How crypto keeps mistaking money for meaning.

In crypto, there's been a persistent overemphasis on financial capital (tokens, yields, and direct monetization) often at the expense of social capital: influence, community trust, and cultural relevance. But history shows that social capital is the true catalyst for sustainable value. Platforms like YouTube, SoundCloud, and TikTok didn’t scale by paying creators upfront, they built tools for reach, recognition, and status. Once those networks were in place, monetization followed.

Crypto often tries to invert that sequence: lead with money, and hope community and distribution show up after. But distribution is not a given, it’s earned through cultural resonance, consistency, and network effects that social capital greatly accelerates.

This tension is especially visible in crypto creative circles. There’s a thin line between empowering creators through revenue-sharing, and assuming creators are owed payment regardless of market demand. The popular social refrain—“I make nothing on Spotify, we deserve better”—often reflects a moral claim that ignores the market signal. Spotify, while flawed, reflects real listener behavior. If no one’s paying attention, the issue may not be payouts, it may be product-market fit, or just the brutal mechanics of attention economies. Crypto tooling can’t override that. As Stripe’s Patrick McKenzie put it: “The market doesn’t care how hard you worked.”

The most durable consumer platforms tend to start with distribution and cultural affinity, not direct monetization. Farcaster is growing not by out-paying competitors, but by building social value through community support, exclusivity, and creator identity. Bitcoin and Ethereum didn’t gain traction because of token incentives alone, they became movements before they became markets.

Financial capital is a lagging indicator of belief. Social capital often comes first, and when invested wisely, it converts.