The article argues that crypto is overvalued because it lacks the strong network effects seen in successful platforms like Facebook. It highlights that crypto users are priced significantly higher than Meta's, despite lower retention and monetization. The author concludes that current valuations reflect an unrealistic expectation of future growth and network benefits.

Discord has filed for an IPO amid a tougher economic climate, with its valuation reportedly halved despite revenue growth. The article discusses the implications of this shift for social networks and highlights the challenges companies face in proving monetization strategies.