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The most interesting thing about the idea, to me, is the coupling of a token -- in the form of a crypto token -- to a shared endeavor, like one of the original joint stock companies. The token gets value by shared belief of those within the given network state, as a kind of localized money, an abstraction of the value redeemable in that community for services within and to that community, much like company script in the 19th century, or private money. George Selgin wrote a very interesting book about this latter.
It's hard to imagine a bitcoin version, since the vocal bitcoiners are so opposed to other kinds of tokenized money-like things. But you can nonetheless imagine a network state whose tokens exist alongside 'real' money (which is bitcoin, in this case) that serve as a bridge to the outside world. You can't just throw out the token and keep the rest of Balaji's idea -- the token, as an coordination construct that has power within the domain of the given network state -- plays a key role. You could think of it as a more active kind of equity, I suppose.
My main evidence is introspective, so perhaps not that useful.
MSM definitely changed how I interact on SN in ways I think were toxic.
Pre-MSM
During MSM
All in all, I didn't like how my use of SN was changed by the competition. Maybe I should have stronger principles or more self control or something, but I don't.
I think I will return to my old way of using/enjoying SN, but it's gonna take a little rewiring of my brain.
I totally agree with @grayruby that it could be a great once a year kind of thing.
As I've said before though, SN is one of my favorite places on the internet with and without MSM. So don't take the above as criticism. I wrote it more as documentation of what was going on inside the mind of one stacker.