Well, you wouldn't be wrong to toss it, but if it were mine here's what I'd do:
I see from the picture that it's already growing a new root that looks pretty good. I'd try to save it, but in the spirit of being sort of a science experiment, where you can learn a lot about orchid culture. It may or may not succeed, don't get too attached. This will be slow. Keep a close eye on it, but don't fuss with it too much either.
The problem is to keep it hydrated without developing rot or mold, and there are various ways to do this. Think about what would work for you? I'd be inclined to put it upright in a small, clear, slotted pot, and keep the pot in a clear ziplock bag but with the top open. It needs light, but not any direct sun, of course. I'd take it (pot and all) out of the bag every two to three days, soak it thoroughly, drain, and return to the bag with the top open. Maybe put some damp moss in the bag around the pot to help keep humidity up. Minimize handling of the plant itself, and resist the urge to apply chemicals, including cinnamon and fertilizer. Keep an eye on it, and adjust the watering/drying according to how it looks. If the crown is alive, you should get a new leaf or a keiki, but it might take awhile.
Meanwhile--I'd buy a healthy, blooming, lovely new plant to admire and enjoy. What the heck, sometimes you can have it all!