Thank you for this illuminating approach. What I like is that, from first principles, we can see the macro trend that market caps converge to the “cost of running things” in a particular sector. Obviously the market caps must be divided across competitors, so the numbers run even lower.

When I’m thinking of a sector like logistics, you can obtain the *current* cost of running things (tracking shipments and parcels), and derive a total market cap value of all crypto ventures in the space.

Then on one hand, believers will argue that the market will expand thanks to the added convenience.

On the other hand, I would rather believe that crypto solutions will be adopted if they provide a much lower “cost of running things“. This would mean much lower price per token than hoped by speculators. Is that correct?