  Cryptocurrencies are examined through the asset flow equations and
experimental asset markets. Since tangible value of a typical cryptocurrency is
non-existent, the theory suggests that price will gravitate toward liquidity
value, i.e., the total amount of cash available for purchase of the asset
divided by the number of units. Thus it is unlikely that cryptocurrencies in
their current form will be stable in the absence of a mechanism of a link to
value.
