The problem with Bitcoin and crypto in general we had some many ICO scams it artificially pump'd the price up to a point where we couldn't even find what the true value of BTC was. ICO scams seem to be on the way out a bit so now the next pump will hopefully be real value, not fake news. I'm gunna go out on a limb and say we still have a winter pump so there!
Money out of thin air, I agree, most of it is "Paper Money". But it doesn't translate well to real world economies.
Does it remind you of anything , say the tech bubble?
None of the legitimate ICOs out there had a product even and were getting market caps of a billion! totally ridiculous and absurd. The illegitimate ICOs aka scams, didn't even have teams that were real ( stealing someones picture to put up on the "team" page?) .It was all so absurd and overally exuberant. I want a real crypto economy , built by real people w/ real products/services. Hopefully, Steem can be that base for it and the crypto world can learn from them. Time will tell.