Making bitcoin magical again at @TaprootWizards 🧙♂️
Aug 24, 2018 • 7 tweets • 2 min read
1/ You don't need a "utility token" and a blockchain to help incentivize growth. You eo need a product that people care about.
The gaming phenomenon Fortnite has an in-game currency called vBucks. It isn't using a blockchain, isn't traded anywhere, and has no speculative value.
2/ You buy it in-game with a credit card, and can spend it on virtual items that people love buying for some reason.
Just like with "utility tokens", Epic incentivizes players to engage by giving away vBucks for playing, winning, and recently for activating 2FA. #cryptoeconomics
Jul 25, 2018 • 13 tweets • 3 min read
$XRP is a utility token (aka fairy tale token). Here’s why:
1/ What’s distinct about utility tokens (a dying breed), is that scammy/stupid “entrepreneurs” present them as some unique way to make a service work, while in reality they’re just an inefficient means of value transfer
2/ In systems that use utility tokens for facilitating services (well, theoretically, those systems never actually meaningfully exist), the token could be replaced with any other means of value transfer. I’m not even talking about BTC. Even PayPal would be better.
