Two of the sharpest minds in this space — Santiago Santos and Haseeb Qureshi — just went head-to-head live on stream (hosted by ThreadGuy), debating a single question:

Are Layer-1 blockchains massively overvalued… or just misunderstood?

Crypto Twitter was READY. The memes were flying. The egos were high. And for an hour straight, both sides unloaded clip after clip of data, analogies, and straight-up jabs.

Here’s the summary — clear, simple, and without the noise.

Santiago essentially walked into the ring carrying a spreadsheet and a shotgun.

His argument was simple:
The numbers do NOT justify these valuations.

He dropped the bomb everyone keeps repeating now:

“ETH is a $380B asset doing $1B in fees. That’s a 380× price-to-sales ratio.
Amazon — at the peak of the dot-com bubble — only hit 28×.”

Santiago basically said we’re living in Fantasy Land.

He compared it to software vs. the internet in the early 2000s.

• The infrastructure didn't get all the upside.

• The applications did.

His take: L1s are not where the big money goes long-term.

This one had CT losing its mind.

“Western Union trades at a 4× P/E ratio.
Solana trades at maybe 100× that.”

Translation: WU is boring, but it actually prints cash.

L1s? He thinks they’re the new bubble.

Haseeb countered with a very different worldview:

“If L1s didn’t have moats, you should bet on reversion.
But that’s not what we see.”

He argues:

• Ethereum held dominance for a decade.

• Solana rebuilt after FTX.

• Avalanche and others carved out niches.

Moats = real.

Haseeb dropped the Singapore analogy:

“Ethereum is like Singapore — you don’t value it by tax receipts.
You value it by the wealth built on top of it.”

Meaning:

• ETH isn’t just a “business.”

• It’s a whole economy.

His restaurant analogy cooked:

“There is no restaurant with a moat.
But there are cities with moats.”

Cities grow because:

• Culture

• Network effects

• Capital concentration

• Talent flows

He believes L1s operate the same way.

Depends on your bias.

The energy was high, the data was flying, and the debate felt like the first real macro-philosophical clash of this cycle.

This wasn’t just about ETH.
This wasn’t just about Solana.
This was about everything:

Where value will actually accrue over the next decade in crypto.

Twitch.tv/threadguy

Today’s debate gave us something we rarely get in crypto:

Real thought.
Real math.
Real disagreement.
Zero cope.

More debates like this need to happen.

Let me know which side you think won — I’m covering every angle as this story develops.

— C. Scott News (CSN)

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