Crypto means cryptography. With any luck, it will still mean cryptography after this speculative currency bubble bursts.
Although I think all this highlights the massive unmet need for high risk investment vehicles. The stock market has become huge, slow moving and boring, where the already-rich make slow gains on top of their existing fortunes. The only companies that bother to IPO anymore are basically pump and dump crap (blue apron, snapchat). Private equity and VCs are snatching all the action for themselves. Why the hell can't I invest in uber? I would take less equity and provide more capital than all their current investors.
The ethereum network now provides everything we need to offer and trade equity - etherdelta has shown that decentralized exchanges based on the ethereum network work. So this really can't be stopped now. It may not occur in USA or China's jurisdiction, but its going to keep happening.
Where will it keep happening?
I think permissionless offering and trading of securities is the killer app for ethereum.
Wouldn't the lack of general consumer transactions ruin the economic viability of most tokens? If so, then there is definitely a case for a bear market.
That argument could apply to many high end and luxury goods, yet there are plenty of companies existing in that sector.
I always like to relate it to many of these tech networks like twitter which will never make a profit. The twitter network itself is extremely valuable, twitter the company is fundamentally not.
These networks will continue to be supported by their users, and that is how a cryptocurrency derives it's fundamental value.