Ethereum

Financial risk is my industry (risk is defined as return variance), yet it’s taken this ride to make me realise duh, an asset with 20% volatility is irrefutable evidence that it is an asset with no intrinsic value to anchor it. Its value is pure sentiment. I also just reviewed a journal article that quantifies it.

Tradfi coder by day, hacker by night. Doesn’t know night from day. Freelance scribe. Dad cook. Dog butler.  Happy Grandpa. Draws badly.

Just because a market of a certain asset is not rational doesn't mean that there is no underling value. If you take the fees generated on ethereum and divide them by its market cap you will get something very similar to a P/E often used to value traditional assets. And yes compared to a blue chip stock blockains still have terrible P/Es.