Read from around page 12 onwards. The inference is only buy in a collapse, only buy Bitcoin, and it'll be your kids who collect
https://s3.eu-west-2.amazonaws.com/john-pfeffer/An+Investor%27s+Take+on+Cryptoassets+v6.pdf
SD
interesting paper, but here's a slight critique which i'd agree with
https://medium.com/@elliotolds/thought-provoking-paper-but-it-seems-to-be-using-the-equation-of-exchange-incorrectly-25f3148b85ea
" Suppose through a brilliant PR campaign I convince people to use this ledger and engage in $1,000,000,000 worth of transactions in a year, despite its low security. Suppose also that V=5.
What is the token value for my ledger? My model says $2,000,000 per coin, yours says $2,000. Let’s assume your calculation is right. How could it be possible for a token with value $2,000 and velocity 5 to support a billion dollars worth of transactions in a year?"
I think he misses the point.The paper doesn't say that the price must always be exactly what the formular says. But the VALUE of the network is what the formular calculates. Of course the market cap of a given crypto currency can fluctuate, but the intrinsic value will stay the same.