I always say "crypto is just stock without the company" The reply is always something like "what's it investing in then" or "what's it backed by" The answer is nothing. It's just a fabricated digital financial fluid, basically digital monopoly money with agreed-upon printing rules.
Crypto has two uses: “Greater fool” “investing” and facilitating crime.
Aren't those the same thing though? Greater fool investing is just financial fraud with a clown nose.
As to facilitating crime, it’s the key enabling technology of crypto locking. The preferred method of giving trump payoffs. The easiest way to launder money. Etc.
“Greater fool” is more a fraud on yourself. You’re betting it’s ok to buy junk because there’s going to be someone who will pay even more for junk. But such investors delude themselves about the risk of being the last fool willing to buy.
Well, it's not a fraud on yourself if you're on the ground floor, that is. Then you're just a fraudster. Everyone talks about the "last" investors when really we should blame the first investors since they're the ones perpetuating and profiting from it.