why builders lose to editors

there's a cult of building in tech. "builders" are heroes. "shipping" is virtue. creating things from scratch is the highest calling.

meanwhile, editors win.

the editor's advantage

an editor doesn't create raw material. they select. they filter. they curate. they shape what already exists into something more valuable.

examples:

• platforms don't create content, they curate feeds
• venture capitalists don't build companies, they select them
• influencers don't invent ideas, they amplify them
• aggregators don't make products, they organize them

in each case, the editing function captures more value than the building function.

why editing wins

several reasons editing beats building:

1. leverage. a builder can only ship so fast. an editor can process far more inputs. the throughput ceiling is higher.

2. optionality. builders commit to one path. editors see many paths and choose the best. they're playing a different game.

3. distribution. editing often happens closer to distribution. builders are upstream, far from users. editors sit at the chokepoint.

4. less risk. building means taking risk on unproven things. editing means selecting from proven things. the hit rate is higher.

the taste premium

good editing requires taste—the ability to recognize quality before others do. this is rare and valuable.

but taste alone isn't enough. you also need access to deal flow. the best editors see more options than others. they're positioned in the network where good things flow through.

position + taste = editing power.

crypto implications

crypto's culture worships builders. "buidl" is a meme. shipping code is status.

but look at where value accrues:

• exchanges (edit which tokens to list)
• influencers (edit which projects to promote)
• funds (edit which projects to fund)
• aggregators (edit which yields to show)

the editing layer often captures more than the building layer.

this isn't a criticism. it's just how networks work. but builders should understand what they're competing against.

the uncomfortable truth

building is necessary. without builders, editors have nothing to curate. the raw material has to come from somewhere.

but necessary doesn't mean well-compensated. the editing layer extracts margin from the building layer. that's the game.

the best position is building something that makes you an editor—a platform, a fund, an aggregator. become the one who selects rather than the one being selected.

or accept that building is a different game, with different rules, and different outcomes.