Wait a second, I got a _crazy_ idea. Bear with me, you might be onto something...

Is it even remotely possible that the same thing might be happening with crypto, and that Bitcoin/Ethereum/etc value is directly tied to the fundamental/intrinsic value of being able to use the relative decentralized network, therefore reflecting their performance? If no one was using Ethereum because it's worthless it would be valued at zero... but it's not at zero despite being worthless because it's being used... so maybe it's not worthless after all, and has fundamental/intrinsic value? Mindblowing, I know...

Unless you accept the difficulty of the math involved and the electricity spent during solving the mining as the backing value.

Nope.

There is no value to wasting electricity just to solve meaningless mining puzzles all to build a distributed ponzi scheme.

the company has a value from it's stocks; it's stocks have a value from the company... which means it's just as scammy as was said about crypto.

either way, they both have value; it's just about the market.