Smart contract platforms will either become “Stores of Value” or we will rationalize their high prices with some other meme (e.g. “Defensibility”). There’s no way around it—marketcap is directly proportional to security.
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{being *something* e.g. a SoV} attracts security, which is *absolutely necessary* for smart contract protocols, which are *absolutely necessary* for decentralized apps to operate. I don't care what you/the meme gods call it -- SC platforms need to be valuable to be defensible.
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If SCPs have v. high potential value, but *only* work if the native token becomes widespread SoV, then maybe this creates a Schelling point of sorts for the token as SoV. All else equal, the fate of many dApps resting on the token becoming SoV should increase prob. of success.
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Because SCP "need" to be secure to work doesn't mean they will be secure. It's hard for any SCP to compete for SoV against BTC, especially once you factor in that the market for free market monetary media is likely to be winner-take-most if not winner-take-all.
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