I thought the long term value analysis of Ethereum by Pitchbook was excellent. Below are some of the points that I found to be most salient (link to the full analysis at the end of the article). Economics We are not entirely convinced the Medium of Exchange  (m=pq/v) theory is an appropriate representation of new and young digital economies like Ethereum, so it is possible value accumulation will be driven by different factors. However, we do believe the nature of the Ethereum economy will lead to miners capturing a much greater portion of value than token holders. This is likely driven by the shift to PoS, which dramatically lowers the cost to maintain the network, as well as leads to greater token velocity when a growing number of dapps pay more transaction fees associated with computational processes on the network.…