Earlier quoted context omitted.
> I don't see tangible value in crypto. Crypto is worth what other people are willing to pay for it. If you wanted to invest in an asset that does not depend on the currency you could buy gold. Try convincing any crypto "enthusiast" of that, though. Literally none of them have ever been able to explain to me why cryptocurrencies should have value, but that doesn't stop them from proclaiming it the best thing since sl…
It comes down to opinion but I'd argue there is inherent value in a trustless medium of exchange, a trustless explicit protocol for lending, market making (exchange) or gambling or the platform that powers them. I'd also agree that price bubbles happen and future speculation becomes a dominating factor in their price action, but this doesn't mean they don't have inherent value.
This is what crypto-enthusiasts must be blind to. We could be using bottlecaps to do the same bloody thing. Nobody wants to though. Why? Because nobody else takes the value assertion of a bottle cap seriously. As long as people keep buying into the hype, and the enthusiasm is kept up through selective refusal to accept the realities and externalities of the process, then the gravy train continues.