Hi Boris — appreciate the response.
You state: The assumption needs to be that the service which is transacted (bandwidth in GB in this case) is competing with a similar service in another ecosystem (e.g. a centralized service priced in USD) and there are a market size and a market price.
So, you are incorporating the $ price of a competing service in order to calculate the INET/$ exchange rate, in order to still acquire a final, discounted $ value for the INET token…still a circularity.
MV=PQ fails for valuing any tradeable cryptocurrency (or comparing any national economy for that matter as we state in the piece), since once we have to make a conversion from fiat into crypto at any point in our calculation, the equation becomes a circularity — no matter what comparable fiat metric we use.