[tptacek]

It's a little frustrating to read analyses like these, which sort of seem like they're premised on the COGS cost of the parts they sell.

In fact, the marginal cost of one U2F token has probably not much to do with the price Yubikey assigns to its tokens. Yubi has to pay not just for the hardware, but for their engineering team and for the cost of educating the market about using these things, which remain super-niche products that we're barely even able to get Congressional campaigns to adopt, let alone a significant fraction of the Github user base.

Also, I don't know what teardown you're looking at, but it sounds like you're saying you can buy an NXP MCU that can do ECC operations for under $2, which sounds... low... to me. The one-off BOM cost for the NXP MCUs they apparently use for the Neos looks to be something like $40.