Discounting future c…ed economic growth). However, this equation is often mis-applied when evaluating productive assets. Rather than treating all digital assets as money, some should be evaluated as businesses. Discounting future cash flows to their net present values is one example of a sufficient valuation approach. The more things change, the more they stay the same.
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.