Good analysis. Two points. 1. What are your thoughts on LBRY. 2. In regards to Synereo (and LBRY for that matter) I believe their market caps are correct on coinmarket cap. Effectively the unissued tokens are unissued capital and hence market cap should be based on the issued amount. Thereotically the company could issue more tokens for cash up to their max supply.this would increase the cash reserves of the company and hence the market value but until that is done the market Cap should be calculated by issued tokens × price