When I was working on HTTP, I used to say, "there's no money in protocols". Then crypto seemed to prove that wasn't entirely true. But as the real applications emerge on chain, we realize it is in fact true. Similarly, tether & usdc accrue the value as applications. The money has always been in
@mikebelshe·Jul 14, 2026·2 sources·neutral
Read articleAI Summary
The author reflects on the idea that value in crypto, like in HTTP, lies in applications rather than protocols, citing Tether and USDC as examples.
All Sources
When I was working on HTTP, I used to say, "there's no money in protocols". Then crypto seemed to prove that wasn't entirely true. But as the real applications emerge on chain, we realize it is in fact true. Similarly, tether & usdc accrue the value as applications. The money has always been in
@mikebelshe
Jul 14, 2026
There is one thing that has always been true: apps are worth more than infra in the long run. Some examples: Internet: ISPs were huge in the 90s, but they are now tiny in comparison to apps built on top of their infra, eg Google, Meta etc Mobile: telcos used to make indecent money selling minutes
@randhindi
Jul 14, 2026