It's almost like none of them had any actual value, and the vast majority of them were just attempts to crush and take over existing markets using outside war chests.
I think a very large percent of them had a nonzero value, but the issue is if you can get 4% guaranteed return on cash, vs risky 1% return on cash suddenly the asset is worth less than before.
But if you can get unlimited money at 0% you might as well invest it on 1% return bets. You're still making money on others' money.
The idea is so long as you have an expectation of future ROI you can amortize that future value into the present and sell off the present equity for current capital.
People are incentivized to put in capital so long as the risk adjusted rate of return exceeds marginal alternatives (including just sitting on the cash in a 2-10% inflation rate environment)
