> I posit that any for-profit social media will eventually degrade into recommendation media over time.
For profit social media is totally possible. But a "healthy" version won't happen until govts reform social media such that Attention is demonitized or remonitized.
The post is right in that Attention has been monetized by social media companies. How much Attention you pay to something and how much Attention you receive both got monetized. They monetized Attention by adding View, Like, Share and Follower counts to everything.
And those counts started acting like Currency does in the real economy.
For example a key feature of Currency is that it acts as Store of Value. That value can then be exchanged at whatever time for something else in the real economy.
But in the real economy the Money Supply is regulated and controlled by the Central Bank. Why did that happen?
Before Central Banks (a very recent invention) showed up individual Banks printed their own currency. If they printed "too much" all kinds of strange phenomenon started emerging in the real world. For centuries no one connected that back to how much money was being printed. Because people had no idea what the level of the money supply was. Just like on social media there is no tracking or visible signal of the global Money supply and interest rate setting to control it.
So any time there was a price rising in the market, bank runs, bubbles in the market people would blame everything under the sun other than those responsible for money printing. After centuries of chaos Central Banks started emerging to control what individual Banks could do. Same story will repeat with Attention(which is acting just like a Currency).
This is why Elon and Trump rush to start their own Attention Banks cause they understand better than anyone being able to print a store of value that everyone else uses gives you power.
This is also why having China influencing the money supply (Attention) of US is via TikTok is non-optional.
So people eventually land on 2 paths forward -
1. Demonetize Attention - which is what the post is talking about
2. Remonetize Attention - where there is tracking of how much Attention anyone can receive, and how much Attention anyone can pay. Similar to what controls exist on Banks in what they lend and how much cash they need to hold. And Banks can then run for-profit without doing as much damage as they did when they controlled the money supply.