Strong argument! The discrepancy between today's valuations (durable monopoly) and the likely future (commodity with low margins) is really striking.

The question that still occupies me: How long can the fiat system sustain this mispricing? Markets can remain irrational for a surprisingly long time.

And do you think that quality differences between models might persist longer than with true commodities like electricity? Or does that level out faster than I'm thinking?

Thanks for the food for thought!