The main misconcept regarding crypto tokens and coins, is that "they have to capture value".

It's simply not true.

This is partially the reason that crypo will always be a 100% extraction market and not value capture. It MUST represent a share in the business or capture a % of the business value in real terms, but they don't.

Best case to date is tokens that capture part of the revenue. But ultimately the bridge that has been built across a river, does not capture value.

Think the dartford crossing, it's the people who tax or own the crossing, that capture value.

Same for blockchain technologies, the block technology IS valuable and IT IS used, to great effect. But that doesn't mean the scam coin for a chain has to capture value, what it means is, THE BUSINESS, behind the technology utilise it, to capture value for themselves.

It's simply a new set of rails to do business on, for businesses. Plenty of great use cases. This means ultimately, you HAVE to go back to trad-fi atleast in the sense of owning companies. We'll see stocks on the block and tokenised whhich is great.

But ultimately all value gets captured by the business owners, not the plumbing.

If you're misguided on alts and alt seasons etc etc, just read this for the reality and start shifting your long term bias. If an alt season does happen, like truly happen, it's ok to miss it. But we won't see 2021 again, everyone knows by now it's a full extraction market and not value capture.

🙂