@Herbert2020:
1) My question is for efficient markets (rather exchanges), whenever they'll be, which do not leave you with any scope of arbitrage.
2) Yes, centralized market can not determine price for everything but it can determine prices for raw materials/ taxes that'll have trickle down effect. Again, dissecting those markets is far more tedious and vagueness will increase exponentially. That's why I was hoping for a simpler and straightforward answer for a system that's rather new in place and decentralized.

@Windpower
1) I understand that people are ready to pay premium and I would not have asked the question had their been a bidding process.

Summary:
My question is simple (even if the answer is complex). Who is calculating the price and where can I see it being calculated. There's always been this gap in Economics where we start all mathematical, then we insert efficient market theories and voila we've magically determined a price. Backtracking that in normal markets is rather a rabbit hole but shouldn't be that bad in the cryptocurrency markets, hopefully?

Would someone be nice enough to start with an example and take it all the way to end to show how the price was determined? You can pick up a newer altcoin that does not have as much volatility/ volume to simplify the example.

I'm hoping for an answer like this:
a) The dev(s) launched coin on Day 0 and came up with price P1 that was hardcoded
b) Miners/ innovation/ difficulty level etc factors cause an increase/ decrease of
c) Thus, at time T1 of launch the price was calculated by to be
d) At time T2 price increased/ decreased by or became

Not a very elegant primer, but hopefully you get an idea. It's the derivation of the price step by step than the theoretical knowledge that I hope to find here.