The signaling part sort of makes sense to me, but I'm not sure I understand the rest of it. Wouldn't the signaling part work on the flip side as well though? It's a signal that the seller of XYZ would rather have $1000 worth of ETH than XYZ. Perhaps I'm not understanding how most ICOs happen, but aren't they all a fixed price?
... other people follow suit and the price goes down because the sellers get in a selling race with each other and want to sell theirs first while the price is “still high.” The price goes down because the sellers undercut each other to lower prices to sell theirs first.
The other part of what you're describing is how things work on an open market, and perhaps I'm not understanding how most ICOs work, but aren't ICOs typically a fixed price? If, over the course of an ICO the price of Ethereum goes up (relative to Fiat for instance) then the price of XYZ also goes up (relative to Fiat) since the price is pegged to a specific quantity of Ethereum.
People can buy XYZ with anything else thats paired to it too, BTC being more common than ETH (still the granddaddy of them all), which doesnt effect ETH “supply.”
Perhaps you missed that I was talking about ICOs specifically, and not about buying ERC20 tokens on an open market?
I don't buy this at all.
There's a variety of information and ongoing research into the topic of scaling with security and decentralization you can read about here https://ethresear.ch
It includes Casper PoS, Sharding, Parallel execution, Plasma and more. What works in practice remains to be seen.
Original article and pictures take www.redditstatic.com site
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