The conversation with and was odd and confusing … (1) Networks and network effects are exponential and should not follow the power law. (2) Debt is a priority claim on assets & associated cash flow. Equity is a residual claim. (3) The interest rates for debt issued when bitcoin is successful would need to be equivalent to appreciation rate of bitcoin. (4) When the capital comes for bitcoin, it won’t follow the power law. And it won’t happen gradually. (5) Matthew has a lot of inconsistencies in his positioning. Anchoring on the Power Law but then struggling to reconcile and explain the implications of increased bitcoin adoption. Felt FUD-y after listening to it.