I read today Joe Jaffe’s blog post titled “Twitter is a giant Ponzi Scheme (there’s a Twucker born every minute)“.
I have to say that it’s one of the most inane post I’ve seen in quite a while. The point Joe seem’s to be trying to make is that Twitter is past it’s prime and that anyone getting a Twitter account today could never possibly achieve the same social capital as early adopters.
My analysis is he’s full of it…
Social capital is not a limited commodity, like money, which is the basis of a ponzi scheme. Social capital is unlimited in it’s availability. Joe’s comments and those of many of the commenters on his blog seem to be living in an environment of lack where social capital is kept in a jar and doled out until it’s gone.
The social capital that comes from connecting in social media is not capable of being constrained and is not limited – at least not in quantity. The quality of the connection, the relative benefit of one connection versus another is limited though. It’s why I follow far fewer people in Twitter than follow me and why I do not automatically follow or connect to people in LinkedIn or Facebook.
If Joe and his follower want to believe there is some constraint, some limit to their activity on Twitter and they they MUST get more followers before someone else get’s them, they’re really missing the point of what the ‘social’ in social media means.