[adjkant]

The split value is in theory but didn't seem to follow in practice. Anyone can create a fork, and the market will not be that efficient, even in the long run. I don't think the metaphor works for that reason.

Simply, forking makes a coin that is not Bitcoin, and people can value it however they like. The only question is why they would value it at all. There are usually technical differences in forks that people believe are better.