But assuming crypto is a bubble, I don’t think it has burst yet. So we’re not really at the point, post bubble bursting, where we can look back and determine if it was a total scam or not.
It has burst in terms of the liquidity of the system, sure the on paper value of the asset hasn’t collapsed, but that’s because the number of people willing to sell has reduced in turn with the number of people willing to buy. Everyone who was going to cash out big time already has, and the people who bought from them are waiting on another order of magnitude increase in value before they cash out, or they intend to hold on to it forever.
But assuming crypto is a bubble, I don’t think it has burst yet. So we’re not really at the point, post bubble bursting, where we can look back and determine if it was a total scam or not.
It has burst in terms of the liquidity of the system, sure the on paper value of the asset hasn’t collapsed, but that’s because the number of people willing to sell has reduced in turn with the number of people willing to buy. Everyone who was going to cash out big time already has, and the people who bought from them are waiting on another order of magnitude increase in value before they cash out, or they intend to hold on to it forever.