> I think the large caps in web3 (BTC and ETH mainly) will start to attract more interest from investors and should do well in 2023. I am more bullish on ETH pe

> I think the large caps in web3 (BTC and ETH mainly) will start to attract more interest from investors and should do well in 2023. I am more bullish on ETH personally because it has the best underlying economic model of any web3 asset. It's bizarre to lump Bitcoin and Ethereum together at this point because the value propositions are so different: - Bitcoin: censorship-resistant money - Ethereum: tokens (i.e., unregistered securities) Reading between the lines, I think what the author means by "best economic model" is that censorship-resistant money has a smaller market than tokens. The problem is that a token economy without censorship resistance will face constant regulatory pressure. Proof-of-stake gurantees that increasing legal pressure applied to exchanges will find an outlet at the protocol level. All of the people in denial about this are going to wake up to a new reality in which those dreams of decentralized organizations and free token economies are shut down in spades by regulators who see the obvious and have the power to clamp down on it. Without censorship-resistance, any financial system you try to build ends up looking exactly like the old. And that growing lack of differentiation offers little incentive or reward for the risk involved. This is going to be an extremely hard lesson for a lot of people, including the author I suspect.