just keep talking about it three times a week for twenty nine minutes
pretty much pretty much this is one other thought and i haven't dove into this too much in terms of thinking about it what if the right way to think about project coins isn't as equity but as bonds obviously the infrastructure needs to exist but i haven't seen anyone talking about this analogy equity investors are low to dilute ownership but perhaps this is the right path forward for projects that raise via tokens so another thought this was be this is in response to telegram secures 3,330,000,000 in bond sales so i don't know i don't know much about bonds so i don't know how to think about that there might be something there i'm not sure but i do think there's gonna
i know ask
he won't but ask him ask him his thoughts on this i'd love to get his i'd love to get his thinking
yeah or like what's the way in which tokens could be used like bonds that might make sense i guess is the question anyway alright one last thing one last discussion that we had oh go ahead what were
okay what was this
we didn't talk about channels
i know so we're gonna just we're gonna touch on this quickly and then continue the discussion on the timeline the challenge with channels is there's no consensus on what they should be distribution versus niche interest this is from dan open but tons of mod work first closed but frustrating for new users a lot of this is a result of our iteration on the feature and not having anything work a simpler version not dependent on the farcaster app but not emphasized by it would most likely mean other app developers could solve for various cases and now with mini apps you can imagine channel specific clients as mini apps okay so i got into this conversation with a bunch of people that and i don't know that my thinking is right i could be very wrong but the way it was being posed in a couple ways was like it could be a hashtag but the hashtag just plops it into the channel okay that's not a bad mechanism
but then the channels would be all open and it was more about distribution and it without any kind of membership if you will so you couldn't sort of keep it focused and curated to me that seems like a bad idea from a brand perspective from a wide like food travel very broad topic ones that makes perfect sense and i think this is kind of the challenge is that channels are used in different ways like the way we use gm farcaster is really like informational here's where you can find all our stuff we're not really and you know we have our community members who are are hyper sub who can cast in there and things like that but it's really not about like having a broad conversation in there it's more about being able to have a centralized place that oh i said centralized $10 in a place one stop shop if you will for like everything you need to know about what's going on and that was easier than having a brand account until very recently recently now you can switch back and forth pretty easy but that was very difficult not even a year ago where you needed the seed phrase in order for someone else to log in and it it was challenging to share an account and things like that or to even have two different accounts and go back and forth very hard so channels made it much easier and now it's more like habit so i don't know what are your thoughts on it by the way i know you saw all the conversation thoughts on that
okay
think about it i saw you tagging me and i'm like please don't make me talk about channels it hurts my head if you ask like 30 people in a room they like there's 30 different opinions on what channels should be it's a really hard design problem people have strong opinions i understand dan's of like it's not a priority because it wasn't yeah leading
because it's not growing it's not growing the the daily active users and that's why it's not a priority which appreciate there yeah
yeah i so i i have i totally get that and i don't think but it's i i think it's a really hard problem to solve for and and yeah unless i didn't have the bandwidth to read all of it and come up with an opinion problem
there's a lot there's a lot there's a lot going on yeah so it's a continuing it's a continuing discussion and they're part of what they're talking about in terms of making a change also supposedly would make it easier for others to build around channels and maybe unlock the whatever so
yeah and and i think dan thinks about it right and like they serve different needs right like right now
yeah
what is so from a hashtag perspective the dan has has been very vocal and and others as well like hashtags are not only cringe they're they're they're cringe because they're not necessary anymore so like in the early days of social people used hashtags it was a great way to categorize information people abuse hashtags as soon as they get popular you're gonna spam them because that's where attention is and with machine learning now you don't need it like the computers are better at categorizing information than humans where he i'm like a hashtag fan because i do it for myself so it's like the network doesn't need a hashtag
yeah
i like hashtags because i categorize the it's like it's in my own information system i like between me the computer and my brain i use hashtags because it's like canonically categorizing my thoughts i get why they're not necessary anymore in social but then when it comes down to kind of like communities
right panels and niche i find that is i think that's so important i think it could be a massive growth
yeah i do too
lever for the network but i can also see that it'd be really hard to do from a small centralized team to turn because that's where it's like you need lots of different like lots of small dispersed decentralized teams building it to figure out because every channel may look a little different for every
right
community like every community might want something a little different so i don't know i i think it's a i think it's just a tough design space
i think so too yeah i i i think i i i kinda get all the reasoning behind wanting to make a change but i think there are aspects that work really well for communities right now that would be here's what i don't want before they added some of the moderation and changing it up there was spam that was impossible to keep on top of and it made some of the channels completely unusable and even ours like which didn't get as like even a fraction of some of the other ones it was like me constantly hiding hiding hiding from channel and i don't wanna go back to that so that's why i get a little nervous when they wanna take away some of the moderation stuff so
yeah that's all feel like people want when i onboard people it's like okay and this could just be something that they're kind of trying to map behavior to other right applicant but it's like where do i post this i wanna oh i'm sharing food i wanna share this with other food people
so right
and i think it's like those yeah i know it's it's it's tough so maybe making it easier for new people to onboard to a channel that is broad topic might be the way i don't know i don't know but there we go
or i mean the other thing too is they're saying they're like and and by the way and dana said they're not taking away channels like not they're not taking away channels conversation it's discussion have opinions yeah it's a if you have opinions like add them to the thread like go add the replies like have the conversation
i i think what they're talking about though it's like oh you don't need hashtags because the algorithm can find them for you but farcaster hasn't given us those tools yet so it's not like they're surfacing only have we recently seen like trending topics so let's say on right i think about my topics travel i like farcaster still i love you know food or photography the only way i can find those today is by going to the channel right so if you're telling me the algorithm can find those for me fine but they it hasn't yet so i haven't been able to see it so maybe what the thing is is don't change channels build something alternative that lets people discover content and then we're not so attached to the manual channels
yeah yeah that might be the way i don't know i also like you know i like seeing the channel tag sometimes it gives me context to what somebody is casting like when i see where they cast it like oh there's some context there so that's
i know
it's i know and and
i feel the same way too like yeah when i i cast about gm farcaster a lot and yeah if i just write gm farcaster the words and you don't know who i am and you're seeing it for the first time you have no idea what that is if i do slash gm forecaster all one word that becomes an entity so you're like okay that's something and if you click through it takes you to our page
and right
right right and that's what i i also said i'm like from a brand perspective so there was also a discussion at one point of like well you'll be able to use it the same but you'll have to use a different client and i'm like i don't see brands doing that like switching just unless that client becomes so much more useful than the current ones that i'm using and maybe it would i don't know but otherwise i would see like i'd be more likely just to shift to we'll just start using at g m farcaster more or something like that so which i don't really wanna do because it's a pain in the butt yeah so it's more about laziness anyway
hashtag fans yeah i see a lot of hashtag fans yep and then others who are like no don't go back i hate i hate hashtags yeah so we have both and i think
that i think this is another example yeah yeah but i think this is like dan's twitter experience like his perspective and is like he's got a large following on twitter right and he's been so i think when he was building even like early farcaster days like you would see him optimizing for for the experience of someone with a large following as opposed to a devops nobody who's got like 30 followers on twitter that's me
right
i was like why are you prioritizing certain things you know like if you remember like even the notifications like notification spams yeah or or like you would do and grouping things like if you're an average like if you're an average everyday user you don't like you don't need priority notifications because you're not getting tagged in a million different things but dan's getting tagged i mean i can't even imagine the number of tags he's
like
people are tagging him in so he's building things for one so i think from the hashtag perspective like the hashtags that i used on twitter would not get spammed because they wouldn't get so big i'd go to like a conference with 600 people and we would all use a hash hashtag permissionlessly and then you could use that hashtag and search and meet people and i didn't need to pay $25 in warp's to create it or buy an nft to post in it right permissionless and it was so useful and then i think dan seeing the other side which is oh we're gonna use this hashtag that takes over kind of like the topic of the day then that gets spammed so right different different perspectives might
be trending it's the it's the trending plus hashtag so that's what would happen on twitter is that all of a sudden this hashtag would be trending people would take it over and it would become like useless because it was no longer capturing that particular information it was just people trying to capture attention yes slash
home we have yeah we have slashtags at home
i love that yeah i'm like oh also even from your shirt i'm like let's not lose the slash because well yeah we've taken to it
retro it'll become retro like if you yeah i think we were early we will always have this slash tag
slash tags alright that is it have one last quick thing that i'm just gonna say really fast this is really fun have you played this yet it's like fruit ninja but it's with your faces and it's pretty funny it's so cute i love it it's so cute
oh funny on i don't know it's funny i'm like the back
it's people's like the fact that it's people's pfps i just think that's fun so anyway
oh i should yes
you have it ready yes i had it ready too i for almost forgot go ahead great way to end
yeah and make sure it's up because that volume sometimes is low okay so click on the
yeah and make sure it's all the way up
just play it
and in other news farcaster the decentralized crypto social network is launching a new pro subscription tomorrow over to kendra for the details
farcaster pro is launching tomorrow for a $120 day one subscribers will get an exclusive nft and a new badge on their profile sir will you be subscribing to pro day one
depends is it gonna be 07/21 or not that's what i wanna know
yeah i guess we'll have to find out
alright farcaster pro drops at 1pm pacific tomorrow maybe you can use those noise tips to subscribe
so freaking good
07:21
okay also
we're so getting put out of business
so funny i so well done pfista well done i had it ready because i had it in a separate window and i forgot thank you for remembering so that i could yeah i wanted to share the tab so funny so really good but also i i feel for our our friends in real journalism because they're they're gonna be fighting a lot it's gonna be it's gonna be hard
yeah yeah it's gonna be rough alright and with that everybody anything else by the way i was editing the next thing from farcon and i'm just waiting for one thing but if it does not appear today we're gonna start putting those out starting tomorrow so i think we'll have that ready in the afternoon so more on that but the keynote if you were at farcon or if you missed it we'll have that available starting tomorrow so one way or another
it's been a whole like two weeks yeah maybe three maybe three three weeks you know what i really love are the videos of farcon the beta oh that's right
those took like two years and i don't even think we've ever seen them are they out finally
but that was like so i mean that that took couple years so i don't know feel like
with my three weeks alright everybody
we're back tomorrow at a certain time what time normal i know we don't know i've been trying to schedule guests
you have yeah don't we have something tomorrow
we'll we'll announce on the timeline later today whether that's happening i don't think it is yet we're having a schedule complex
should we just go with the west coast friendly time just in case
okay so we'll be on at 11:30am eastern tomorrow because we didn't do a west coast on monday we might have a guest we might not we'll let you know we might have other things we might not we'll let you know alright everybody and i think that's it so thank you for hanging with us for the two hundred and fiftieth episode of gm farcaster and with that everybody