I couldn’t say what your expertise is, but I have believe it’s not technology and certainly not economics or history.

But, that’s what the crypto space is full of: cultlike believers. Many, I understand, are taking advantage of the tsunami of stupid or exploitive money flowing in. I can kind of forgive them, particularly the ones with few other skills other than self-described marketers and gurus.

Fortunately, innovation is left up to people like me: creating real things of value that people can use and that work.

When Ralph Merkle invented the eponymous Merkle Tree data structure and patented it in 1979, it was an innovation that didn’t really go anywhere for a long time. When the non-entity “Satoshi Nakamoto” repurposed it for his crypto-currency, what he innovated was not “blockchain”. That had been around in various forms since Merkle. It was the creation of a scheme to permit transactions to be done using a Proof-of-Work security scheme to assure that there was little or no chance for double-spending or spoofing transactions.

Tulips are no longer worth the vast sums that people invested in them. Lots of things, useful or not, have this kind of history. Stock market/CCY crashes have nothing to do with your point. You’re just barfing crap, like most such people in the space.

Crypto currencies exploded starting about 5 years ago. About 99% are now worth nothing. Even, no doubt, your favorite: Shitcoin. Great innovation there: get idiots like you to buy them.

But, Bitcoin and maybe a couple others will continue survive and thrive because the first use case is still the only one: SilkRoad. The demand for easy and safe money laundering, child porn, fentanyl, cocaine, meth, arms, blood diamonds/ore, sex/human trafficking, ransomware, extortion proceeds, mistress payments, bribes, etc. … is fucking huge and getting bigger. As a result, the second “use case” is investing in these by buying and selling crypto is available.

Now that’s innovation!!! Right?
So chew on that Toffee.