The most valuable assets in an economy are often the hardest to price. In the 1990s, the business world misjudged the Internet. This wasn’t a failure of imagination; it was a failure of frameworks. Analysts tried to value the web by tallying up the revenues of companies like AOL and Netscape, missing the deeper significance of the open public infrastructure beneath them. The visible companies were easy to price. The invisible protocols powering them were not. In those early days, the market could price a modem, but it couldn't price the ability to send an email to anyone on earth for free. Today, we are repeating that mistake with Ethereum.