no need to monetize if the userbase is growing fast enough. It’s like paying with equity. Money is for buying attention.

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Well, at some point the investors are going to want to some sort return on their investment. I doubt attention equity is going to appease them, unless there's some additional plan to use that attention to generate money.

it usually ends with selling the whole thing to the biggest fool or lobbyist

If that happens, you can bet the new owners will find a way monetizing user attention and engagement.

yup. and then a new network will get born