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AJ
General Partner @serotonin_hq
The fat protocol thesis written by @usv is probably more correct than anyone could have imagined, and now that most people realized that they didn't make it, people have pivoted to the application thesis. It's really hard to invest 10s of billions of dollars in a category that only has a dozen winners. Most people failed and complained that the thesis was wrong because their protocols didn't make it. And with no real M&A activity for protocols, most investments couldn't even book base hits or doubles which exacerbated the typical power law distribution of venture.
The application era will be a much easier phase of crypto investing which will be much more revenue and user growth driven. I don't think we've seen the end of protocol investing, not even close. But most VCs who were burned on holding the wrong protocol cards from 2016-2025 won't be brave enough to keep trying. They'll will return to things that feel more like fintech and are easier to bet on with less technical risk.
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Ask and you shall receive. Thank you @nikitabier

AJJan 14, 03:03
Been talking about the top two here quite a bit. Honestly I love the changes. It would be better if X just turned off API access to all companies that use the API for engagement incentivization and just make it an explicit rule for API access. It erodes the product quality and introduces more noise than any other usage of the API.
I see a lot less garbage posts. I just need to make sure to like posts I want to see more of and expand longer form stuff to teach the algorithm. I'm looking forward to being able to talk to the algo via grok and make sure certain areas of focus and investment are weighted more significantly in the feed. Within the people I follow, I would also like to add a tier (favorites, superfollow, etc.) that ensures all of their posts show up in my feeds (both following and for you). I probably need this for like 10% of the people I follow.
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Been talking about the top two here quite a bit. Honestly I love the changes. It would be better if X just turned off API access to all companies that use the API for engagement incentivization and just make it an explicit rule for API access. It erodes the product quality and introduces more noise than any other usage of the API.
I see a lot less garbage posts. I just need to make sure to like posts I want to see more of and expand longer form stuff to teach the algorithm. I'm looking forward to being able to talk to the algo via grok and make sure certain areas of focus and investment are weighted more significantly in the feed. Within the people I follow, I would also like to add a tier (favorites, superfollow, etc.) that ensures all of their posts show up in my feeds (both following and for you). I probably need this for like 10% of the people I follow.

nic carterJan 13, 23:18
Three things ruined CT
1. Kaito/yaps/incentivized posting.
You create a financial incentive for someone to post, it creates more of it. Combine this with AI you get tons of slop. Now the median CT post is kaito slop. Much more noise. X may have taken this into account in their efforts to suppress CT. I don’t blame them.
2. Market maturity.
The “fun” of CT was trenching and talking about 100x coins and so on. Now the growth in the industry is stablecoins and financial infra. Fun for VCs but not for ordinary trenchers. Less of a feeling that the common man is on a level playing field and can win if they just get the right alfa.
3. De-niche-ification at X.
X has deliberately chosen to disincentivize through UX design silos like CT. They did this by de emphasizing the “following” page and defaulting you into the for you page which steers you away from the people you actually follow and towards normie slop (maybe slightly tailored to your interests by Grok). I don’t know why they did this but it’s obvious that they did. I used to post to my own community which I spent a decade cultivating. Now posts are default dead, with a small chance they get blessed by Grok and go onto everyone’s FYP so they go megaviral. They’re no in between. Either total silence or a mega hit. This incentivizes big accounts to post normie slop rather than content tailored to their audience. As you have probably noticed, crypto specific content doesn’t perform well, because the average person that sees your post first is a normie and they don’t care about it, so it doesn’t get blessed by the algorithm.
This completely ruins the “deal”. People that put time and effort into their accounts and generated years of HQ content are no longer rewarded with access to their niche. This is why all major CT people including myself are trying to recapture their audience elsewhere (for me, on substack). There I can guarantee I get the actual eyeballs I want to reach. I care more about my 3k substack followers than my 400k+ Twitter followers now.
RIP CT 2017-2025 it’s been real
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