I would say that most of the cryptos released in the current cycle have been VC pump and dumps, so of course nothing has taken off. I also believe there is a big difference between crypto and Bitcoin, or at least mined coins. Without any cost to create tokens, of course it will be manipulated or not hold value over the long term.
Whilst people might be using Bitcoin as an investment vehicle, its true value is in that it is freedomtech, although NGU is an important factor too.
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I really don't like these pump and dumps scheems. It will just require more regulations and more government and it doesn't create any value at all...