This is a clear case of market incentives getting corrupted and not actually providing any utility. At this point it's not about whether you believe crypto will succeed at any of it's proposed utilities, people are investing because they want to get in on the hype bubble and ride high. And once you're in you have every incentive to prothletise before you cash out.

Meanwhile the rest of us get stuck with externalities - huge energy consumption, hardware supply disruptions, hardware waste, compute hijacking, enabling scammers and extortions schemes.

I don't think crypto should be illegal but the institutions enabling it should