Fantastic write up. I dont agree with all the content. Inlike thenlockup and indont thinknits too long. There is a significant discount and hence the lockup is fair.

I do think that bigger players get cheaper prices is kinda unfair.

Also do think that their business strategy is unclear and they do jot have customer or products. That to me is more reason to question the evaluation.

But these thinggs are subjective and inlove that u have a structured analysis. Ive been missing this sort of stuff for icos