Ironically, all those things are true.

It is a bubble, aka the .com boom.
It isn't real money...
It is very volatile.
Some ICO's are vaporware (46% failed so far).
Bitcoin, and looking for the next Ethereum is like tulip mania.
And exchanges, if you leave your coins in them are prone to a good old-fashioned heist.

And it's because of all the above that crypto is damn exciting. It's the Wild West and for the next few years, everyone has a chance to come out on top... Which is amazing!

I'm not sure what Warren Buffet said though...

Bring on the apocalypse! hehe.