TL;DR "You might expect cryptoassets to gain value with adoption, but this equation suggests the opposite. At scale, cryptoassets will likely achieve hyper efficiency that reduces the price"
[wait for the brighter conclusion]
"This would hardly discourage activity, though, but rather expand it. A substantial amount of money would flow through the system, increasing with scale. The equation therefore suggests it would become a commoditized network that processes all of that activity while claiming only a slim margin — which, on billions of dollars in operating costs, is still pretty good. That leaves ample financial incentive for developers to build the network and keep it running."