https://www.stephendiehl.com/blog/crypto-absurd.html
Tis a very strange phenomenon that we as a civilization are allocating so much time, effort, energy and CO2 emissions towards an initiative seemingly backed only by a set of loosely-overlapping narratives that nobody can agree on. The value of everyday things like wheat, metals, semiconductors, and even synthetic products like stocks, interest rate swaps and bonds are well understood. We have rational valuation models for these products and there’s a market that purchases these products because of their intrinsic value or exposure they bring to collective human economic activity. Crypto on the other hand is a seemingly intellectually circular product that cannot justify its existence in terms of anything but appeals to the political. Crypto seemingly exists simply to trade more crypto on purely ideological purposes attached only to several seemingly incoherent stories. The multibillion dollar question right now is what type of asset should crypto tokens be considered as. There are four competing narratives on this subject we will discuss.