@balajis.eth
I think where it actually landed up is:
Bitcoin > Fed
Exchanges > banks
Ethereum, Solana > tradfi
Stablecoins > fiat
And Farcaster/Base/Zora are just starting to take on social.
The rest of big tech isn’t yet directly touched by crypto-based competition but eventually it will be (eg ENS/SNS vs Google login, hardware wallets built into pre-crypto devices).