Now, in the world of crypto, we are exactly at stage one. "Ordinary people are profoundly ignorant about the wizardry that has appeared in their midst. They know it is powerful, but they don’t really know how it works. Rich people throw money at any wizard, hoping they will have the secret to eternal youth, or a bottomless sack of gold. Naturally, this generates a crowd of charlatan conjurers in fancy robes and hats. Only true wizards can tell a true wizard from a charlatan – but the true wizards are too busy selling spells of their own."