A lesson from historical financial frauds: the internals are often designed to be opaque, because complexity lets the fraud misappropriate more funds before being discovered and unwound. If you want to understand what is happening, just watch the cash.
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There are a lot of questions in cryptocurrency, but the ones which really matter when the music stops are "Where did the cash come from?" and "Where did the cash end up?"
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Replying to @GSto
There were a couple of different waves. In the most recent bubble it was mostly US and northeast Asia retail, as far as I can perceive from the outside.
5:35 AM - 28 Apr 2019
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