Yes, as I said in my article, I agree there is value there. But how much? How do you say Ethereum should have a $200B market cap? Why should it be that? Why not $300B? Or $50B? It does the same thing at each valuation and provides the same return to its tokenholders at any of those values as well. ZERO. The only way token holders collect a dime is by speculating on the price. There is no quantifiable underlying "value" to the network. It's worth something, obviously. But how much? Bitcoin you can quantify and say it is better than gold and thus should be worth more than gold. So, at $1T it still has a long way to go. What is Ethereum actually worth and what SHOULD it be worth? Nobody knows.
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There probably is no answer to that question.
In my opinion, the market cap should be equal to their assets. But its hard to guess the accurate price of a token because its based on what a person is willing to pay. This changes over time and fluctuates way too much. However I think ETH paved out a paved out a possible path for crypto but its not sustainable with the current protocol. The entire problem with gas fees and the change of protocol makes me not want anything to do with ETH. Therefore in my head, ETH has a marketcap of $20B. I can't think of it being more given the problems in the entire chain.
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Totally agree: the "value" is what someone is willing to pay for something. I'm just trying to figure out how you go about placing a value on any of these. The network is really the most valuable component but how do you monetize that? Maybe if you base it off number of wallets holding it? I don't know.
Like I said, there's no question it's worth something. I'm just trying to decide how one determines if it's current value is too high or too low.
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