> Compare to the 'fat protocol': The protocols are tough to write, and tough to implement. The value is captured at the protocol level, not the app level, so there's little incentive to create inventive apps.

I think the basic claim of this article is wrong. The false comparison comes from comparing the market cap of bitcoin and ethereum to "market cap" of existing protocols. There is no way to measure value of protocols before bitcoin. Therefore the whole basis of the article sounds like bullshit to me.

It is quite easy to write apps which use bitcoin protocol. Also many bitcoin businesses are quite profitable. Not billion-dollar businesses but very good businesses when you compare to the capital invested etc. Also they might be even better businesses longer-term, as the market develops. There is also loads of smaller brokers, gambling sites, atm operators etc who make small living out of bitcoin.