On buybacks, fee switches, and tokens:

They aren't going to work... Here's why

- Current valuations of alts are still based on BTC's movements, and most will still bleed to BTC in the short term

- Despite the memes calling for going "back to fundamentals" most investors are not yet on board with that philosophy

- Why? Lack of sophistication and nuance. Alts, even the high quality ones, are just seen as "alternatives" to BTC and not as products/businesses that just happen to be on chain. Is this a marketing issue? Maybe.

- So buybacks and fee switches have less of an impact vs. macro or even just silly marketing stunts

- I'm not saying it will be like this forever, and a push for more traditional valuation methodologies is good. It has to start somewhere so it's not entirely useless to do them and make them more 'normal'

- The tied is turning though, and we'll probably start seeing a move to proper fundamental analyses underpinning prices after one more shakeout cycle. It's going to be an ebb and flow