“The hallmark of a bubble is people buying an asset primarily in the hopes of future appreciation driven by other buyers, rather than because of any notion of its long-term value.”
Strip away the whitepapers and most coins are bought because someone else will pay more later. That works until the supply of new buyers runs out. Then fear replaces greed and the price falls. Kolchinski put his prediction in public so he could be proven wrong. Most of the industry never makes a claim it can be held to.