That is the same pattern that holds for every Ponzi scheme…..
Probably why Blackrock and ARK are investing heavily, and JPMorgan is building it's on crypto environment, amiright? I'm just poking at you GB.
I can't speak to what jvd's friends invested in, bc who knows. Remember the stock market meme stock run recently? Who knows why people invest in what they invest in. Maybe they are gambling, or maybe they got a hot tip from an "expert" or maybe they read a Tweet that said "get in now!" and FOMO'd in. Again, most of the time it's about market sentiment. There are over 20K cryptos currently. I don't want to put a percentage on it, but yes there are a good number of those that are rug pulls, pump and dumps, etc. and were explicitly designed for that. But there are also a good number of them that have actual utility and planned use cases. This is why, especially now, doing research on these projects before investing is uber wise. I think gaming and decentralized finance in particular will likely be the leaders in the crypto space when all is said and done, but who knows with the leaps in technology these days. But the point remains, some of these crypto projects have HUGE billion dollar corporations backing them (Google, IBM, Mega, etc.). That doesn't guarantee anything of course, and there will be winners and losers, same as stock market, in business, etc., but to call all of crypto a Ponzi scheme is just inaccurate.