Where users gain from each other. Holders benefit when other holders are informed. Information spreads, defence against rumour is collective, and the thing held is partly social. Gathering compounds value.
Where they do not. In high-frequency transactional entertainment one participant's outcome does not improve another's. Put them in one room and they compare outcomes, and the comparison discourages.
the tell ask whether a member is better off because the person next to them existsIn crypto the answer is usually yes. In several adjacent verticals it is usually no, which is why those industries built one-to-one account management and partner networks instead of public rooms.
What those industries build instead: rooms for operators and partners, not end users. One layer up, where members genuinely trade information that helps each other.
Apply the tell before budgeting. Half the failures are structural.
