I disagree, lots of smart people who know it's bullshit are still involved (because it's very easy money if you know what you're doing). Any sort of tangible value is utterly irrelevant, what matters is future market opinion. Quite the same for gold, stocks, forex, or anything else, just with much greater volatility.

> If you were a scammer, wouldn't you want to target a group of people who wouldn't in a million years report you to the police?

Most of the fresh faces that make the bubbles happen don't care about any of that stuff, they are just blinded by greed and will get burned for it. The ancap/libertarian ideologues who have been involved for years are the ones who are worth ridiculous amounts of money these days.

The fact that it's a relatively large community of fresh millionaires/billionaires (they won't tell you, but that's a huge percent of people involved in crypto for 5+ years) with an unwillingness to convert to fiat currencies (revoking citizenships to avoid taxes, even) does mean that there's a willingness to put money in marginal opportunities.