lawson baker
Jan 17 · 1 min read

The point you are making here about valuation being a function of cash-flow is valid. However, it is not always associated with a business or equity. For example, cash-flow from interest payments on a loan is not equity. Additionally, while many cryptocurrency protocols are centralized and most definitely look like a business and security, this is not true for all examples or at all moments in time (i.e. centralization is a spectrum that is always changing and could become decentralized / not a security). From my stance, the focus should be on new economic activity and its value.

    lawson baker

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    :: relayzero | @tokensoftinc | @manosunidas | previously @synapsefi + investment bank | i am not your attorney + post are not legal advice ::