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New gTLDs will cost $155 billion, honest

A report out from the Coalition Against Domain Name Abuse, which pegs the cost of first-round new gTLD defensive registrations at $746 million, has set eyes rolling this evening.
CircleID rather oddly compares it to a recent Minds + Machines study, “predicting new gTLDs will only cost $.10 per trademark worldwide.”
Apples and oranges, in my view.
But numbers are fun.
My own estimate, using data from both CADNA and M+M, puts the total cost of new gTLDs defensive registrations at $155.85 billion.
For the avoidance of doubt, you should (continue reading)