irke

Short term it’s mood and momentum

Incremental revenue and cost-savings, at least for enterprises, is where it would show up. There’s also a present value consideration - if LLM’s make those dollars come into existence closer to the present, they are worth more.

The personal use case stuff is messy and subjective.

Complete nonsense.

In that world there’s no reason for a business enterprise to exist.

That’s a forward contract yeah. They def do exist.

Futures are standardised forward contracts traded on exchanges

Yep - it’s impossible to separate experimental tokens vs value creating ones.

Ultimately the performance will be assessed via the income statement and cash flows of customers of the model producers.

Frankly in the window pre-IPO it’s in the best interests of OAI et al to show a line going to the top-right in relation to tokens, in their prospectus. What does that mean?

Strategic manipulation.

Tokens as a metric is the analogue of users as a metric.

In the end value per user is what matters in relation to being a healthy going concern and valuation in relation to Meta for example. Value per token is what should matter too - after all that’s what people are paying for.