Hi Max, big fan of your thinking around LN. Thanks for doing this AMA (though I feel late to the party having just come across it).

I am personally uncertain about where value will accrue in the Lightning ecosystem, and that indeed it may be mostly to consumers. As big monopolies become undermined and inefficiency is trimmed away consumers will benefit, while proportionally less value will be redistributed to/captured by any one company than for Web2.

As an investor, how do you size this up –– and given positive lightning dynamics are beneficial to BTC price (with potentially even greater boosts due to network effect+SoV functionality), why is betting on LN companies better than merely on BTC?

To be clear I am a firm believer in BTC+LN and agree with your assessments of both, this is a question specific to converting those convictions to investment decisions.