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ultimately, ETH is chicken-and-egg for network security. if L1 isn't the critically secure basis of future applications (even if they just juggle between rollups), it's really hard to see "WW3-resistant state" as a monetary hedge.
imho, RE & gigs are the two forks of "cash-positive" business. one has equity, and the other should as well. 11x valuation on a based L+ w/ gigagas seems like nothingburger. if we demonstrate a closed-loop surplus on property with equity, then compound that by network security into perpetuity, then I think the intergenerational SoV can be tokenized, which Bitcoin can't do to the same extent.
atm, it's encumbered in a way that a VCchain's culture can capitalize on more futureproofing at the application layer. it seems pretty clear that ETH-native VCs have overindexed on spendthrift picks & shovels, so I'm kind of waiting for a BNB/Tron-shaped shoe to drop where there's significantly less red tape, lifestyle creep, & unsaturated market. 1 reply
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