Crypto's current valuation appears inflated when compared to traditional tech networks like Meta (Facebook). Users in the crypto space are valued at five to fifty times more than those on Meta, despite lacking the essential qualities that drive strong network effects—such as retention and monetization. The article argues that what crypto touts as network effects often resemble negative experiences; increased usage leads to congestion, higher transaction fees, and slower processing. Unlike Facebook, where adding users enhances overall value, crypto struggles with user churn and liquidity issues. The piece critiques the use of Metcalfe's Law, which suggests value increases with the square of users, pointing out that many assumptions behind this principle do not hold for crypto. The author provides a breakdown of market cap per user, revealing that while Meta has about 3.1 billion monthly active users and a market cap of $1.5 trillion—valuing users around $400 to $500—crypto (excluding Bitcoin) has a much higher valuation per user, ranging from $2,500 to $23,000, depending on active participation. The author emphasizes that crypto's economic dynamics are flawed, with value leaking to applications rather than being captured by layer-one protocols. This distribution of value suggests that the network effects necessary for a robust valuation are currently absent. While the potential exists for crypto to become a foundational layer for the internet, the article stresses that this future is not yet realized, and today's market prices reflect an overly optimistic outlook.