Hi arhitekt. Great read and thanks for posting. Just a thought when considering the difference between marketcap and value. Marketcap is just a price at a given time and value is what the network is actually worth. The value can be inflated or deflated when the daily transaction volume (dtv) is above or below the long run average. Since dtv is 90% correlated to marketcap it is important when valuing cryptocurrency. An interesting way to find fair value is by using the discounted cash flow method. But instead of cash flow, use daily transaction volume. With dtv increasing close to 100% per year an investor would find bitcoin fairly valued (assuming a five year holding period) with a ~40% discount rate. Hope this makes sense and glad you are starting to post here again. I really enjoy your writing.