# The DePIN "incentivize supply first" thesis is false

- **Speaker:** Greg Osuri
- **Attribution:** attributed
- **Said:** 2023-12-19
- **Theme:** Crypto & DePIN — https://www.gregosuri.com/predictions/crypto-depin/
- **Source:** Akash Network founder Greg Osuri - Building a Decentralized Computing Marketplace (Crypto Nuggets)
- **Watch at:** 00:20:58 — https://www.youtube.com/watch?v=lwpAQjvSxRE&t=1258s
- **Canonical:** https://www.gregosuri.com/predictions/crypto-depin/2023-12-19-the-depin-incentivize-supply-first-thesis-is-false-nlb2/
- **Cite as:** Greg Osuri, "The DePIN "incentivize supply first" thesis is false," Akash Network founder Greg Osuri - Building a Decentralized Computing Marketplace (Crypto Nuggets), 19 Dec 2023, 00:20:58. https://www.youtube.com/watch?v=lwpAQjvSxRE&t=1258s

## Quote — verbatim

> The whole thesis of like you need to bootstrap supply before you can validate demand is proving to be false. In fact, I'm to blame too, because I wrote a paper in 2019 titled 'Bootstrapping a free market by borrowing from the future.'

## Context — site annotation, not spoken

Contrarian take on Helium/Filecoin/Hive Mapper-style incentive models; supplier CAC is only justified when lifetime value (cleared inventory, fees) exists.