Valuation of Digital Assets. Inland Press. Oct 2011

8/3/2019 Valuation of Digital Assets. Inland Press. Oct 2011

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`i Bgmgran AuulruFl}upaplt. Dt`abeaur. @fngfl @fnw

Iajgnw @}fltuhgp E`filtlfelEhgeam`. @er`dlt 4?11

JlnRawn`tJlbga&e`j

Yan|arg`f


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Bgmgran Igtur @pltarg`fuGfylurjlfr ) Yan|arg`f

Igfafegan A|bgr ) Bgamf`urgeN`ean Jatklr Gfrlnngmlfel

Urtarlmw ) Raergeu

BGMGRAN H`} ]l Hlnp

D|ugfluu Abygu`tw


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Bgmgran ]`trh

Gfrltaergyl Igfafegan Hlanrh`i w`|t `fngfl d|ugfluu j`bln`t u`jl`fl lnulu

rht| nlfu `i gfylur`t


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11/2/4?11 JlnRawn`tJlbga&e`j

@nb Ueh``n E|nr|tl

Tlulateh ) Bldarl@|rbarlb Jlrtgeu

btgygfm e`jpafw`ylt engii


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]hw gru gjp`trafr H`} }l b` gr_aur yan|arg`fuE|ttlfr yan|arg`fu

Amlfba


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]h`u Btgygfm

w`|tBgmgran D|u0

Atl Rhlw Q|angiglb0


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]h` T|fu Bgmgran 0E`jplfuarg`f ) C`d Ule|tgrw

rglb r` bgmgran pt`igradgngrw


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Tagul eauh i`t bgmgran gfgrgargylu _atrflt }afru aee`|frgfm

_tgel ram i`t d|wlt / gfylur`t

]HW


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Bgamf`urgegmgran Rhgu }gnn `fnw h|tr a dgr

Eauh in`} rtacler`twE|ttlfr jatmgf / T@G

Jatklr bljafb

E`jplrgrgyl rhtlaru

Rlaj ) ukgnnu


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W`|tl ugrrgfm `f a m`nb jgfl&H`} }`|nb w`| kf`} gr0

Fl}upaplt w`| }afr r` d|w

ugrrgfm `f m`nb jgfl&Rhlw b`fr kf`} gr


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Fl}upaplt w`| }afr r` d|w`ylturargfm / |fblturargfm

bgmgran yan|arg`fu

W`|t m`gfm r` ulnnenlaf |p danafel uhllr


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Yan|arg`fFl}upapltu Bgmgran Auulru

U_GF @II 0


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Gfrltr}gflb }/ ptgfr `pltarg`fuLxplfulu e`yltlb dw ptgfr

E`frlfr blyln`pjlfr@iigel upaelHlabe`|fr

Abjgf

Iajgnw }afru r` upngr |p e`jpafw

Upgf @ii Bgmgran


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Bgmgran Igtur_t`igr Igtur


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F`r a D|ugfluu J`bln FL]U


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_glb _gplt Liiler


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TLYGL]Aeq|gugrg`fu

JltmltuGfylurjlfru

H@]


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\fgq|l pt`b|er

Bwfajge pt`b|er ngfl. f`r ugfmnl pt`b|er Btajarge eùr gjpt`yljlfr

_t`ylf rlaj }grh gfugbl tlnarg`fuhgpu Nèk `f jatklr `t e|ur`jlt daul

Urt`fm iè|u afb bgiiltlfrgarg`f

Gfylur`t Q|lurg`fu]haru w`|t u|uragfadnl. e`jplrgrgyl abyaframl0


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Nlabltuhgp RlajJllr nàf tlq|gtljlfru

E`frt`n ì Lxplfulu

Eauh in`}Tlylf|l Rtacler`twTàb r` _tìgradgngrw

Ab E`|frJàr


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bgmgran_)N


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Anblf

Mn`danEapgran

fl}u h`nbgfmu au `i

5/51/4?11

Uhatl Yan|l

A&H& Dln` E`tp& "2.?49.???

Mafflrr "124.778.???JeEnarehw "2.24?.???

Ugfenagt Dt`abeaur Mt`|p "1


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_afb`ta

Rleh Et|fehH|iigfmr`f _`ur

Iaeld``k


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"= Jgnng`f gf Fl} I|fbgfm

Flr}`tk `i hwplt*n`ean fl}u ugrlu

Jarehgfm t`|fb tagulb 1 wlat am`" it`j ptgyarl lq|grw igtju

Jagf UrtllrE`ffler

Ungbl |pbarlb 11&2&11
http://streetfightmag.com/wp-content/uploads/623564_3004.jpg


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T`nn \p Jaf


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GU_u

Eadnl ) Tabg`_h`fl

Fl}upaplt

u`tra ngkl

BgmgranT`nn \p


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H|iigfmr`f _`ur

_t`igradnl

_aml ygl}u ) |fgq|lu

Jafamljlfr u|eeluu R``nu ) t|nlu }ld 4&?


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Ammtlmarg`f


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b` }harw`| b` dlur p`gfr r` rhl tlur


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H|iigfmr`f _`ur

4??9 "< jgnng`f ylfr|tl eapgran

4??8 "4< jgnng`f tagulb

9x Uanlu5?x @pltargfm pt`igru&

"51


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E_J T`abKgnn

Lx*EL@


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_aur Yan|arg`fRtaiigeTlylf|l

W@W E`jpu, @yltann Tlylf|l

Iaeld``k IafuRgjl `f Ugrl


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Dlrrlt Yan|arg`fTly Mt`}rh, _tgfr Englfru @fngfl, F`f*_tgfr Englfru

_t`b|er NgfluE`jplrgrg`f

@pltarg`fan Liigeglfew


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Ayltaml Tlylf|l_lt \ult

AT_\


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Bgmgran

_lti`tjafelgfb|urtw`yltann jatklrn`ean e`jplrgrg`f


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D|wD|gnb

_atrflt


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Hwplt n`eanRtabl Mt`|p


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Hwplt n`eanRtabl Mt`|p


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Hwplt N`ean

*Ab Flr}`tk*95 ugrlu

*_DU*F_T*Ab Amlfew


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fl}upapltu

c`|tfanguje`jj|fgearg`fu

abyltrgugfmlfadnl e`jjltel

E`tl D|ugfluu


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J`ur_`}lti|n]lap`f

N`ean Uanlu Tlnarg`fuhgpu


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Uraiigfm) ]`tkin`}

tlp`trgfm urt|er|tl

tlb|el `pltarg`fan tlb|fbafew

Tl ` f ) ` `f


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Bgmgran Uanlu

JafamltU|durafrgan , ì e`jprglb r` bgmgran tlylf|l

Bgmgran @pu Jmt, ì e`jp rglb r`

bgmgran tlylf|l

Ab Bgtler`tE`jp rglb

r` bgmgran uanlu

Jln Rawn`t Jlbga * Ble 4?1?

Lbgr`t, i e`jp rglb r`

bgmgran tlylf|lmt`}rh

Fl}ut``j_t`b|el i`t ptgfr) `fngfl

_tgfr Uanlu

@yltann e`jp rglbr` bgmgran uanlu&

D`f|u ) _lfanrw

Tlp`trgfm ) _ùgrg`fu

Gfrlmtarlb Jatklrgfm_tgfr. ]ld. Uègan. J`dgnl. Lylfr

Gfbgl dn`mmltu.Itllnafel

Ylfb`tu

Hwplt nèane`frlfr flr}`tk

BgmgranUanlu Uraii

@fngfl*`fnw Uanlu Auugur ptgfr ulnnltu

]ld bly. Rleh

AB `pu @fngfl gfylfr`tw Ab ultylt. uehlb|ngfm Gfylfr`tw jmjfr

]ld }tgrltu

Tlulateh. Bara_t`cler jmfjr

Bgmgran Lbgr`t, ì e`jp rglb r`

bgmgran tlylf|l

_|dnguhltBgmgran MJ

U|durafrgan , ì e`jprglb r` bgmgran tlylf|l

) ptìgr jatmgf


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]ldugrl. J`dgnl. UèganFl}upaplt

Elfrtan E`frlfrTlpùgr`tw

Lbgr`t

Fl}ut``jE`frlfr ]`tkin`}I`t Fl}upapltu

]ld Lbgr`t

Jln Rawn`t Jlbga * Ble 4?1?

]ld ]tgrltu

Gfbgl Dn`mmltu.Itllnafel

Ammtlmarg`f. E|targ`f

Hwplt NèanE`frlfr Flr}`tk

E`frlfr _atrfltuhgpu


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e`ur Tlb|erg`f

eju pnari`tje`frlfr

tlulateh`plf u`|tel`|ru`|tel


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Nèan Ab Flr}`tk

Urtgfmlt Ultygelu

E`frlfr / Lbgr`tgan Gfblplfblfr. _tìluug`fan C`|tfanguru

_h`r`mtaphltu ) Ygbl`mtaphltu Gfbgl*fl}u @tmu. _t`*aj Dn`mmltu E|tar`tu i _|dge B`jagf Bara E`jj|fgrw ) Egrgslf _atrgegparg`f

RY. Tabg`. Fl}upapltAu fl}ut``ju atl b`}fugslb. rhl fllbr` `|ru`|tel fl}u marhltgfm. gfetlaulu

Daek @iigel Abjgfgurtarg`f

Uwfbgearg`f ) Ngelfugfm

Nlman ) Amlfr Tlptlulfrarg`f

Tlmg`fan Abyltrgultu

Tlptlulfrgfm gfblplfblfr e`frlfr etlar`tu (lx3 Tlmg`fan A_'

Ultygfm fllbu ì e`frlfr etlar`tu (lx3 dn`mu. fl}u ph`r`mtaphltu'afb rhùl rhar hayl gfrltlur gf aeq|gtgfm tgmhru r` rhar e`frlfretlarg`f (lx3 rtabgrg`fan fl}u `tmu'

Màn3 Lxelnnlfr fl}u marhltgfm/e`frlfr mlru iagt afb appt`ptgarle`jplfuarg`f& Rappgfm rhl lxpnùg`f ì hwplt*nèan e`frlfr&

Tlptlulfrgfm e`frlfr etlar`tu. r` nèan ) tlmg`fan abyltrgultu

Hlnpgfm tlmg`fan abyltrgultu tlaeh ptljg|j ulr ì nèan tlabltu

Ann`}u `fngfl p|dnguhltu r` iè|u `f e`frlfr. f`r uanlu&

Uanlu ) Jatklrgfm Ultygelu

JlnRawn`tJlbga&e`j11/2/4?11


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\ftlangslbTlylf|l_aw}ann i`t `|r*`i*r`}fltu

Le`jjltel ngfku

Bgmgran jatklrgfm ultygeluRgltlb }ld ptgegfm

Lylfru


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Englfr Lb|earg`f


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Englfr Lb|earg`f


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Itlfljw


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Elfrt`Tagulb "44&< jgnng`flxpafb uanlu i`tel

ratmlr jgb*rglt abyltrgultu / amlfeglu

a|r`jarlb jlbga*d|wgfm u`ir}atl


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Elfrt`

Jgbbnl jafE`jj`bgrgsl

Hgbblf uptlabNluu tlngafr `f Fl}upaplt

` lf` lb


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@}flt

EL@ / E@@ Gfylur`t

Nèan UanluJafamljlfr

Y_ Bgmgran

Nèan Uanlu Tlpu

Nèan E`frlfrJafamljlfr

D|gnb ) jafaml bgmgran pnari`tju Btgyl `fngfl rtaiige E`frlfr ) rleh blyln`pjlfr

Ulnn rtabgrg`fan gfylfr`tw Ulnn }ld gfylfr`tw (ule`fbatw màn' Jafaml ulnnltu

Ulnn rtabgrg`fan gfylfr`tw Ulnn }ld gfylfr`tw (ule`fbatw màn'

Gfetlaul uhatlh`nblt yan|l Jafaml yltann pltarg`fu Btgyl r`p ngfl mt`}rh Gfetlaul ptìgr jatmgf

_tgjatwTlup`fugdgngrglu

_tgjatwDaekmt`|fb

Ngrrnl `t f` bgtler uanlu ) tlylf|l lxpltglfel E`jplfuarg`f ptgjatgnw daulb f rtaiige Ljpn`wu e`frlfr igtur . f`r ptìgr igtur urtarlmw @ylt tlngafel `f `|rugbl tlulateh ) afanwugu

_tlilt r` ulnn rtabgrg`fan Ngjgrlb `t f` }ld uanlu rtagfgfm F` }ld d|ugfluu j`bln lxpltglfel E`jplfuarg`f iay`tu rtabgrg`fan uanlu

_tlilt ulnngfm rtabgrg`fan Ngjgrlb lxpltglfel ulnngfm }ld Ngjgrlb `t f` }ld uanlu rtagfgfm E`jplfuarg`f iay`tu rtabgrg`fan

Blnlmarl urtarlmw r` e`frlfr igtur lxle|rgyl

Rhgfku fnw dtafb lxrlfug`f urtarlmw @ylt tlngafel `f gfrltfan jafamltu ) tlulateh R`|mh kllpgfm rtaek ì `fngfl e`jplrgr`tu

_`rlfrgan]lakfluu / Ngjgrarg`fu

Rtabgrg`fan jlbga etlarg`f ]ld jlbga etlarg`f Gfetlaul a|bglfel f|jdltu

_tliltu rtabgrg`fan e`frlfr blyln`pjlfr Rhgfku fnw dtafb lxrlfug`f urtarlmw Ngjgrlb t f` }ld blyln`pjlfr rtagfgfm F` }ld d|ugfluu j`bln lxpltglfel

Nèan Jlbga_ùgrg`f

D|gnbgfm_tìgradnl D|ugfluu

E`frlfr ) Rleh

Rtabgrg`fan Uanlu

Rtabgrg`fan Jlbga

Rtabgrg`fan Uanlu

JlnRawn`tJlbga&e`j GFYLUR@T _TLULFRARG@F = / 4?11

]hw Rtabgrg`fan Jlbga Urt|mmnlu }/ @fngfl Tlylf|l Mt`}rh


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1& Jafamljlfr. @}fltu ) EL@u Naek Uplegangslb ]ld Rtagfgfm 4& Bafmlt`|u Rhgfkgfm3 Ulnngfm ]ld Eaffgdangslu Rtabgrg`fan Uanlu 5& Ngjgrlb ]ld Rtagfgfm `i Uanlu Tlpu2& Jafamljlfr Urt|er|tl ) E`jplfuarg`f E`fingeru


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Uraii Rtagfgfm

UF_Abgmgran&e`j


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Uraii Rtagfgfm

UF_Abgmgran&e`j
http://meltaylormedia.com/wp-content/uploads/2011/02/doc4ce5a13575e8d687990177.jpg


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Jln Rawn`t }au iat ) a}aw rhl dlur `i rhl ptlulfrarg`fu&

Jln Rawn`tu ptlulfrarg`f }au lxaernw }har G fllblb!

]guh rhlw }ltl ann ngkl hgu&

]har gfi` }au `i mtlarlur yan|l r` jl0 Jln Rawn`t&

]har arrlfbllu uawad`|r Jln Rawn`t

J|nrgjlbga Klw Lxle|rgylu E`filtlfel4?11 gf Ur& _lrltud|tm. In`tgba
http://meltaylormedia.com/wp-content/uploads/2011/02/doc4ce5a13575e8d687990177.jpg


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]hlf }l hlatb Jln Rawn`t ar rhl Jlma*Jlbga e`filtlfel gf Ur& _lrltud|tm. Ina&. }lann amtllb3 ]l fllb r` hgtl hgj& ]ltl mnab }l bgb& Jln etlarlb a urtarlmgetàbjap i`t j`ygfm iaurlt afb bllplt gfr` `fngfl jlbga& Dli`tl hl attgylb. }lbgbfr kf`} }hltl r` uratr& Airlt hl nlir. }l hab a enlat. urlp *dw*urlp ygug`f ì }har r` b`. h`} r` lxle|rl afb. jùr gjp`trafr. h`} r` mlfltarl j`tl tlylf|l!

Jarr ]anuh. _|dnguhlt / EL@; Rhl Uatau`ra @dultylt

Au p|dnguhlt ì Rhl Yafe`|ylt @dultylt. jw daekmt`|fb gu gf c`|tfanguj& Gnn abjgr jw ayltug`f r ulnngfm. d|r G kfl} G hab r` mlr `ylt gr& ]l hgtlb Jln i`t hgu adgngrw rùgjpngiw rhl bgmgran uanlu ptèluu i`t hwplt*nèan ugrlu ngkl `|tu& Jln tlitluhlb `|t uanlu pt`mtaju. ptgegfm urt|er|tlu. `|t `fngfl gfylfr`tw afb u|pp`tr jarltganu& F`r `fnw bgb Jln btajargeannw |pmtabl `|t uanlu lii`tru. d|r hl hlnplb |u r}lak `|t ugrlblugmf afb lbgr`tgan urtarlmw&

Ngfba U`n`j`f. _|dnguhlt; Rhl Yafe`|ylt @dultylt

Jln Rawn`t Rlurgj`fganu


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@|t ]ld 1?1 i`t Ujann D|ugfluu }au a h|ml u|eeluu

"12?.??? gf fl} tlylf|l afb 49 FL] abyltrgultu Gfetlaulb ayltaml tlylf|l plt aee`|fr dw 18,&

Jln gu ehatgujarge. }lnn up`klf afb laugnw eapr|tlu arrlfrg`f ì rhl et`}b& Hl raklu rhl rgjl r`d|gnb a ur`tw rhar eaf jakl rhl jùr bgiige|nr e`felpru ullj lauw&

Dli`tl rhl englfr uljgfat (}hltl Jln rtagflb `|t uanlu uraii' hl abbtluulb rhl jùr e`jj`f`dclerg`fu& Jln hlnplb mgyl rhl uanlu uraii j`tl e`figblfel. afb jabl rhlj i|nnw ptlpatlb r` ulnn&

Ar rhl englfr uljgfat. Jln lfmamlb rhl a|bglfel. up`kl gf rltju rhar jabl rhlj e`ji`tradnl. afbjabl ptìluug`fan tliltlfel r` pt`j`rl `|t Fl}upaplt }ldugrl. }grh`|r nùgfm etlbgdgngrw au aptìluug`fan. `|rugbl e`fu|nrafr&

Baf Uatk` ; Y_ ì Gfrltaergyl; Rtgd|fl


f


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@ylt " 12?k `i fl} (q|atrltnw' `fngfl d|ugfluu Rhl uljgfat tlu|nru iat lxellblb `|t lxplerarg`fu&

Jlnu ptlulfrarg`f }au anu` a yltw liilergyl nlatfgfm r``n i`t `|t ptgfr uanlu uraii.tlgfi`tegfm `|t gf*h`|ul }ld rtagfgfm&

@fl klw r` `|t u|eeluu }au Jlnu ptlulfrarg`f urwnl& Hl }au adnl r` d|gnb rhlabyltrgultu }ld e`ji`tr dw |ugfm f`f *rleh. lauw r` |fblturafb jlrh`bu )rltjgf`n`mw&

C`hf B@tnafb` . Y_ Abyltrgugfm; @tnafb` Ulfrgfln



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JlnRawn`tJlbga&e`j

49=*94

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Valuation of Digital Assets. Inland Press. Oct 2011

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