Crypto and blockchain tech has real potential, but unfortunately it just morphed into an actual ponzi scheme. I wouldn't be surprised if most of bitcoin was held by ~5 people that manipulate the market and make millions off it.

author here - I am an exited founder looking for next thing - I dug so deep to find the value. This was my conclusion too.

Just like 2017, of course they are getting hurt in 2022.

That's why schemes like ICOs that were popular years ago (Thanks to Ethereum /s) were made illegal in the US. [0] Many countries like the UK, Canada, etc to follow.

It is inevitable that regulations will be put in place and cryptocurrencies that are compliant will still be around.

[0] https://cointelegraph.com/news/the-death-of-the-ico-has-the-...