[weego]

It means that nothing is backed and these exchanges don't have the cash reserves to back the liquidity they're handling.

The important thing to realise is once you're an on-paper crypto millionaire, you're not going to be invested in making the music stop even if you have a hand on the volume knob.

If a group decided to call time and try to cash out to the tune of a $billion or so then the music stops and every exchange will cascade fail.

No exchanges, no reserves, no liquidity to get the music playing again, crypto has no value.