Is building in public a launch cheat code, or does it just create an echo chamber?

Sharing our daily metrics, design iterations, and code struggles on social media brought us an incredible community of early adopters and fellow builders. The engagement was high and every update received hundreds of likes.

However, when launch day arrived, we noticed that very few of our loudest supporters actually converted into paying users. Most were cheering us on as creators, not actively looking for a solution to buy.

Does building in public help validate real market demand, or does it mostly attract an audience of non-buying peers?