I don't think anything could be better for cryptographic currencies than most of the speculators having their investments crushed.

As someone who continually buys with no intention of ever selling, I welcome clearance sales like these.

Except that their only use case is speculation, so once speculators are gone... nothing is left.

I've bought them to rent VPS many times. They have their value, since they are effectively the ability to teleport cash (with similar ramifications as physical cash) from point A to point B.

There are goods you can only buy online with cryptocurrencies

In a sense, it could be good for bitcoin long term for the speculative mania to die. Then it can possibly find some price stability to actually function as a currency.

This is all standard speculative mania stuff right now though. The bubble burst, next the scams are uncovered and wiped out, regulation comes in then to "protect" investors from being scammed in the same fashion in the future.