Hi Brian,

thanks for the quick response. I believe I wasn’t very clear in my explanation, which causes the confusion. I don’t use the usd/token price as an input, it is a result from the comparison of the price in the token economy versus the price of the same service in another economy — basically a PPP derived exchange rate, where there is no circularity.

It produces the same result if you use equation 8 from Warren Weber’s piece, which is very similar to yours. With tokens where the service is a commodity and very easily comparable across “economies”, the PPP approach seems fine.