The trap of Speculation-Market-Fit

The author argues that crypto has been dominated by speculation because the market rewards quick financial gains, and that this discourages non-financial products. Crypto products have become "online casinos on steroids," and the author notes that most people find it hard to name five big non-speculative successes. The author sees hope in the diverse newcomers, in less competition among non-financial products, and in users who spend more freely after earning crypto gains, which could let builders create products that generate revenue quickly.