http://www.zerohedge.com/crypto/crypto-carnage-continues-stablecoin-crisis-spreads-tether
http://www.zerohedge.com/the-market-ear/carnage
If you "VALUE" vast amounts of connivance, hedging, gambling, volatility, and outright gambling against the house.
The biggest problem with artificially low interest rates is that they make it impossible to price risk and they NECESSARILY make pigs look like they have wings and can fly to the moon. And those sorts of mispricings CAN'T be resolved by "thinking".
Now, if you consider that effectively 100% of ALL "value increases in, really, ALL crypto, occurred on the back of completely artificially low interest rates, you start to realize that crypto will always be impossible to "fairly" value so long as fiat currencies exist and government intervention in markets continues. And if you think government intervention in markets is EVER going to end, I have some swamp land and a bridge you might want to buy.
I am not saying it is impossible for crypto to ever have value. I'm saying it is probably impossible to even roughly value it until either (a) it actually does something functional -- which can be valued or (b) government goes out of business.
By the way, the same argument (although arguably not as strongly, if the company has salvage value in its assets) can be made about most stocks -- except those which either pay a dividend or are likely able to pay a dividend. The employees and the CEO generally get paid. Why shouldn't the owners insist on the same?
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