True, but you can still speculate on vaporware. Thats what speculation is all about: Potential.
Facebook earning 1 billion USD a year doesnt justify its pre-IPO valuation of 50-100 billion USD, just because it COULD earn anything like that in the future. Same thing with bitcoin: It didnt proof, that it will revolutionize the global payment system on the 8th of June 2011, when it peaked 31.91 USD/BTC. But both opportunities have the potential to do so. And this gets peoples fantasies going. The higher the expectations the better (for the hype;).
The only thing we need is some medium of exchange to buy in on the overvaluation, like shares of any kind.
So what is there?