[cslarson]

you are stuck on NFTs and Bitcoin then. many would agree that these don't hold fundamental value and worth debate. but does usdc on Ethereum have value - probably if you pay taxes. does a token representing a share of a house, or a leverage protocol that's making bank? the token that makes that all possible (ETH), does it now have value because it enables things of value? yes!

anyone can publish a website or a blog post but not all the websites or blog posts are valuable. this does not invalidate the web. the signal/noise simply changes because now it is permissionless and low cost.

[billjings]

USDC only has value because it's pegged to a non crypto asset. Is there a crypto asset with its own clear valuation?

And Eth - it is easy to say that it should have value. But what value should it have? What's my investment model for eth? As I said in my original comment, the value of the whole Ethereum system doesn't necessarily make Eth valuable. Beachfront property is extremely valuable, but that doesn't make sand a good investment.