Clip: https://x.com/theempirepod/status/2057836660377702739?s=20
Full video (Eth part starts at 36:15): https://x.com/theempirepod/status/2057815796101890425?s=20
Link to video: https://x.com/therollupco/status/2057106567560863916
"L2s were a failed experiment. App chains were a failed experiment outside of Hyperliquid."
Logan Jastremski reveals why he hasn't thought about Ethereum since 2021:
"L2s never made sense. A transaction is just bytes. An L2 compresses 5 bytes to 1 byte. If you want compression, why apply it to a low-throughput chain instead of a high-throughput one?"
"Ethereum is mostly an artifact of people making money in the early days. From an institutional and product use case standpoint, it's largely dead. The most overvalued asset in the world."
Let's face it, Ethereum lacks a ton of fundamental value:
Crypto as a whole is great for some niche use cases like grey and black markets. However, most of the world doesn't run on this and uses fiat banking systems which work great and have lots of protections for example privacy and the ability to rollback transactions when something breaks. DeFi will not take over everything but will solve some niche problems like some types of businesses that banks don't want to support, or for example black market trade across sanctioned countries. These are all niche cases, however. If you are betting on Ethereum or other DeFi taking over the whole global economy, I think you are sorely mistaken.
You have basically been buying into a bubble, it has very little fundamental value relative to the price, and charlatans like Tom Lee who is a part time employee is using his perceived financial and economic guru status to con you into buying BMNR when it's simply a bad investment. My advice is to stick with growth stocks in general. Let the crypto bubble deflate until it's back down to reasonable prices.
My price target: BMNR to $4.50
I don't currently hold either a long or short position.
Everyone is dumping due to low amount of fundamental value of Eth relative to the market cap and poor sentiment in my opinion. Because Eth lacks fundamental value, at least compared to things like stocks or real estate, only sentiment can really drive the price. Eth adoption hasn't been very fast and isn't helping the price due to low transaction fees relative to the market cap.
The ultimate economic value is also vastly overstated, in my opinion, since the use case really only helps in trustless black and grey markets, which will always remain a niche. Centralized finance and other chains also work pretty well. Centralized finance particularly enables more privacy and higher TPS through centralized databases, less security flaws, reversible transactions, and easier to program correctly.
Do you guys actually expect it to go up or is it just hopium someone buys your bags at this point? I already dumped my BMNR at $31 and doing much better with my AI related stock investments. Good luck everyone. BMNR lacks fundamental value, it’s a wrapper on top of some computer bits that have no reason to gain further value.