Vitalik is correct in saying a simple app token can be a risky bet.

I have never heard of William Mougayar, but his approach on evaluating tokens is spot on. I step through a similar process whenever i'm considering making an investment. I also love how you walked STEEM through Mougayar's tests! Its a real gem.

Specifically I feel like "The Right" or voting function is a big incentive to hold, in turn making the asset more valuable. Other valuable blockchains are using this same approach.

I've been enjoying your content. Keep publishing :) Looking forward to your next post!