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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This is true: Just because they need to be valuable doesn't mean they will be valuable. But if they aren't valuable, they won't be secure, and will fail. There is definitely some circularity involved.
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Same thesis for Bitcoin though. If it's not valuable, the miners will not have an incentive to mine and validate blocks, and then it won't be secure and will fail.
End of conversation
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only if they will be competitive/superior as SoVs will they be secure, and the existence of BTC makes that an uphill battle