RFOF = Refocus on The Flippening.
Tokenomics of ETH is essential because in the real world price appreciation is attractive, NOT your fancy math theories and egghead talk.
Now the gist of why Bitcoiners actually need Ethereum to succeed but don’t know it yet.
Engineers are forgetting Economics and Tokenomics. Without ETH as a solid token (with a high price) the crypto world will collapse and only Bitcoin will be left. The funny thing is the Bitcoin Maxis would stupidly cheer for this without considering the true implications. We must support ETH layer 1. We need laser focus to beat the Bitcoin Maxis for their own good.
Chief priests like Michael Saylor don’t want to see DeFi succeed because they want you to walk into one of their brick and mortar branches (that they plan on opening) and deposit your BTC to borrow against, like TradFi. It’s insane! They’d rather have old fashioned banks and paperwork. Then they’ll dish out special rates to their friends and once again we have an unfair financial system. DeFi enables BTC HODLers to unlock the value of their BTC by bowering against it in a decentralized way so that you don’t have to beg, plead and kneel before some banker in Michael Saylors finance company or to some dude on zoom working for Jack Dorsey’s Cashapp, or the worst, imagine making baseball cap wearing thug Jack Mallers upset because you spoke of ETH, your BTC will suddenly get frozen or you’ll be kicked out and told to find a new lender within 7 days or get liquidated. This will happen when BTC experiences a pullback and they’ll rob you. This is why BTC actually needs Ethereum and why we need to focus on ETH price!
Ethereans seem to forget this. While Bitcoiners seem to forget that DeFi is their friend. They’ve been brainwashed into seeing visions of an old fashioned Wild West Wells Fargo where you deposit your Bitcoin and borrow against it then go to your wife, 5 kids, ranch, Bible and slaughter animals for your carnivore diet. Well here’s the thing; their Ponderosa, Dr Quinn and other mountain man visions are foolish and not everyone believes in talking bushes and pregnant virgins. So The financial system won’t change because they wish it so, no matter how many books Saifedean churns out. I’m a realist!
In addition you should read “The Darkening Age” by Catherine Nixey to understand why this religious theme that the Bitcoin Maxi Crusaders have taken is very dangerous for Bitcoin itself in particular and Crypto in general. Essentially they’re trying to turn a valid financial tool (digital gold) into a monotheistic, bigoted religion. They’ll use any tactics, brainwashing, lying, suppression, aligning with dictators, anything just to keep people scared. It won’t work in the long run and will actually harm the credibility of the whole crypto space. We need to save them from themselves and the only way to do that, the main language of the masses is ETH price.