the best argument for why l1 tokens r not grossly overvalued if u believe they can become non-sovereign store of value. in other words, if u believe they r good hedges against btc. there r at least 2 major risks btc will face in the coming decades: - security budget - quantum resistance the thesis is that btc is relatively ossified and may not move fast enough to address these issues ofc i still believe btc is by far the best non-sovereign money and the most likely one to replace gold, but if u want a good reason to hold l1 tokens, this is it. u r welcome, l1 token believoooors.

this is probably the best essay ive written (and its been 8 years)