Actually you don't make any case as to why it is irrational to think BNTs are currently worthless. As per my post (which you downvoted without a comment) the behavior is that of a Ponzi scheme (I am not presuming that the intent is to defraud ICO buyers I am only describing the mechanism). At this point in time all that has happened is Bancor has put in place a token, sold it for 140M USD, kept ~70M USD to maintain the value of the token, and cashed in the other 70M USD. As per my post the only way the initial investors can get their money back, ie sell their holdings at an average 0.01 BNT/ETH is for a new 70M USD to be invested in the BNT, and these new holders are left in the same situation. Since there is no other income to the coin holders and since this is not a currency that is meant to be used to buy stuff, this situation is never going to change, so it makes no sense to me to value this at more than the reserve at this point since the only demand for it is speculative , not commercial.