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The point is that holding Apple stock is a claim of ownership of the assets of Apple as well as the future income of Apple, either in the form of dividends or stock buybacks.

The activity of Apple is economically meaningful; and the price of Apple stock reflects that.

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Why are you comparing a currency with a stock? What is the claim of ownership for USD for example?

The ability to pay taxes.

The activity on Ethereum is economically meaningful, whether you believe it is or not. And let's be honest, Netflix or Facebook could disappear off the face of the earth tomorrow and productivity would arguably increase, so is that a negative sum game?

OK but I'm responding to a claim about BTC.

The activity on Ethereum has the potential to be economically meaningful (there's a separate discussion on whether or not it's the best way to do it) but I don't think it currently is.

What is people extracting from the Ethereum ecosystem that isn't USD?

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