Thanks very much for this. However I think there are limits to the extent that traditional macroeconomic metrics can be applied to crypto. As you’ve said, cryptocurrencies are the first “digital-native” assets — and along with that uniqueness comes uniqueness in financial attributes.
To give one example: A concept such as “velocity” has no bearing on an asset such as Factom/FCT, given that when FCT is used to access the Factom protocol, the FCT is burned.
Velocity is the rate at which money is exchanged from one transaction to another — but in the case of FCT, there is no “exchange” involved in the (non-speculative/trading) use of FCT.
Instread of exchange, there is an uncorrelated in/out bifurcation: When FCT are employed to use the protocol, they are burned. And, separately, new FCT are created at a constant rate of 73k FCT / month. So “velocity” does not apply to the FCT financial ecosystem.
To quote Factom’s founder, Paul Snow: “If people are spending 1 million dollars to put data into factom per [month], then 73K factoids should be worth 1 million dollars.” (This is of coures leaving the speculative multiple aside.)
Do you agree or disagree? Thanks again for prompting this very important discussion.