What gets missed in all this analogizing to the physical art world is that art that retains its value is not simply a matter of scarcity. It's originality. It's a recognition that something is valuable because it is the first or the only of a new thing. But never mind, FOMO will keep it bubbly for at least a while.

That crypto survives as long as it does and expands into mainstream is the same reason that Ponzi schemes have kept pace (at a minimum) with population size and growth... and the fact that, now, yesterday's Ponzi scheme is today's MLM play.

And why people have accounts on RobinHood rather than Schwab even though Schwab offers fractionals, better price improvement and fast and flawless execution:

The number of stupid people who want and/or need to get rich quick is growing at a furious and relentless pace.

FOMO has embedded itself so deeply in (mostly the desperate) American working landscape that almost anything can attach itself.

There will be winner's and losers and this too shall pass. In the case of crypto. that may include western liberal democracy... eh, but who cares, as long as you can get that Lambo.