In a market as poorly understood and inefficient as crypto is, formulas offer little value and could potentially lead you astray if not designed correctly. Currently, there is no complete mathematical model that accurately prices crypto valuations, whether it's the velocity thesis (MV=PQ) or cash flow based valuations. We end up measuring things that are easiest to measure but often omitting things that are critical but difficult to quantify. For now, it may make sense to be imprecisely, directionally right, than precisely wrong.