A trade vehicle for what though? You're not buying equity or rights to future cash flows. Your investment doesn't reflect the success of the underlying company

A trade vehicle for what though? You're not buying equity or rights to future cash flows. Your investment doesn't reflect the success of the underlying company nor does it even reflect the popularity of the service ("the more people use it the more valuable it will be" argument hasn't been true for any of the increases/dips in price). You're essentially just trading on investor sentiment within unregulated markets with zero consumer protection. Can you make a profit? Sure, but you're not "investing" in startups, you're giving them money.