Earlier this summer I went down a half hour rabbit hole with a good crypto-booster friend. This is a thoughtful guy (PhD, works in in VC now). Here's how it ended up after endless back and forth around the "What is the value added?" question:
Me: Are you confident that crypto will outpace the stock market for the next 10, 20, 30 years?
Him: That's not the question. The question isn't whether it's the odds-on outcome. The question is whether the risk is worth it. The odds are against it, but the payoff for success is high enough to justify the early buy in. It very well may fail, but if it succeeds the payout is enormous.
Me, unspoken: How do you assess the appropriate buy-in for a concept that the boosters ultimately admit will likely fail, and where even the success of the concept is fragmented across hundreds or even thousands of currencies?
Me, now speaking: So, it sounds like you're all in on this. What percentage of your portfolio is crypto?
Him: 6%
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Sometimes I get the sense that lots of the crypto-boosters want to have the conversation at a volume that exceeds their financial conviction.