OK, but why 156 pages?

A Wall Street consultancy eviscerated crypto in a massive report — and it should strike fear into the heart of every bitcoin bull. The 156-page report argues that bitcoin's current price near $14,000 is far above what it is worth as both an investment asset.

"As an asset, we valued Bitcoin using a cost of production approach and a store of value approach, resulting in values of USD 2,161 and USD 687 respectively. To value BTC as a currency, we estimated its utilization for both legal, retail transactions payments, as well as payments in the black market. After significant testing, we calculated the price of BTC 1 to be USD 1,780."

Do a stock and flow analysis, apply the multiplier typical for payment systems and compute.   The number they get, 1780, should be the number we get when transaction size and rates keep the queue within 10 minutes, about the time to purchase a big screen TV for the same.

The calculation gives us a set of typical pricings the blockchain would support with its processing costs and transaction time, with typical bank  transaction fees.  The transaction fees will tell let you compare with existing systems.

But, this all changes because we can easily make bearer bitcoins universal with our cash cards.  

In this scenario, we end up with high powered money and spending cash.  Then the Btc value goes up because we cover any range of pricing quants with a trivial transaction fee.

I will explain our bearer bitcoins work with the hardware wallet.  The wallet manufacture keeps a common bitcoin wallet that holds bitcoin on account, and the Trezor carries the equivalent digits, with an honest and protected add and subtract.  The total bearer coins outstanding are conserved and always match the Trezor common bitcoin wallet.  AnyTrazor device can exchange directly with any other Trezor device, or it can swapits bearer digits into its own wallet.

How abut two different wallets exchanging.say Trezor and ledger?  The two branded 'digits' should exchange at par, but the two wallet manufactures have to agree, on a prior basis.  The wallet manufactures end up clearing digit with each other, and swapping them back on the chain. The wallet makers have to exchange secret keys with each other to verify validity.