The most valuable things in an economy are often the hardest to price. In the 1990s, the business world misjudged the Internet. That wasn’t due to a lack of imagination. It was a lack of the right framework. Analysts tried to value the Internet by tallying up companies like AOL, Yahoo, and Netscape, without realizing the deeper significance of the open public infrastructure beneath them. The visible companies were easy to price. The invisible protocols powering the system were not.
In those same early days of the web, the market could price a modem, but it couldn’t price the ability to send an email to anyone on earth for free. Today, the market can price a token, but it seems unable to price the “trust dividend”: the ability to transfer value, settle agreements, and enforce ownership without a centralized intermediary.
Today, we’re repeating those mistakes with Ethereum, the emerging programmable settlement protocol layer, often described as a blockchain. But Ethereum is not just a blockchain; it is the infrastructure for a high-trust, low-friction economy, and right now, that infrastructure is trading at a massive discount to its true value.
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