Dane, you are correct that the bubble has burst. The $20,000 to current $8,000 on BTC is a great example. If anything like that had happened to the stock market, people would be leaping out of windows.
But in crypto people are still drunk on the profits that have early investors have reaped on the way to $20K and even at the $8K level. And those who did not make "drunk money" are star struck by the stories of those who did. They are jumping in and waiting for the party to get crazy again.
Except that this is going to be a very different kind of party. Crypto and BTC have accomplished their first goal in showing that digital currency can exist, attract buyers, and build a global infrastructure. No one doubts that now. So there will not be another inflating bubble until crypto shows what it can be used for.
Once there is a good solid daily use outside of trading and holding, then a few coins will go nuts and thousands of coins will disappear. How do you know which ones? Most of us will not know until the smoke clears and it is too late to get on the right train. But almost certainly two of them will be BTC and ETH. So you might get on those trains now and just wait for it. But it is not going to happen anytime soon.
Roger, what an exceptional comment. Your insightful sentiments are in fact a post in and of itself. And I am all the more honored inasmuch as your profile reveals that your comment on my post is the very first comment you have made on Steemit. Effectively, your excellent comment is also your first post. Bravo. To the substance of your remarks, I must say they seem to me to be level-headed and exactly right, if predictions we are to make. My opinion is identical: the next step in the acceptance of cryptocurrency as a mean of exchange for goods and services, rather than merely as an jnvestment or speculation, is crucial. Despite Nakamoto's original (published) vision, Bitcoin became a rebel market play rather than a true currency in function and practice. That's what eventually made Bitcoin and also altcoins easy (and legitimate) pickings for regulators. Let's stay in touch.