Crypto craziness craps out — and about time too. By Steven J. Vaughan-Nichols ( at The Register.

At a recent fintech open source fintech conference, crypto was only mentioned in passing. “People would talk about it in the same way you’d talk about your little brother’s latest embarrassing TikTok video.”

From where I sit, this is the slow but sure fall of what has always been one gigantic Ponzi scheme. There has never – never – been any real value in crypto. Yes, I know all the arguments about how fiat currencies have no intrinsic value either. You know what, though? If I go to the grocer, I can buy milk, bread, and butter with my fiat dollars or pounds. Dogecoin? Garlicoin? Trump NFT trading cards? I don’t think so.

At least with famous financial scams of the past, such as the Dutch Tulip Bubble and the 2008 real estate crash, you had tulip bulbs and houses for your money when all was said and done. With crypto, you’ll be left with nothing at all except meaningless, pointless, valueless blockchains.

I’ve been saying that bit about the tulip bubble for years. At least you had tulips.

Mitch W @MitchW