Well, you could certainly draw that conclusion and make that argument, but I like to think of it as investing in the internet vs. investing in pets.com during the dot-com bubble.

As of right now, you are right. The entire crypto market is speculative. I think a platform like Ethereum has a better chance of being valuable than a random token that someone with no blockchain experience put together a whitepaper for in a few days and then launched an ICO for.

While the value of the average token may decline as a result of investors sobering up, I suspect the number of token sales will increase exponentially, at a rate that exceeds the per token decline in value, resulting in a net increase in the aggregate value of the token market, and with it, Ethereum.