I agree, the asset isn't the same this time around. Most of the tech bubble companies are gone today - so it's not out of the question for some form of crypto to eventually win out.

But you're getting at the issue of price being linked to utility, right? During bubbles, almost all price appreciation is due to speculation. That was the case in 2000 just as it is today. But some of it was genuine value creation - those companies that you mentioned continued to grow in 2001 and 2002. Once the speculation ended, we saw that there was a real, fundamental reason to see value in them.

I don't know if this will play out in crypto. I'm almost certain that it hasn't bottomed, but when it looks near a bottom I'll reassess - did a reason for higher valuations emerge? If it looks like Amazon, I'm in. If it looks like pets.com, not so much.