Not trying to disagree with you overall, but the thing that always bothers me about the tulip bulb analogy specifically (or beanie babies, comic books in the 90s, etc.) is that tulip bulbs and beanie babies did have underlying value. A lot people wanted to own them because they were in some sense fashionable objects. The demand brought in speculation and when it faltered because of changing fashions the bubble burst.

No one is buying bitcoins to put them on a shelf because they're pretty. As long as Bitcoin goes up or serves in some sense as a financial reserve it's probably not going to "go out of fashion."

Of course Bitcoin may still be a bubble, but it would be a bubble for different reasons.

> I doubt anyone wants to buy anything with it

I don't understand this sentiment. I bought a new gaming PC last week and not only did I use Bitcoin to do so, but I specifically chose Newegg because they supported Bitcoin payments.

> Which is a shame, because the blockchain is amazing technology.

Apart from wasting space (e.g no cleanup even after years), energy, and calculating the nothing, sure, it's amazing.

(I might have a different opinion, let the proof of work be calculating SETI, math questions or science problems)