Augur Reputation vs Steemit

 I think a logical discussion on the value of Augur would have to start with how much the developers have spent so far. The value of both ETH and BTC have risen significantly from the time of the ico, so the 'war chest' has most likely improved.So we could factor in a weighted average (based on % raised in ETH and BTC), minus whats already been spent to come to a value that equals net present value of the assets raised. Plus of course some kind of multiplier for the 'potential' of augur in the future.I think your numbers might be a little too optimistic, the price on the pre-secondary markets is largely irrelevant as it's based on a tiny float. You're largely dealing with the most desperate buyers so prices will probably be over inflated.Also whats going on with the REP holders not actually having to vote and there being some kind of voting algorithim that the developers bought?