alxcii

If your mental model is that blockchain networks are like highways, blockchain companies are more like carmakers (for example, you need a car get on the highway -> you need a fiat off/onramp to get on the network) or construction firms (you need to maintain/build on the highway -> you need contract auditors/devs to deploy your app). If you want to own the highway (I would say you should since it's clear most of the value in crypto has accrued to the protocol layers) you should really own crypto directly.

https://mirrorprotocol.app/#/trade

Thanks for posting this Add another +1. Thank you. I'm heavily invested in Ethereum and yet I am having a hard time seeing where he is wrong. Sold my ETH and NEO for BTC today after reading it. First post. It seems to me he is using the equation of exchange incorrectly - P*Q should be total transaction volume on chain, not the value of computation behind it. It would be like valuing a fiat currency by the value of the government/police/gold/infrastructure/etc backing it, not the aggregate value of transactions.