Thread by @balajis

Thesis: coin market caps encourage mimesis.

Google didn't *initially* compete with other companies *primarily* on its stock price but on its product.

Assets should likewise have unique features. Good example: Zcash's privacy sets & shielded transactions. electriccoin.co/zcash-metrics/

> Google didn't *initially* compete with other companies *primarily* on its stock price but on its product

Note: yes, when raising capital you're competing with other companies based on your stock. But the customer for your stock isn't identical to the customer for your product.

Now, it's true that customers of product (users) are increasingly becoming customers of stock (shareholders). Robinhood makes it possible to buy stock in products you use. Crypto makes this default.

That's powerful, but also turns many off. More product culture will be helpful.

There are (implicit) conventions of tech culture which would be useful to adopt in crypto culture. For example:

- utility focus
- long-term lockups for principals (proven on-chain)
- minimal stock talk outside fundraising events

More long-term alignment, more product thinking.

This is obvious, but one's internal perception of a community may be very different from an outsider's perception of a community.

You may be quietly focused on technology. People saying some of the same words may be focused on touting or trolling. And the latter may be louder.