ok I'm no trader or economist, so my comments reflect how much i may have understood your post.

That equation for valuing bitcoin seems almost superficial. it's seems more like an explanation for what modifies the underlying value of bitcoin, not creates that value. It's more like mapping transactions and use of bitcoin.

I always figured the actual value of BTC, if there's any at all, is based on the cost of energy required to mine it. As an underlying value, this reflects more on what I think value is: the cost of labor. I'm classically a marxist on this. If value is from labor, what labor is there for BTC? Instead of the cost of a worker straining their biological muscles by work to create a commodity, the 'energy' on BTC would be the energy used by computer power to mine the coin.

This theory, if true, would mean that if energy were completely free, or near free, that absence of cost to mining BTC would drastically reduce the value of BTC. If it's price were high, that would only reflect speculation modifying an otherwise cheap underlying value.

What are you thoughts on this? Does BTC's value come from the cost of energy required to mine it?