Thanks - I think we are very much on the same wavelength.
The massive valuations for things that are little more than an idea (and often not a new one at that) is characteristic of the dotcom bubble.
I think when there is a lot of market exuberance it creates a kind of hysteria where people are afraid of missing out on the next big thing.
This causes people to lose their judgment and it is one of the things that creates bubbles.
I'm with you though that this seems beyond. I think the stories of bitcoin millionaires starting out by buying $100 worth of coins really extends the narrative. Nevermind the current 1st quarter rise of coins/tokens in general. I'm probably in the minority, but I think bitcoin itself is way over-valued. It has minimal utility compared to other blockchain tech at this point. To my eye it just has first mover advantage left.
Other coins are cheaper and faster for financial transacting. Newer coins offer better anonymity. I'm not sure where it shines except that it has a bigger user base and therefore larger group of traders.
Given all the animosity between different camps in the Bitcoin community I am starting to thing that Bitcoin is overvalued for what it is.
Every time I send bitcoin it feels so slow compared to everything else - particularly Steem, but even things like ether wipe the floor with it in this regard.
In its current form it is too slow to ever go mainstream (at least for payments).
What if the US Federal Reserve note is overvalued?
It likely is, however that still doesn't call for leveraging your liquid FIAT assets by tossing them into a nebulous crypto token with little or no basis.
Exactly it simply swapping one overvalued asset for another.