The whole point is that bitcoin is something new. Trying to understand it strictly in terms of cash, banking, stock market, etc. is not going to work. It's also completely unlike previous forms of digital cash, but really not very many people understand that yet.
we have lots of things to compare it to, not only previous e-currencies but other monetary systems throughout history and, quite frankly, other manias.
of course bitcoin has some new aspects, otherwise we wouldn't be talking about it, but "this is entirely new you can't use any existing method of valueation or compare it to anything" just isn't an argument.
if you think it is, look up what was being said during the "new economy" era and how many "page impression"-valued companies survived.
Thank you for providing an example of my point.