What is the economics behind the value of ADA in fiat currency? Assuming that bitcoin will dominate 100% of the "store-of-value" market, and taking speculation out of the equation, I don't understand where the intrinsic value of the token will be pegged to in the future. For example, if the price of ADA jumps from 1 USD to 10 USD, what are the immediate effects in the blockchain? Does anything happen that pressures the price back down to 1 USD?
It is my understanding that ADA will be useful to fuel smart contracts by collecting transaction fees. These fees are currently fixed by the network and there is no auction dynamics such as in bitcoin, where if you want your transaction to be included in the blockchain fast enough, you need to pay more. But in Cardano, this mechanism doesn't seem to be there.