[drdeca]

I’m just saying the theory of how to price it is quite different!

The value of a PayPal share is tied to the expected future profit of PayPal, to how much transaction fees will be total, and how much costs will be.

This is a distinct question from the value that a user assigns to the ability to make transactions using PayPal, which, I suppose corresponds to the demand curve of how many transactions/ how much is transacted, given different transaction fee sizes.

Of course, an analogous demand curve should also apply to bitcoin (or what have you).

But this demand curve doesn’t seem enough to give an explanation for what price to expect. (Not just “it doesn’t explain the actual price” but rather, I don’t see how it by itself would explain any price.)