Agree on most.
The real value comes from the fact that as opposite to IPO, where the company already has a lot of value (so the investor is looking for XX%), crypto scene(ICO) lets the small guy in at a very early stage.
You might considered that also as decentralization of power.
When a big company goes for an IPO the big guys are looking to cash out after they made their fortunes...
As I'm concerned, investing in FB when it had a $1m marketcap is much better than investing it when it's on NASDAQ on a $100B hoping to gain some peanuts.
(Actually FB is not a good example, but you get my point)
My point is that crypto is not "to invest in", but to
use. The usage itself raises the market cap (Fisher's formula). You can of course not stop people from "investing" in it, but it should not be the drive of the market cap. Most stock market shares are valued for their dividend, which is the value the company delivers to the economy after deduction of all costs. Of course, sometimes you speculate on future dividend when the company will grow etc... but essentially, a share is an estimate of the REAL FUTURE ECONOMICAL VALUE of the company. The economic value of a currency is the trades it facilitates over other means of payments. If by using crypto, a certain commerce happens or happens better and cheaper than without that crypto, this is economic value creation. But, apart from dark markets, crypto has not much economic value for the moment, and not in any foreseeable future. (no, people will not use bitcoin when the fiat monetary system crumbles ; hell, it cannot handle it at all !).
My point is that crypto is not "to invest in", but to use
It's a different game... currently most value comes from *expectations* about *future* use...
But of course... long term, coins with their utilities being used will win.
P.S. Read what George Soros says about that. Expectations for future use can change the foundation itself.
On some levels Negative feedback can suddenly turn into a Positive feedback. So they are intertwined in a very interesting way.