The way many crypto projects become valuable is by enabling others to build new speculative assets on them, attracting bots and incentivized whales. This generates numbers that seem impressive, but are largely meaningless (N million DAUs/TVL here). The DAUs are bots, the TVL can exit easily and is here for a quick VC fueled APY buck.

This creates press and hype on twitter, causing real users and projects to join. The products are usually disappointing (the impressive numbers are often smoke+mirror), and projects and users mostly churn/take the L. 

Repeat

Many people believe that banking is not speculative.

That's stupid.

Banking keeps most of the speculation reserved for the rich and out of access from the rest.

Crypto makes that speculation available to everyone.

Building and publishing Farcaster growth playbooks. Chief builder @percs.

https://paragraph.xyz/@pmfc https://maven.com/onchain/blockchain-for-beginners /farcasterland /weeklyreview IRL: Founder & Team Coach & Psychedelic Integration

Yeah, it's like one gang hates another gang!!

and this is why the regulators don't want crypto. Regulation (in any industry) is to protect incumbents over new entrants at the expense of customers. It's systemic.