Thanks for reading and your comment. I have a few thoughts:

"Currencies exist ultimately as a medium of exchange."

A common misconception. Currencies ultimately exist for the sovereign to tax a population. The "medium of exchange" part is a natural by-product of coercive taxation.

"[C]ryptocurrency market caps are currently meaningless."

I agree completely.

"He builds arguments equating the cost of creating an asset to its value."

This is a mischaracterisation of a small subset of "arguments" I make throughout the article. A clear summary of that small subset of arguments is contained in the body of the article. To wit, I say:

"Overly simplified, if you are a hunter-gatherer, you need to expend </= that amount of energy acquiring sufficient energy to survive. Meaning, you need to spend less energy hunting and/or gathering (and not freezing to death) than you will receive from hunting and/or gathering."

And, a paragraph later:

"The point is, on a very fundamental level, the relative 'value' of something can almost always be expressed in terms of its energy value. This equation gets more complicated the further away we get from the survival curve."

Thanks again for reading. Hope you have a great day.