2/ Margin accrues at the top of the value chain. Why would crypto be different? Level 1 tokens should be subject to the same competition as AWS or memory chips.
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3/ If AWS surged 10X in price, you’d move to GCP. If Java license cost grew by 3,000% overnight, you’d switch to C++. End-users wouldn’t care about the difference.
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4/ If Ether surges in price, doesn’t CryptoKitties v2 just shift to NewCoin?
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5/ P.S: Margin often accrues at many points of a chain (CPUs, LiDAR, etc) but I don’t see the moat equivalent here.
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