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new here. great piece, Alec! i do think that most token owners are in for trading, not for holding, and you’ve really fleshed out why here.

minor typo in your piece: “The Bearish Case for DeFiThe Bearish Case for DeFi”

and question: do you see ethereum doing well in the long term, or is it just a trade with a longer time horizon? concerns of its centralization have always prompted me to stay away from it, and the upcoming merge exacerbates these concerns from my pov.

would appreciate a reply!

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