I think this is true. To get an accurate measure of a network's non-spam transactions, there has to be a sufficient "cost" to discourage spamming of mostly meaningless transactions. Or I guess, one could try to define metrics for what is a non-spam transaction, but that sounds like a hard problem.
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Seems a lot of crypto activity is fake with some exchanges artificially boosting trading volume. The number of people actually using crypto may be pretty small. At least on Hive we can see we have real people posting. Communities are forming here and I really hope to see them grow.