Highlighted by Kristaps Taube
However, this does not mean that market participants are “irrational fools” chasing dreams, who only end up holding lemons when the market plummets! All this means is that without a controlled environment all participants will act in their own self interest, and unfortunately the long term investors or late adopters will end up losing out as the market corrects to find its fundamental value. In many cases the fundamental value of many tokens may be zero as the market realises some projects are the equivalent of trying to create Netflix on 1995 infrastructure — where the early stages of the technology and or lack of adoption means timing is misaligned [10]!
…duct let alone established product market fit, so models for supply/demand are few and far between. Ultimately the only tangible basis to assess any form of utility and hence value offered by these assets is based on what the issuer provides, either through a white paper or other forms of communications.