Valuations in crypto are one of the biggest cons of all time. A decade of basically free money post-GFC created multiple cycles worth of participants who have no concept of real value, and who genuinely believe projects which push the same PvP capital around a joke casino ecosystem (that has no defensible moat of utility in the real world) in trivially different ways and have huge insider supply allocations somehow deserve to carry tokens with 9- to 11-figure market caps. There should truly be no debate at all about what I've just said, yet disbelief persists.