I'm in agreement that traditional model is based on current and future discounted cash flow, or in other words, future potential net income or earnings. Either way, it's difficult for anyone to wrap their mind around that fact that you are no longer evaluating earnings of a company, even though most of these companies do look like a regular "company" stock. In fact, what are we really buying on an ICO, if it's a currency and not a stock. I heard Dan Larimer of EOS says for legal reasons with SEC that he calls it "revenue". If it's indeed "revenue", what is the product we are receiving when we buy it. A handshake trust that he will give us some tokens of the network that EOS will operate in?
If it's indeed a currency and we are evaluating based on usage of the network, then as a conservative estimate, we need to consider the global money supply and not the derivatives. The source has the global narrow and board money supply at over $100T USD.
(http://money.visualcapitalist.com/worlds-money-markets-one-visualization-2017/)
With cryptocurrency being about $600B, I say we have quite a bit of room to grow!
I agree. There's quite a bit of room to grow. It's hard for me to agree that blockchain is a currency though. It can do so much more. It can be real estate, it be derivatives, it can be debt and things we haven't thought of yet. I'd put currency usage as only the first widespread application.