The question isn't if cryptocurrencies are valuable and represent real innovation. The question is if the current valuation of crypto currencies is strangling their ability to innovate.

One reason could be the high valuations are creating a tunnel vision that's hyper-focused on realizing returns rather than adding additional value.

Here's one theory: http://danariely.com/2008/11/20/what%E2%80%99s-the-value-of-...