I have no doubt that with crypto will happen the same as in the dot com bubble. You see people getting tons of money for only a white paper and zero development. There is like a gold rush in reality :) In the startup world entrepreneurs have to at least deliver something at the beginning in most of the cases, and receive the necessary funding to work upon the deadlines and investments rounds... Venture capitalist do assign a value given the potential something has, even when they do not know exactly where it could lead. But the value most of the times is based on utility as it should be indeed, and integration and synergies with other partners, etc... Now with whales controlling moves, etc the real utility value gets somehow behind and sometimes ignored, the individual desire for profit sometimes is not the best that can happen to a market, but this the way things work and not everything is perfect...