What needs to happen for coinbase? In a world where crypto is really working, what’s to stop competitors from eroding their margins?

Be a tech company with networks effects than a brokerage.

Of Helmers 7 powers network effects seems like the one most disrupted by crypto In other words, do network effects in crypto accrue to the company or the protocol?

Disrupted in the sense that they may no longer lead to long term differentiated returns, not that they don’t exist