all unpegged tokens without explicit cashflows for token-holders, are, for all intents and purposes, money-competitors. The fact that there is, still, even $47B of wealth stored ‘inside’ ETH, is a temporary mistake and exuberance which will unwind. ETH is overvalued.
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I agree they are different in nature but there is still a "flow" that occurs. Call it ETH-flow. Stakers benefit assymetrically from inflation for securing the network and perhaps that makes the whole system unfair. That said, cant we still value that eth-flow?
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Money valuation is purely subjective
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Also the models I’ve seen for staking are not economically attractive at all.
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Me neither. I'm pushing myself to think about those types of models and if they could ever work like securities with flows that drove value.
End of conversation
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