这两点完全错得离谱。 在进入加密行业之前，我曾在 Airbnb 做反欺诈。因此，我经常和 Uber 的反欺诈团队交流。Uber 之所以放弃中国市场，就是因为遭遇了成批职业化欺诈团伙的疯狂攻击——他们每个月制造成千上万次假订单来薅 Uber 的补贴。Uber 在中国几乎就是被“薅羊毛”薅到倒闭的。 任何提供激励机制的科技公司都必须应对欺诈，并且要预料到一定比例的补贴会被骗子拿走（在加密行业我们称之为“farmers”）。认为这种情况是加密行业独有的想法，实在太荒谬。很多 Web2 创业公司之所以倒闭，就是因为他们没能有效控制激励滥用，而投资人却被告诉这是在“补贴需求”。 Gwart 的第二个观点是：在加密行业，这些激励是“零成本”发放的，而在 Web2 公司里，“风投是在烧真金白银。” 请停下来想一想——当这些“薅羊毛的人”把你给的代币抛掉时，他们最终拿到的是什么？他们卖成了现金。 所以 在 Web2 里： 股权 ⇒ 卖给私募投资者换成现金 ⇒ 用现金补贴用户 ⇒ 用户拿到现金 在加密里： 代币 ⇒ 给用户代币 ⇒ 用户抛售代币 ⇒ 用户拿到现金 这完全是同一件事，你只是跳过了一个中间环节而已。 市场会在不断试错中进化。从失败中学习，区分“好支出”和“坏支出”。过去加密初创公司认为大量砸钱做短期激励是有效的，但现在他们已经意识到这并不起作用，并正在调整策略。在“零工经济”时代也是同样的过程——大量公司倒闭，幸存者学会了让经济模型变得可持续。 Literally dead wrong on both points. I worked in anti-fraud at Airbnb before I got into crypto. So I often shared notes with people who worked in anti-fraud at Uber. Uber gave up their China business because they were beset with waves of professionalized fraud rings, taking thousands of fake rides a month to farm Uber incentives. Uber was quite literally farmed out of business in China. Every tech company that offers incentives has to police fraud, and they expect some amount of waste that gets captured by fraudsters (in crypto we call them "farmers"). The idea that this is unique to crypto is silly. Many, many web2 startups have gone out of business because they failed to put a lid on incentive abuse, while investors were told they were "subsidizing demand." Part 2 of Gwart's claim is that in crypto, these incentives are given out "at 0 cost," while in web2 companies, "VCs are burning real cash." Stop and think for a second. What do farmers get if they are dumping your token incentives? They are selling it for cash. So, in web2: equity => sell for cash to private investors => give cash to user => user gets cash web2: tokens => give user tokens => user dumps tokens => user gets cash It's the same damn thing, you're just skipping a middleman. Markets evolve through trying shit and learning from failure. There is good spend and bad spend. To the extent that crypto startups previously thought spending a lot of money on short-term incentives was effective, they have now learned that it isn't, and they adapt. Same thing was learned in the "gig economy" era where a bunch of companies went bust, and the ones that survived learned how to keep economics sustainable.