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Accurate, but one thing has changed in recent months: the mask of techno-babble & libertarian politics has fallen off. There's no longer any real pretense that it's supposed to be the future of money or that it decentralizes finance. They're just tokens meant to go up.https://twitter.com/smdiehl/status/1394938539989741573 …
The mainstream rise of dogecoin really exemplifies this. You shill your token of choice because you want it to go up, and that's pretty much all there is to it. It's naked pump and dump, no longer backed by any fancy narrative that involves eventual adoption or value creation.
There's one reason why it will fail in the long run: while people have an ever-renewable thirst for these schemes, they remember when they get burned by a specific scheme, so the "asset" to buy needs to change from generation to generation.
People who lost 80% on BTC in 2018/2019 did not buy the latest bull run. That bull run required further mainstreamification of the scheme in order to happen. The new crash will burn an extended set of people, who won't come back. Etc.
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