Published: April 27, 2025
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1/ Bitcoin is inherently a zero-sum game. BTC succeeds if it is the *only* digital store of value. BTC wins most if civilization (eg USD) loses Ethereum is a positive-sum game. ETH succeeding means L2 tokens succeed, DeFi tokens succeed; total GDP of the onchain economy grows
2/ Is there some value leakage? Maybe; ETH disrupted itself to lower fees for a wave of horizontal scaling (L2s) Amazon did this. Tesla did this. Uber did this. Then they became category killers. ETH will too. Then - when ETH ascends to digital store of value - everyone wins.