Another excellent piece and an inspiration for me to write an article expanding upon you idea.

I concur with your assessment. We know markets often speculate to drive value. Stories tend to get higher multiples. Tesla is a prime example of this. Of course, at some point delivery is needed.

I am optimistic about Cordano. That said, you are correct. There is no mainet as of yet and not a single application people can use. I feel there is a strong team there with a good idea about the step into interoperability. However, none of this is certain and the market might reject what they come up with.

So the best is they are going to create more applications than Steem and get more users...by a magnitude of 40, if we are to sustain the separation in market cap prices.

I find that a little hard to believe with all the innovation that is taking place on Steem.