Except for Bitcoin, all crypto asset prices are downstream of usage.

Better articulation

Two ways to increase asset prices in crypto:

1. attention
2. usage

Attention is easier but fleeting. Few assets can create ongoing attention. And even in that case, hard to compete with the attention / memetic Schelling Point of Bitcoin at scale.

The way to create ongoing value is transform attention to usage. 

But usage requires apps. Those can be onchain protocols, but likely also need retail / consumer apps to continue to scale.

Attention without usage eventually fades for everything else except Bitcoin. Half-life can be long.

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

Better version

https://warpcast.com/dwr.eth/0x6611bda1

How much depth of book?

What is the effect of selling $100M at the spot price on all these?

Here’s a better articulation

https://warpcast.com/dwr.eth/0x6611bda1

doesn't ADA/XRP/etc refute this? high valuations but no usage

So far, except for Bitcoin, all other crypto assets are just marketing expenses.

No usage, no value attention fades fast without utility.

USDC is turning into an unstablecoin 😗

People don’t wanna accept the fact that utility is key, hype can only take you so far

Usage is always the most important thing. Give a coin utility and users will come

Can Vitalik sleep soundly, or is he under constant threat? 😅