درباره ارزش ذاتی بیتکوین (یا نبودش در واقع):
I think one place where your view is wrong is that you're disregarding the cost of crypto.
It's a negative-sum game. Miners spend a lot on hardware and electricity to replace "trust" in the system, and their reward is some amount of bitcoin.
The plan is to sell that bitcoin for enough money to pay for the costs of mining, plus some profit. (One could hypothetically buy the hardware and power with most of the bitcoin directly, but frankly using bitcoin as money is so bad a user experience that this is exceedingly rare. The risks of theft or fraud, and the time delay, are absurd.)
This has worked so far because there has been a seemingly endless line of people wanting to get in and gamble that the next people in line will pay more.
But the line isn't endless. There is a limited amount of wealth that people want to "invest" in the proposition that the line will go up. I can't predict where it will end, and neither can you, but infinite growth is not possible.
And when people start to realize that it can't keep growing, the only direction it can go is down, and that's where the bubble pops. Since, as you say, there's no inherent underlying value. Not even the esoteric "faith and credit of a government" that fiat currency offers.
It's not useful as a currency because everyone already trusts banks to handle their money. Exchanges are just banks that are less trustworthy, but most people in crypto use them anyway, because the experience of trying to actually use Bitcoin directly is so bad.
When this bubble pops, there is no more real money in the ecosystem. All of the actual money bought miner stuff, the rest is in the lottery tickets.
And the system fundamentally cannot function without those miners.