[jmonegro]

> There is no way to measure the value of protocols before Bitcoin

The point is not to compare the market cap of Bitcoin or Ethereum to the market cap of previous protocols at all. The point is precisely that the previous generation of protocols created immense value but most of it got extracted at the application layer while, as you said, there are many small but highly profitable Bitcoin businesses, but the bulk of the economic value is in Bitcoin itself, not in those.

Contrast that to the web where there is little economic value in the protocol and a lot of economic value in web applications.