Li Jin Profile picture
21 Sep, 7 tweets, 2 min read
Today, it seems inconceivable that for much of human history, people accepted the 'divine right' of monarchs as a legitimate source of power.

Years from now, we may look back on this era and wonder why we were accepting of autocratic companies led by 'enlightened dictators.'
For much of human history, people lived under authoritarian/monarchical forms of government.

In the late 17th century, republican forms of government arose, inspired by conceptions of natural rights developed during the Enlightenment. >50% of the world now lives in a democracy.
The American and French Revolutions were major contributors to the growth of representative governments.

The Springtime of Nations in 1848 was a revolutionary wave affecting 50 countries in Europe, wherein people demanded more participation in government, economic rights, etc.
In the private sector, we are now in a moment in which DAOs--decentralized autonomous organizations--are forming among members who have shared missions, ownership, and voice in their operations, mirroring the historic rise of political democracy.
Workplace democracy isn't new: cooperatives emerged during the Industrial Revolution, wherein workers would own & control businesses.

But as @jessewldn wrote, co-ops have historically suffered from limited access to capital and coordination issues.

jessewalden.com/past-present-f…
But new DAO coordination and governance tools, and the ability for tokens to attract outside capital, give us a shot at addressing the issues that have plagued co-ops, and a shot at building internet communities that can rival the competitiveness of any centrally-controlled org.
Hundreds of years from now, it will seem inconceivable that people didn't have ownership--economically or governance-wise--in the structures that occupy most of our waking hours and that we pour so much of our energy into.

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More from @ljin18

11 Sep
Universal Basic Capital > Universal Basic Income

Income inequality in the US is the highest of all the G7 nations. The wealth gap between the richest and poorer families more than doubled from 1989 to 2016.

How do we change the fundamental dynamic driving wealth inequality?
In a world in which returns to capital outpace returns to labor, we need to give everyone access to owning capital assets that appreciate in value, not just short-term income.

(i.e., those who earn from work can never catch up to those who grow their wealth from investments)
A oft-cited stat is that 55% of US households own stock.

What is lesser-known is that that ownership is very concentrated: the top 10% wealthiest American households own 84% of all stocks. The top 1% of households own 50% of all stocks.
Read 8 tweets
10 Aug
The creator economy is starting to resemble the gig economy, with commoditization of workers and economic precarity masqueraded as entrepreneurship.

New post about the perils of the creator economy and how we move forward from here:

li.mirror.xyz/Rgk2La8izmn5La…
The gig economy--though home to many valuable companies--has had a controversial impact on labor, eroding a century's worth of worker rights & creating widespread precarity.

The creator economy is now experiencing the same.
If we're not thoughtful about building platforms, we can easily recreate the problems of the real-world economy in the online world.

Even though the creator economy is often framed as an improvement upon the gig economy, parallels problems and risks are emerging for workers.
Read 13 tweets
16 Jul
Announcing the Leaping Corgi Scholarship for players to start earning in the metaverse with @YieldGuild!

Play-to-earn is a new category of games where players earn in-game assets & tokens that can be turned into IRL income.

(read on for how to support!)
li.mirror.xyz/Dd7gY8Ip1tRcpz…
During the pandemic, as local jobs dried up, play-to-earn game @AxieInfinity helped people around the world put food on the table, pay rent, and pay off debt.

Players are earning between $500-1000 per month playing the game—which is often higher than local minimum wage jobs.
For all of the game’s promise, there are barriers to entry: to play Axie Infinity, a player must first purchase a team of three Axies, which are themselves NFTs.

That's prohibitively expensive for many: a starter team of Axies can easily cost upwards of $500.
Read 10 tweets
1 Jul
Proposing a new definition of "creator":

Creators are internet-native workers.

They are using tools to produce something of value for an end user.
Historically, those tools were owned by someone else (platforms), and creators' work was often undervalued and exploited.

The reason why the creator economy is now intersecting with the crypto economy is because cryptonetworks provide a way to distribute that value more fairly.
If we pull on the thread of creators as internet workers, where does that take us?

History rhymes, and we can look at past labor movements for clues:

- Creator rights and protections

- Creator- and community-owned platforms
Read 4 tweets
24 Jun
Let's stop celebrating creator funds, incremental creator features, and shallow rhetoric about creator empowerment.

All of these will fail to solve creators' economic precarity, so long as we fail to fix the fundamental issue, which is OWNERSHIP.
Ownership of the means of creation and distribution determines incentives, how wealth is created, who amasses it, and who earns income.

Most important of all, ownership confers control of one’s destiny: the ability to operate outside of the whims of the select few.
Ownership, therefore, is the original system condition from which all else flows.
Read 39 tweets
18 Jun
Andddd we're off to the races! Thank you @patrickxrivera!! A true hero
foundation.app/@li/universal-…
ahhhhhhhhh

@Wagomon❣️
This username. This bid. I think I know who this is.... 🤣
Read 4 tweets

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