Agreed, that is why on a long enough timeline someone will end up holding the bag.

A lot of people are comparing crypto to some kind of ponzi pyramid thing, ie a scam where some people will get rich but a lot will suffer. But isn’t that true about everything, ie smarter/more lucky ones will find ways to increase their wealth and those making suboptimal decisions will get broke? It looks like only when it gets obvious how the scheme works it becomes a scam.

The challenge with crypto is it is so easily manipulated/wash traded by those with large holdings. So those who are later to the game (with smaller holdings) are at a systemic disadvantage.

It could stabilize at a price and not crash, but who knows.

I sold most of my crypto because it's too risky/sketchy for me now.