I speculate that if a network is going to “host” various assets on top of it, then the currency used to secure such network will need to reach the level of valuation that is at least equal to the total value of the assets traded on top if it, thus the main motivation of why someone would spend an exorbitant amount of money for control. For example, if a network is “hosting” a group of assets worth USD 1 quadrillion in value and the currency backing such network is just USD 20 billion, then anyone that desire to tamper with the ownership registry of the USD 1 quadrillion asset worth would spend at least USD 20 billion to tamper the network for a potential profit of USD 1 quadrillion - USD 20 billion = USD 999.98 trillion. The potential return of such tampering is worth almost 50,000x more than the “exorbitant” USD 20 billion market cap of the currency securing it. You may say the market depth/order book will make total acquisition impossible/expensive but as long as the total valuation of the currency securing the network does not match the total valuation of the assets “hosted” on top of such network, then the monetary incentive will always be present. The incentive may be USD 999.98 trillion. It may be USD 99.99 trillion. Or USD 9.99 trillion. Regardless, the best level of valuation for maximum security is when the price of the currency involved is USD 1 quadrillion or above, where the incentive would be either zero or negative. And the best currency used to secure the network is the native currency itself. Certainly not some 3rd-party coins that anyone can freely mint out of thin air and then manipulate up to significance, which if used to secure the network, would bring injustice to all the commercial assets “hosted” on top of it, thus invalidates Jeremy Rubin’s argument for BuzzwordCoin. Whether the network will be “hosting” USD 1 quadrillion worth of assets is not the main point. The main point is the valuation of the native currency should always adjust to be at least equal to the total value of all asset “hosted” on top of it. And if the potential is there, then such valuation should come with a huge premium.
I strongly believe it is very unwise and foolish to infer the intrinsic value of a currency based on the demand and supply of market trading activities as if such activities driven by human emotions really mean anything substantial from a non-trading standpoint. ICOs are not the real deal no matter the selling pressure as unintentionally fud-ed by others. Neither is the demand and supply of short-term trading activities as suggested by some members here, in my opinion.
All these are just my personal analysis.
*typos corrected