the fact that Arb token is up like crazy tells us how little value most people in those chains put to decentralisation. It simply doesn't matter

Those guys are running an L2 that is selling the "belief that it's inheriting L1 security" although it's not .. because in almost all parts of Arb is centralized at least up to now

they went for a "DAO" vote to later on find out that it was just a joke.. that votes didn't really have value

Yet, the coin is up in price. difficult to understand how people places value into tokens like that

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They don’t.

Greed is beyond comprehension and so many people are watching their world burn that they will take any chance at changing it.

Sadly, this just makes it worse.

People that value decentralization use bitcoin. All the rest is greed and has more in common with a financial security than it has with bitcoin.