This is something of a categorical error, and I'm surprised NNT would employ such sophistry. Plenty of things have value that are not securities or contracts o

This is something of a categorical error, and I'm surprised NNT would employ such sophistry. Plenty of things have value that are not securities or contracts or bonds subject to net present value of discounted future cash flows. Gold, precious art or houses are all valuable but have zero (or negative) value under discounted cash flow analysis. The proper way to interpret discounted future cash flow analysis of crypto is to say that crypto isn't a security. That isn't even necessarily true, since something like an Ethereum token could in fact have future cash flows and be security-like, but it is true for Bitcoin. The problem is that the utility of crypto in the real economy is quite low, so its price is driven almost entirely by speculation, with some niche uses like being a relatively stable medium of exchange in failed state-economies like Venezuela. If you wouldn't have a reason in a functioning economy to buy anything beyond drugs with Bitcoin (and the public nature of its ledger makes even that use case suspect), then it won't have stable prices. That's a vicious cycle undermining BTC. If Ethereum had one or two killer apps, I have a feeling Bitcoin would become both price stable and much more valuable. But that's a big "if." Crypto kitties, NFTs and weird monkey photos aren't it.