Boris — in equation 8 you’re still using a $ exchange rate (i.e. “pi”) to convert into USD value— anytime that occurs the equation becomes a circularity. PPP yields the same results.

We cannot compare token economies since the P on the right side requires a $ exchange rate — still a circularity.

Economist, Ocean Lifeguard, Founder of Austere Capital Advisory (https://austere.capital/)

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