For the simple reason that market corrections are not absolutes: the only thing that a correction down to 440B tells us is that it hasn’t been corrected down to 0 yet.

It may never be, but that’s just to say that “it’s still valued” is not a good argument for “it’s correctly valued.”

If I take 80 Dollars from you and promise to return you 50, is this operation also worth 50 Dollars? If so, what‘s the meaning of „worth“?

If I open a bank account and someone else deposits 1 billion there and I have a contract that obliges me to return the money in a year and I am not allowed to move it or use it as a security, is my bank account or the bank creating it „worth“ 1 billion?

Whether bitcoin is worth something as a tool/currency cannot be measured well by the amount of money stored in it.

This is nihilistic value: the “value” of Bitcoin seems to be latent not in its productive capacity, but in its ability to extract value from other people. Which is to say that it has the same value that a credit card skimmer does, and that that is not a useful definition of “value.”

I'm not sure if that argument is any good, since everything you say holds equally well with every pyramid scheme in history.