You're absolutely right that if the software code is open source then the value is not so much in the code but in the network. Anybody can, e.g., copy the Ethereum network (and some did) but noone has managed to attract - by a wide range - the same number of nodes and developers. And the security of the blockchain heavily depends on network size. To state that there is no value in a large decentralized blockchain is simply not true. The 900+ projects that decided to build their applications on the Ethereum network clearly indicate otherwise. A few examples: Several big banks are currently automizing their compliance functionalities on Ethereum. Innogy, the clean energy subsidiary of German energy giant RWE, has put its entire EV fueling stations on Ethereum. And even the United Nations use Ethereum for their World Food Program. Obviously, those companies disagree that there is no value to them in the Ethereum blockchain. And for using their applications they need Ether, the native token of Ethereum. So, Ether may not be an asset as it does not generate cash flows but it surely is some kind of commodity that allows users to use the blockchain.
@zer0hedge
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