The real problem with crypto is that a ton of projects that haven’t even figured out PMF can go public, issue tokens, and distribute chips before creating any value—cleaning out retail investors first. These teams wouldn’t even survive a Series A in traditional industries, but in crypto, they can suddenly raise funds and go public. No wonder this space has become a paradise for scammers. The end result is simple: the dreams are theirs, the bill is paid by retail investors. While the traditional market also has scams, most companies at least go through years of PMF validation and financial audits. Even if the quality varies, they’re not fundamentally just air. Why are most altcoins worth zero? Because retail investors who believe in the narrative keep getting harvested, and eventually, there aren’t even enough people left to play the role of the crop.