The problem is that it attempts to hold up the value of a literal monetary good, through some arbitrary compute “utility.” It’s simply not going to work. We will be able to do all of those same things *without* some huge, messy, blockchain with a very poor security system destined to end up centralized anyway. In the end ETH must compete as money. And if you aren’t willing to hold it and only want to use it for “its utility” whenever it seems to be relevant, you’re explaining exactly the dynamic that will eventually kill the whole system

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I basically agree with you. I think blockchains should only be used for the technology of Money (double spend), and all other technologies, including arbitrary compute, information storage and transfer, etc. are all better served by sovereign peer to peer systems + reputation protocols
There is some innovation buried in there. But you cant have a free market on top of a rigged system (which ETH is). You can have a free market on top of bitcoin, but there is not much appetite, and hence, liquidity. Free markets are great, but people have to want them.