---
type: source
source_type: x-post
url: "https://x.com/CryptoTomYT"
author: "@CryptoTomYT"
captured_date: 2026-03-16
status: processed
processed_date: 2026-03-16
processed_by: rio
claims_extracted:
  - "access-friction-functions-as-a-natural-conviction-filter-in-token-launches-because-process-difficulty-selects-for-genuine-believers-while-price-friction-selects-for-wealthy-speculators"
priority: standard
notes: "Routed by Leo from Cory's X feed. Thesis: 'The more friction it is to buy, typically the best outcomes.' Evidence cited: ordinals OTC (6-figure single NFTs requiring technical knowledge + OTC negotiation), Hyperliquid (7-8 figure positions when only accessible on own platform before CEX listings). Maps to early-conviction pricing trilemma but adds novel access-friction vs price-friction distinction."
---

# CryptoTom — Friction-is-Bullish Thesis

Core claim: Purchase friction (difficulty of the buying process itself) correlates with better investment outcomes because it self-selects for genuine conviction over extractive speculation.

Evidence cases:
1. **Ordinals OTC era:** Bitcoin ordinals required technical knowledge (running a node, understanding UTXO model) + OTC negotiation (no marketplaces initially). Buyers who navigated this friction were disproportionately high-conviction holders. 6-figure single NFT outcomes.
2. **Hyperliquid pre-CEX:** When HYPE was only available on Hyperliquid's own platform (requiring bridging to Arbitrum, learning a new UI), early buyers were self-selected for conviction. 7-8 figure positions by the time CEX listings removed the friction.

Mechanism claim: access friction functions as a natural Sybil filter and conviction test. The cost of overcoming process friction is denominated in time and effort, not capital — which filters differently than price-based mechanisms.
