[betwixthewires]

Maybe how you square it is "if a really smart person disagrees with me, might I possibly be wrong?"

Lucrative opportunities attract frauds. The dot com boom attracted frauds, was the internet a big scam? Literally every technological development in history that was potentially very lucrative attracted swathes of con men. For every stock worth purchasing there are a dozen garbage ones. For every innovative product you can buy online there are dozens of cheap worthless pieces of junk. The fact that idiots and scumbags are attracted to crypto only means there's money to be made, it says nothing about the actual utility of the technology.