[tet68]

I don’t disagree that it’s a scam, but it’s a scam that, until the fantasy pops, is a fungible asset.

So then, it’s more of a bubble...
Tea Pot Dome, South Sea Bubble etc.

[Boogieman]

Sure, but most bubbles are based on assets that do have some intrinsic value, it's just become overinflated due to speculation or some other mechanism.

In this case, the little bits of data that are cryptocurrency have no inherent value, or perhaps only have inherent value because people are willing to believe that they have value, much like fiat currency.