I don't think the author understands what "fundamental analysis" is. If you really wanted to do a fundamental analysis you could, for example, calculate the si

I don't think the author understands what "fundamental analysis" is. If you really wanted to do a fundamental analysis you could, for example, calculate the size of the services built on top of the Etherium blockchain, calculate the amount of gas required to execute those instructions, look at the total supply of Ether and thereby calculate some kind of intrinsic value. I have not done this, but I'm pretty sure the results would not make crypto-bulls very happy. Sadly, this article is the same kind of speculative storytelling that infects most of what is written about the blockchain. I like the idea of applying DCF, but using previous S&P returns as a proxy for ETH usage growth is nonsensical. The math in this article suffers from GIGO. Edit: I found a much better attempt at analyzing fundamentals. I would quibble with the author's choice of fundamental -- I think more fundamental metrics are available, but his choices make sense and its an interesting read. https://medium.com/@cburniske/bitcoin-ethereum-prices-are-down-more-than-the-fundamentals-88fd18a86d14 https://medium.com/@cburniske/bitcoin-ethereum-prices-are-do...