David Hoffman

Like how easy is it for somebody to change

And like if you look at something like Solana, which has 800 validators versus Ethereum, which has like almost a million validators, more people are kind of like realizing that like sovereignty is really the most important property and not kind of like transaction speed or some of those things that are just kind of like slower databases.

Yeah, I mean, the S&P is a great asset that has performed extremely well over time, but it is not money, right?

Because it's not a bearer instrument, right?

So if you own the S&P 500, you're accepting counterparty risk, right?

Your stock is stored in your brokerage account, right?

And then there's counterparty risk of the company as well there.

So it's not really money that you can transact with.

So the biggest thing is just that it's not a bearer instrument.

So that's what separates like a monetary good where you could take actual possession of it without having to rely on a category.

So that would be like the big thing that's different.

But yeah, I am bullish on the S&P 500 as well.

I think the biggest risk is technical risk, probably.

There's a lot of upgrades in the pipeline over the next three years of the ZK, EVM, the post-quantum upgrades.

I think I'm less concerned today than I was a couple years ago about competitive risks.

I think at this point, Ethereum's network effects are...

mostly unassailable, right?

It's like 60% of DeFi, 60% of stable coins.

That's where the liquidity is.

That's where the institutions are.