Mechanism Capital co-founder Andrew Kang has publicly criticized BitMine chairman Tom Lee's investment thesis on Ethereum, labeling it as 'nonsense' and a 'combination of financial illiteracy.' Kang took to social media to refute five of Lee's key arguments, which include the growth of stablecoins and real-world assets (RWA), the 'digital oil' analogy, institutional buying, valuation comparisons to financial infrastructure firms, and the use of technical analysis. Kang argued that Ethereum's daily transaction fees have remained flat since 2020, attributing this to network upgrades and a shift in activity to other blockchains. He contended that Lee's bullish stance on Ethereum lacks factual support, challenging the validity of Lee's investment rationale.