In an information sessions for Congress, Peter Van Valkenburgh used my favorite analogy comparing crypto tokens to tickets at a fair ground. And William Mougayar has a new post about tokens where he specifically refers to them as “privately issued currency.” No matter how you think about tokens, there is now a great interest in understanding why and how their prices are determined in the market. The trivial answer of course is: supply and demand. But what exactly is the supply? As it turns ou...
