I can do DCF but the correct analysis would be present value of future utility, not cash flow. Sorry, I think that may be what you meant. We could take the growth in users or transactions as a proxy for utility, plug in projected growth, and discount it to present value. I find it very interesting in the crypto domain. I do agree with you the fees make it easier to value than other cypros; however, note that the community can change the amount of fees on consensus. Also, one of the main value propositions is the locked up collateral. My next bitshares post will be on valuation and velocity. Stay tuned.