Clearly, a lot of people here disagree with you. Doesn't mean you cannot be right, but in general, the HN crowd is a pretty good predictor of the trends in the tech industry.
Weird example to trot out as a bubble when at any point in its history, if you held for a few years or so you’d be pretty far ahead on your investment. It clearly shows people are awful at calling out bubbles.
Nobody was predicting for the dotcom or the financial crisis bubbles. The fact that everyone and their grandma is calling this a bubble makes me think that it simply can’t be.
Your premise is that there is no bubble. We are talking about what happens when bubble bursts. Without investor money drying out there is no bubble.