Reputation Markets

The problem is that the benefits of “community” fall off steeply once you’re in the minor leagues of payto-join PFPs. The real “in” communities will either have unassailable history, or earned reputation elements. Because I have no problem starting nuclear wars with my writing, I’ll end with this: Long Punks, Neutral Apes, Short Penguins and everyt... See more

The point is not that all banking is a fraud, but rather the more subtle point that we rely on the judgments of others when we decide whom to trust. For years, Madoff had been a well-respected figure in the investment community. Madoff’s fraud was possible only because so many people trusted him. The more people trusted him, the easier it was for M

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Social capital shouldn’t be bought—but that doesn’t mean it can’t generate liquidity

Now the missing piece in all this is the user interface around reputation. In the traditional financial world, we have credit scores. In social media, we have follower counts and engagement metrics (likes, retweets). In crypto, there hasn’t been a tool or platform that has been able to look at everyone’s wallet history, make sense of it, and presen... See more