On the flip side of this, many more projects need to die. Then people can build strength and resiliency around the projects that deserve to live. Until they get starved, they'll continue to feed off the strong.
Collectively, we can stop hyping the crappy projects, start dumping their crappy tokens -- put these projects, and ourselves, out of our misery.
Then, to your point, start building on what matters. Don't wait for everyone else.
For now, there still isn't capitulation. Platforms like Steemit and YouTube are littered with folks claiming their token is going to the moon in 2019.
I don't think there is going to be capitulation nor do I think BTC will go to 1 million. I think both are emotion based predictions. I do think there is a bottom and I think it's around $3000 assuming people who brought the price up from $1500 want to make some profit (x2). I don't see that there is a lot of entities willing to sell tokens at below $3000 and certainly miners cannot afford to.
I think the solution for all these crypto platforms is better UX. The main weakness of Steem and others is really horrible UX.
I think there will be a broad capitulation even if there isn't one for Bitcoin. So many projects raised funds in BTC or ETH and ended up holding big bags. My view of capitulation is more about projects packing up and quitting than investor psychology, though both are tied together somewhat right now. The projects will shut down mostly because they don't have enough funding and they never had enough passion or drive to see their idea through, anyway. Most of them were in it as a "get rich quick" scheme, even if their project had "noble" goals like "saving the world."
For me, capitulation is about separating the pretenders from the builders.
I also don't think UX is the #1 problem; it's at least #2. The number #1 problem is ideas good enough and managed well enough to build in bad times.
The Apple & Google stores are littered with apps that have great UX, but just don't matter.