Billions of long-term users for the most important technology in human history isn't a premise of fake cash in a circular economy.

You might as well pretend there's no money in search or social media.

1999. That Google, it has no serious business model, it'll never make real money. Hello GoTo.

2006. That Facebook, it has no serious business model, it'll never make real money.

One more: 2020. That Uber, I could clone an MVP and kill them over the weekend if I really wanted to. That's a side project at best. They're bleeding to death anyway, losing money hand over fist, they'll never make it. They have no moat at all.