Thanks.

This is consistent with the "boxcar" model for valuing the token. You need the token/boxcar to move value from place to place, so you rent one and "roll" it along the network. The fees pay the boxcar owners. It is rent for the payment vehicle, not interest on the extension of credit.

What does not compute for me is any pre-determined but limited number of box cars. At some point, the transaction fee gets too high, because the value of that fraction of an ALGO is too high, or SOMEONE has to DECIDE to lower the fee where a central bank would instead issue more currency. It's the absence of sentient, educated, real-time monetary policy that makes me leery of these crypto networks. When the smoke clears, I don't see how any of them does something (for Americans, anyway) that the Fed can't do better.