The real problem here is that nobody has ever witnessed an entire financial system convert into something else. Not just tangible coins to another round metal blank stamped with a different design - I'm talking complete conversion to something virtual.
We are witnessing the inevitable progression of a complete system change. That is why valuations won't make much sense to outside observers. Much like a person being pulled into a black hole, the physical laws of the surrounding space start to change in scary and unknown ways.
The entire financial sphere is being sucked in by the bitcoin singularity, with a huge event horizon that nobody in the current system can see past. By the time the last holdouts are reluctantly pulled in, we'll have jump-started a new economy, and be transacting in a currency that is beyond centralized control.
Taken the bitcoin red pill? (Pick up the Red phone and wait for the secret word `Hello`)
Go down the rabbit hole that turns out be the wormhole ride into a black hole from which noone escapes and all others outside the event horizon can not make sense of what they see happening inside.
