your friendly neighborhood IC

I find this the heart of the pro-ETH side of the ETH L1/L2 vs. SOL debate

Generally, the argument seems to have coalesced around ETH being valued more as a commodity asset, not a cash-flowing asset
Whether or not you agree is a different question

My stance is to have exposure to both, since I find both sides of the argument very plausible

What do you think?

25/ PE DCF makes total sense for type 2 tokens where it IS the anchoring valuation metric, but it's literally nonsensical by definition if the asset does not represent labor, governance rights, or a social contract to potential future profits from products.

26/ $ETH the asset has no product, IT IS THE PRODUCT, just like $BTC. Ethereum the blockchain is one amazing product of many for the $ETH holding community similar to L2s being products. L2s are innovative economies that are devoted to increasing the commodity premium of $ETH the…

sam.frax

I find this the heart of the pro-ETH side of the ETH L1/L2 vs. SOL debate

Generally, the argument seems to have coalesced around ETH being valued more as a commodity asset, not a cash-flowing asset
Whether or not you agree is a different question

My stance is to have exposure to both, since I find both sides of the argument very plausible

What do you think?
https://x.com/samkazemian/status/1850680421404791154

If ETH doesn't scale L1, Bitcoin probably eats its lunch on L2s

Teams like @AlpenLabs are already building ZK rollups &amp; @StarkWareLtd exploring settling there now

Only gets better w/ future Bitcoin upgrades

Then Bitcoin has settlement, decentralization, &amp; better money in BTC

@jon_charb @AlpenLabs @StarkWareLtd Yep. Moneyness is the starting factor. 

People want to hold BTC because it’s great money/SoV. There’s incentive to hold it even if it’s not expressive. Once that’s the case, there’s a natural push to build out more expressive layers. 

ETH approach is the opposite— make it as…

Myles Snider

building a crypto hedge fund | /comma, comma.org/, & /ic | in pursuit of more aliveness | prev: founding team @ Tally Health, investor @ L Catterton

entrepreneur, writer, and former professional chef / mylessnider.com

Saw this, I find it super interesting

I'm not *fully* convinced of any 1 of these narratives enough to exclude the others out of my portfolio, so my L1 portfolio is:

~50% BTC
~25% ETH
~25% SOL

I'm thinking of moving some of my ETH to get greater exposure to leading L2s to hedge the end state possibility that they do "steal" more value away from ETH, but my main idea is to play all of them until and as new data/theories come out that sway my conviction

Thanks for the thoughts 🫡

My thoughts related to this: 

https://x.com/myles_snider/status/1851023975633338747

I think burn could pick up but I do believe the right way to think about it is in the context of decreasing supply of a commodity asset

Not increasing revenue of a cash-flowing asset

The interesting thing about ETH is that it can do both I wouldn’t be surprised to see ETH burn to pick up in a proper bull market driven by L1 execution eventually add MEV burn to that as well