I think a big problem is that people are conflating two kinds of value. One is the technical value of block chain and other distributed consensus algorithms. Th

I think a big problem is that people are conflating two kinds of value. One is the technical value of block chain and other distributed consensus algorithms. The other is the monetary value of block chain backed assets. The latter could indeed crash without impacting the former. Advances in the former that solve cryptocurrency scaling problems could even cause the latter to crash by reducing artificial scarcity. Unlike gold there is no real objective scarcity here. It's just software. "Bitcoin is a major innovation" and "Bitcoin is a bubble" can both be true. BTW... I'm waiting for someone to explain to me why this kind of appreciation in value is actually a desirable thing in a currency. It makes Bitcoin less useful. It's similar to housing. How is housing being more expensive a good thing?