The only real value still built in is that of the electricity and hardware costs.

As global mining operations continue to consolidate, mining efficiency increases. This trend is predictable and irreversible. Therefore that intrinsic "cost of creation" declines at a rate that's also predictable.

Any speculative value that's currently built in is also fated to decline as trading efficiency increases and arbitrage opportunity disappears -- not to mention that the classic early-stage hype bubble has come and gone.

Finally, any commerce/transactional-discount value that's currently built in will decrease as the user marketplace approaches ubiquity and merchant competition dilutes potential margin plays.

... I look forward to intelligent, reasoned arguments for how Bitcoin will again find a value north of $300.

Ben