Your last graphic hit home. The crypto markets are a cycle - hopping from bubble to bubble.
I disagree with using the utility of a product being any indicator that there is no bubble. I also think with the state of the ICOs and the like, there are plenty of uneducated investors entering the markets to call it a bubble.
While crypto may very well be extremely undervalued, it can still be in a Local Bubble. There are very few people in this space right now - on the order of a few million. Of those there are probably only a few thousand who could articulate the merits of their blockchain investment.
Looking locally - I would say that a lot of crypto is in a Local Bubble this summer. There is way too much money pouring into the space for it not to be. Even if long term this is not a bubble.
Check out more of this viewpoint in: What it is like riding Bitcoin bubbles: an adventure through the present cryptocurrency explosion
Yep. I was just talking about this with another person in the comment thread. There are smaller booms and busts along the way. It is all relative and really just depends on the time frame that you are looking at.
I really liked his graphic here:
On a side note, you do make a good point about not all of the crypto space being created equally. There are certainly bubbles within the space. I think I am referring more to the top handful of names within the space, as well as steem of course because I think it will eventually be a part of that group.
Agreed.
USD is also a bubble
Okay well everything is a bubble