idk, these DATs make me nervous already - mNAVs compressed, trading at or below 1 - BMNR has to buy back its stock while also buying non-ETH assets - BTCS launched the ETH “bividend” but price still fails to rally, mNAV at 0.66 For ETH it is most worrying. DATs pumped ETH, but now struggle as retail is not buying the ETH story. For ENA, SOL, HYPE it's still earlier days so perhaps can do better. Most DATs were random businesses before pivoting to crypto. Pure mercenary capital: • Convano – Japanese nail salon • Metaplanet – hotel chain in Japan • Kindly MD – cannabis healthcare • Smarter Web – UK web design agency • DDC Enterprise – meal kits & cooking media • Eightco – packaging & e-commerce funding • SharpLink – iGaming affiliate marketing • Forward Industries – device cases • Upexi – consumer brands roll-up (thx to chatgpt for the research for this list) It's really the moment when in 2017 companies added "blockchain" to their name and stocks pump. We all know these Ponzis will collapse but we think it's still early. Thoughts?

They say that you most worry about the things you either really know nothing about or know too much about. Maybe I just know too little to be worried and they are too smart for me

Let me comment on ETH dats specifically. I think sometimes you may react too much to short term price swings. (You might counter and say - but you’re an ETH maxi and react too little - fair!) ETH dat companies are not ponzis any more then ETH the asset is a ponzi. They are not debt financed at this stage. Some have expensive startup costs and advisor fees which isn’t great - but in the worst case they’re higher overhead but higher yield ETH plays. You’re seeing Sept weakness/momentum loss for ETH the asset and it’s reflecting in lower mnav - which makes sense in downtrends given dats have a negative liquidity prem vs ETH. How ETH dats do over the next 6-18 months is going to be based on how ETH does, and you can take a bullish stance on that or a bearish stance. In July ppl were more ETH bullish in September more worried - maybe it’s just sentiment following recent price. Not a good way to invest.

I agree on all except: - eth is not a ponzi. That’s clear - DATs are much more ponzi like structures But I will take your optimism as my eth bags grow heavy