once it occurred to me, the cryptoeconomy is pretty circular - we're basically all just sending money to eachother in exchange for different assets. this made me kinda bearish, "it's all froth", "there's nothing there"

but every economy is circular at the end of the day - just at different levels of scale

Crypto is still at a stage where fundamentals don’t really matter it is all about price action and story, and it will remain so until we get an app that attracts and monetizes normies with something other than a financial product that preys on greed.  Until then it is degen mode!