A simpler calculation: there are approximately 9 million coins remaining to be mined. 10% of that, divided by 400,000 shares gives you 2.25 BTC per share. So things like hardware sales, transaction fees, and optimism that we'll have more than 10% share of the network had darn well better make up for the long wait to earn those 2.25 BTC. That might be reasonable. Any thoughts? (sure beats estimates based on infinity)
Yes, if you're looking at the next 3.5 years until the next halving, it's not clear that a valuation much higher than the current share price is warranted. After that, no one is seriously claiming that returns will be infinite, but do you agree that in the long term it's all going to be about the transaction fees? Bitcoin is a payment system, so it's going to be about how fast those Bitcoins fly around the container. The faster they fly, the more miners will make. At the moment it's very difficult to predict how soon and how fast they will be flying, but that's where most of the ongoing value in AM will be if it survives and thrives.