Due to the existence of POW, Bitcoin will inevitably generate value. The value of Bitcoin not only needs to be measured by the electricity and equipment required for mining, but also the opportunity cost needs to be considered. If you do other things with the funds used for mining, you will need to consider what benefits you will get, and what you have to give up for mining.

The price of the same private sale is also a kind of pricing, users will give up some other things for this token.As the price of tokens gets higher and higher, the costs consumed by users who buy in later are also getting bigger and bigger.This also realizes the "capture value" mentioned in the OP article