The winner will be the last man standing. The company which is able to continue subsidizing tokens after all others have been forced to throttle and raise prices. Soak up the market share, wait for your rivals’ investors to get cold feet, then raise prices the morning after the last one folds. (It’s Google it’s always been Google)

I think a couple Chinese companies will be up here. And they likely won't raise at all, because they don't need to.