People buy vitamins, that is a fact. From walgreens or CVS. I do not buy vitamins, but some people do. I know that most people buying vitamins do not benefit from them. Does it follow that vitamins "have no value"? No, they just have less value than the currently market would suggest.
Customers dont believe this, they dont want supplements from MLMs. But dupes believe it enough that, at least, they buy a warehouse full and start shilling; or otherwise, think that enough other people can be duped.
Now, since there's no actual demand, these dupes are forced to sell to other dupes just the prospect of further selling, not the actual product for its own use. Since there's no actual market, this whole thing collapses ("when the dupes run out") and 95% of people lose money with warehouses full of product they cant sell.
This is, in my view, where crypto is heading. I believe within the year there'll be a lot of impoverished people with wallets full of useless coins: though, of course, we're already there in many cases.
I think this is patently obvious to the 1% of crypto holders who own and run the crypto market. It's a scam.
Crypto isn't a big MLM. Crypto is a family of technologies that make it possible to easily build MLMs.
The analogous thing in traditional MLM is the internet or mail. The difference is that the internet is much more valuable as a technology than crypto. That doesn't mean crypto has 0 value though, it's just that the internet is one of the most valuable things humans have created.
I don’t guarantee my life would be worse if I continued my vitamin D deficiency, but my doctor suggested I fix it and CVS sells me the fix. Certainly not a useless product until the scientists tell me my doctor is a quack.