The intellectually honest approach to crypto is to acknowledge bitcoin’s block reward has no realistic solution but respecting the price action enough to ask why It doesn’t matter because crypto is an escape hatch for a system that will collapse long before the miners leave Once you accept this premise many other cryptocurrencies start to make sense as they are effectively liquid instruments to move capital out of a collapsing system. Their economic sustainability is unimportant so long as they “store value” Mimetics make sense because liquidity is linearly correlated with the utility in the above analysis XRP and proof of authority coins do well bc it’s not about utility and centralization actually cuts network inflation. Xrp and hype are cycle winners. One has “cash flow” and the other doesn’t but both are up which tells you that the market values a secret third thing (a single massive market maker adding liquidity) The best way to understand the ETH run is that now banks and financial institutions are being directly encouraged to participate in the systems collapse and will do so gleefully Bitcoin wasn’t blackpilled enough. Satoshi thought you needed a hedge for a broken system. He didn’t realize the system would opt directly into its own destruction