[ADeerAppeared]

> Sure you can say that crypto is only bubble, but that doesn't really add any information. The bubble can't be "inflating" since there's no ratio to a non-bubble version.

The core point is that there is (essentially^[1]) nothing keeping the price up besides speculator interest. That means the price can collapse catastrophically. Saying crypto is a bubble is useful because it has the defining traits and dangers of a bubble.

[1]: The big exception here is that a lot of the price is also kept afloat by the absolutely ridiculous amount of financial fraud in this ecosystem. Most of the "dollars" chasing Bitcoin are fake, and it's still unclear how insolvent the big stablecoins are.

The little exception is that there is a minimum floor; Cryptocurrencies have some utility as a payment system, which would give them some value. But the market rate for consumer payments is effectively if not literally zero, well below the amounts required to operate the mining/staking systems these currencies require.

[throw0101d]

> Saying crypto is a bubble is useful because it has the defining traits and dangers of a bubble.

The original meaning of the word "bubble" (in the 1700s) was as a synonym for "scam".

(It now generally means over-inflated prices, which then 'pop' / deflate.)