The most misunderstood topic in crypto: Are we in a bubble?

From what I've learn in the past few years in crypto, I have come to believe that indeed we are.

I made a comment in my previous thread post stating this "Every crypto that practice token vesting, has its value inflated in compared to its fair valuation". 95% of crypto projects has this mechanism coded into its protocol.

What does this means for crypto? Isn't the value of crypto is what we think the value should be?