The one parallel I see is that companies with no revenue but a "good idea" got tons of investors in the early internet days and became vastly overvalued. Unfortunately, much of it was based on hype and wishful thinking--and those companies went out of business during the .com bust.

Companies with real value were okay--but too many greedy investors eager to make a quick buck didn't take the time to research which companies were viable and which were not.

With crypto, it's all based on the perception of value--once that goes, there is nothing left. It's ALL hype.