I would define them as bubbles. I think you have a mistaken view of what a bubble is. This Wikipedia definition is talking about stocks but the principles are the same for anything:
A stock market bubble is a type of economic bubble taking place in stock markets when market participants drive stock prices above their value in relation to some system of stock valuation.
In this case I would say for many of these tokens the financial price is way out of kilter with their utility value or indeed the amount of completed product behind them. They are often little more than a fancy website and an idea.
Behavioral finance theory attributes stock market bubbles to cognitive biases that lead to groupthink and herd behavior.
I think the hallmarks for me are overvaluation of a particular asset which becomes exaggerated as a result of human psychology and group behaviour.
It is not the same as volatility although volatility may be involved.
I have been prone to it myself and it is an intoxicating mix which tends to blind people to rational thought.
Interesting. And how about STEEM? Is STEEM in a bubble too? Would you recomend selling some STEEM and buy them after the "bubble" burst?
You completely miss my point - Steem is one of the few cryptocurrencies that has utility so is probably one of the safer ones - it is definitely not currently in a bubble. Last July is a different matter though.
I agree with you. There are few safe cryptos out there, and one of them is STEEM.
Not Steem, but the Steem Dollar. Steem itself isn't safe. Steem Power was once interesting due to the interest but right now it's too low. Only the Steem Dollar is a stable store of value.