We seem to share some of the same opinions.
I had a discussion with some of my friends about the state of the space (in terms of price), and we all agreed that we wouldn't be surprised at a huge crash when the market cap hits the trillions.
The psychology I'm seeing in the market seems to align with conversations that I've had with newbies. Many of them mention low price without consideration of supply, market capitalization, total supply, and other figures. There is a massive hype train behind many of these projects, and people seem to forget FAST about things. I'm reminded of this every time I go to the mall and ask random people about what they think.
Back to the hype train.
Ex: We're on the ripple hype train now. Before that it was Cardano. Before that it was IOTA. Before that it was NEM. Before that it was LiteCoin.
Am I bullish long-term on crypto-assets? Of course. However, I do understand that MOST of these crypto-assets may not be here in the long-run!
Many, if not ALL of these crypto assets are over-valued. Like you said, some of these projects have been going on for YEARS with no product.
This leads us to the question, how do we even value a crypto asset?
A few people working on that last question, which makes me happy. Definitely follow Chris Burniske - he turns up most of the valuable insights from people attempting to answer that question (along with his own attempts).