I was working in the thick of the dot-com bubble. I was helping build out corporate intranets back in 1996, and was at Razorfish in 2000, working with BP. Things certainly got out of hand from an investment standpoint, with some companies raising billions with hardly a business plan, let alone any profits in sight.
And yet... the technology went on to transform our world and, as you say, the good companies with strong business models survived, the crap ones went bust, and many, many others came after.
To that extent, what we see in cryptos is similar. I believe we'll see increasing 'irrational exuberance' in the investment in cryptos in coming months, maybe even years, and yes, many coins will disappear eventually, perhaps in a massive market-wide meltdown. And no one wants to get caught in one of those! However, like the Internet, the technology will go on to transform the way we transact, and to potentially open up opportunity for the unbanked, the poor, and those in unregistered homes. Crap coins will go, the strong ones will survive and thrive, and many, many will come along after the initial dust has settled.
Good post!