I’ve been around long enough to have read Burniske’s book on “Cryptoassets.” The book had a valuation model for these assets that was essentially nonsensical. Of course, he wrote it so early that prices of each of these assets is much higher than they were then. This gives him validation, but it’s false validation. Like the guy who successfully predicted the stock market crash of 1929 by applying the law of gravity to stock prices, this won’t end well for him.

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Chris Burniske (@cburniske) on X

A plethora of highly valued L2 competition on Ethereum, while Bitcoin really only has Stacks and Lightning in the general-purpose L2 race (thus far...