Very early adoption of BTC led to wild profits for those who got in on the ground floor. That’s why we saw a flurry of new “coins” coming about: everyone wanted to get in on the ground floor of something.
Problem is that when you have dozens of “coins” driven to the stratosphere by speculators, you only really make money if you cash out while there’s actual capital in the scheme.
Once the ability to “cash out” ceases to exist, even if the market says the coin is worth something, it becomes a hard lesson in reality to learn that it doesn’t.
Any big con needs folks to make big money early on. Of course, those who could push themselves away from the table in time still made out.
“Problem is that when you have dozens of “coins” driven to the stratosphere by speculators, you only really make money if you cash out while there’s actual capital in the scheme.
Once the ability to “cash out” ceases to exist, even if the market says the coin is worth something, it becomes a hard lesson in reality to learn that it doesn’t.”
basically, ponzi scheme
oh, and there are over 10,000 actively traded cryptos ... about 8,000 other ones have already failed ...
not only that, recently about one fourth of all crypto buys have been on margin loans, a sure recipe for disaster ...