Comment by tokioyoyo

No? Cryptocurrency has a ton of utility: it simplified ransomware attacks, enabled the deployment of supplychain attacks to steal funds from unsuspecting users, made illegal gambling accessible to everyone, memecoins, efts and safe storage for any stolen or illicidly gained funds until they could be laundered and the list goes on likely exceeding the character limit.

The biggest benefit is that you can only withdraw what you need into the real world, if you gain millions of dollars you can life off that money for the rest of your life with tiny withdrawals of $2000~$5000 or so serving as a stable stream of income which allows you to have risk free investment into real-world activites that would normally strain your finances and induce sunk cost fallacy.

Losing $5000 doesn't mean anything when you know that you will have $5000 tomorrow.

It's another wealth transfer. No new money is generated.

> At some point it clicked to me that crypto people don’t really care about the utility. Main purpose is creating new players in the world with immense amounts of power.

There are many types of crypto people. Some of them are not crypto people per se, but people who saw crypto as a means to an end. Among them, there are plenty of people who seem to be invested in sheer fraud.

It's also important to note that there are many sides to the scheme. There's for example the instant transactions side, and the long term bet in scarcity. For example, Russia has been leaning heavily on crypto to circumvent sanctions due to their invasion of Ukraine.

https://www.rand.org/pubs/commentary/2025/08/russias-use-of-...

> In the end, it did produce a lot of rich people out of thin air, and I guess, served its purpose.

It was not out of thin air. This is literally a grift where the people holding the bag saw their money find its way to the pockets of those who got rich from it.