S10 E9 | Building Community in Crypto w/Ted

Diana Chen welcomes Ted (TedNotLasso), who transitioned from molecular biology to a significant role in the Web3 space. Ted shares her journey, including her time at Morgan Stanley, where she explored crypto initiatives like a Bitcoin exposure fund and a crypto donation platform, expressing a desire to work directly in DeFi.

Ted discusses decentralized social platforms, acknowledging the challenges they face in achieving distribution comparable to traditional networks like Twitter and Instagram. She expresses interest in DeSci projects, mentioning Hair Dowel, which aims to address male pattern baldness. Ted's early experiences with Warpcast, a new crypto social network, reveal that she found the community more engaging than the product itself. She notes the onboarding process for Farcaster was more seamless than Lens, which she found cumbersome.

The conversation highlights confusion surrounding Farcaster, especially for newcomers. One speaker shares their struggle to onboard friends unfamiliar with the platform, noting the permission requirement to post can frustrate users. Another speaker reflects on their initial experience with Farcaster, finding it too serious, but upon returning, discovered a more diverse range of content.

Community building is a key topic, with one speaker recognized for their success on Farcaster, sharing their journey and emphasizing the importance of authenticity in attracting followers. They believe in surrounding oneself with inspiring individuals and acknowledge the challenges of maintaining a community in the volatile crypto space.

The speakers discuss the necessity of community involvement in content creation and the challenges of scaling engagement. They critique creator platforms that prioritize monetization over community building, arguing that a strong community foundation is essential for success. They reflect on their journeys, with one speaker expressing a desire to start anew, while discussing audience engagement differences across platforms.

The conversation touches on the iterative nature of developing consumer social apps and the high failure rate in the industry. They also discuss social event apps like Luma and Partiful, acknowledging their social function. One speaker shares their experience of quitting a full-time job to focus on Farcon, emphasizing the importance of being part of a team.

Details about Farcon's organization reveal that initial events were organized by early Farcaster users, focusing on a community-driven approach. The atmosphere at FARCON is compared to a camp reunion, with hopes for FARCASTER to replicate last year's euphoria despite the unpredictable nature of the crypto space. The discussion emphasizes the crucial role of fintechs and banks in driving the next wave of crypto adoption, with a consensus on the importance of traditional finance as a key indicator for broader participation in the crypto ecosystem.