Alliance DAO co-founder: The blockchain moat is narrow; even the strongest crypto businesses are only in the middle tier.

Alliance DAO co-founder qw shared his personal ranking of "business moat levels in different industries" today, pointing out that the moat of blockchain itself is very limited, only about 3/10. QW's moat rating system is as follows: 10/10 (strongest moat) Microsoft (key SaaS) Apple (brand + development ecosystem) Visa/Mastercard (payment network effect) TSMC (IP + physical infrastructure) 9/10 Google (search and AI IP) Amazon (e-commerce network effect + logistics infrastructure) Moody's, S&P, FICO (regulatory-driven + brand + rating network effect) Large-scale cloud computing (AWS/Azure/GCP, etc.) 8/10 Meta (social network effect) Nvidia (IP + CUDA network effect) 7/10 Tesla (strong automation technology, but cars are still commoditized) 5/10 Best crypto business in the industry 3/10 (narrow moat) Public chains (blockchains) QW further stated that a weak moat is not necessarily a bad thing, but it means that the team must be able to continuously lead innovation, otherwise they will be quickly replaced. He also rated Bitcoin as 9/10 and ASML as 10/10.