Augur will attract some % of existing online gamblers. The global online gambling market is worth over
$37 Billion USD per year1. How much of that market will be captured once they learn of platform that is fair, decentralized, anonymous and has lower fees? Additionally what % of the worlds 2.5 billion unbanked
2 gamblers who will use this platform? This is not to mention the many other uses of the platform, for which I'm not sure how to quantify value (maybe someone here does?).
The selloff you're seeing now are ICO buyers salivating at high returns, rather than properly estimating the value of the project; at least one good way to estimate value is by looking at the possible market share capture. The ICO share price is irrelevant to the value of the project.
The project appears to have a stong team, and is led by Joey Krug, a Thiel Fellow. Their communication as far as I've seen is professional and realistic. In the distribution of their token alone, it is clear they're professional and conscientious. These indicators suggest to me that the team has a very good chance of delivering and maintaining a very solid, highly disruptive product.
Look at the current market size above, and make some conservative assumptions about what % of that market you think will be captured by this product. Look at the caliber of the team. These methods may provide a better idea of an appropriate market cap for Augur than what is currently being offered on this thread.
1https://www.statista.com/statistics/270728/market-volume-of-online-gaming-worldwide/2 http://www.mckinsey.com/industries/financial-services/our-insights/counting-the-worlds-unbanked