Here’s my take on this whole crypto crash.
Lazy tech guy 1: Hey, I got a great idea. Let’s start something called crypto currency because paper money/precious metals are so ancient history.
Lazy tech guy 2: But what is crypto currency?
Lazy tech guy 1: Exactly. It is whatever we say it is!
Lazy tech guy 2: But where does it come from?
Lazy tech guy 1: Computer mining?
Lazy tech guy 2: Sounds cool, but how do we make money?
Lazy tech guy 1: we tell folks each Coin we find from computer mining is wot several thousands of dollars. And then regular people will invest their real money and we can cash in.
Lazy tech guy 2: And after several years when the world catches on to this tech voodoo currency scam, we’ll be sitting on the beach sipping mai tais and living the dream.
Best explanation I’ve ever heard.