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  "text": "AI Tokenomics (the non-AGI version)\n\n1) For Leaders\n\n[Profit = Value - Cost]\n\nValue = Demand × λ\nλ = Competence × Leverage\nLeverage = market share + influence + moat\n\nCeilings to smash: Value > Cost, Demand > 0, Leverage > 0\n\nNotice we ignored Competence? Intentional.\n\nThat’s the chasm between McDonald’s (scalable volume, low λ ceiling) and a Michelin-star street food stand (elite taste, tiny scale but high λ per unit).\n\nAI multiplies what’s already there. It doesn’t conjure wealth from thin air.\n\nNo demand → no business.\nNo leverage → no escape velocity.\n\nThe AI bubble is what happens when leverage is optimized while demand is still zero.\n\n2) For Builders\n\n[Competence = Skill × Experience × Taste]\n\nExperience = scars + failures + hard knocks\nTaste = judgment AI can’t fake (yet)\n\nAI amplifies your skill, experience, and taste.\n\nAI is NOT replacing coders. It’s replacing below-mean competent ones.\n\nYour Competence level sets the long-term ceiling.\n\nAI is widening the gap between top and mediocre builders faster than ever.\n\nFinal thoughts: AI is like a turbine engine. Attach it to a rocket → Mars. Attach it to a bicycle → faster trip to nowhere.\n\n---\nSunday explainer, served raw on X. @gerardsans",
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