ln
ln(x)
is how you would write the natural log of xln()
that is literally the natural log function, it was largely ignored on Web 3 Twitter.
Netflix, Amazon and Facebook took off like wildfire out of the gate. Amazon’s first landing page looks tacky now, but it was functional: it was an online bookstore that tells you if they have a book, and you can buy it and they ship it to you. The adoption rate was very large immediately.
The questions around Web 3 are very much centered around base functionality. This stuff doesn’t do what people say it does and it overwhelmingly exposes people to unnecessarily high risk and the burden of risk.
Final conclusion
“Bitcoin-the-currency is an investment, and its underlying is Bitcoin-the-service, which provides value by facilitating permissionless digital value transfer” is incorrect, as the value of those two are not connected. Bitcoin-the-currency is therefore an “investment” with no underlying. What remains is “Bitcoin-the-currency is something you can buy, and hope to sell, in the future, to a greater fool than you”, and nothing more than that. This is a scam. Call it a pyramid scheme, call it a ponzi scheme, whatever. New “investors” buy in, which pays out old “investors” cashing out. There is no actual underlying economic activity into which you are “investing”. There is nothing that can provide “returns” other than potential future greater fools continuing to “invest” and thereby allowing you to cash out.