How crypto became the new subprime - Paul Krugman

[Aussie105]

5. I've looked at crypto . . .

The blockchain idea, the mining idea, the investment costs involved in hardware and electricity of mining.

And at every point, I've been looking for one thing: what actually creates the wealth?
And I cannot find an answer inside the word salads being touted.

But there are other sources of personal wealth creation people believe in, that are easy to spot:

Gambling - the winner takes the money of the losers.
The stock market - wealth created by the productivity of successful businesses.
Ponzi schemes - early entrants take the money of later investors.
Forging bank notes - take something of little value, pass it off as valuable legal tender.
Prostitution, drug dealer - yeah, well, that might work for some.
Being an elite sports person, or a popular performing artist, inheriting a fortune - see prostitution above.

(Probably other 'get rich quick schemes' I've missed.)

But with crypto - I can't see the source of potential personal wealth.

Human greed or desire for easy money. Crypto seems to fit that bill for some.