[spacebanana7]

The difference is that many consumers used crypto as a gambling tool. More so than in those other classes

The precise definition of gambling varies by jurisdiction, but ultimately the thrill of prizewinning and dangers of addiction/financial loss were enjoyed by large numbers of crypto buyers [1].

I personally bet on Ethereum the same way I bet on sports teams whose players I enjoy watching.

[1] Admittedly my evidence is mostly anecdotal, but it seems like everyone knows somebody who used crypto like this

[yellowapple]

I know plenty of people who used and continue to use stocks in the exact same way, particularly on apps like Robinhood.

[spacebanana7]

I think it’s fair to call that behaviour gambling too.

Options and derivatives that create or extract artificial volatility out of economic prices are gambling tools in the hands of most consumers.

The underlying source of randomness for a gambling instrument doesn’t really matter as long as it’s statistically well behaved. The physical uncertainty of a roulette wheel, the economic uncertainty of the business cycle and the athletic uncertainty of a sports match all do the job.