> given that a person can only lose 100% of their money [...] but some people do gain much more than 100%, it is likely that average person has lost or will los

> given that a person can only lose 100% of their money [...] but some people do gain much more than 100%, it is likely that average person has lost or will lose money. But with a long enough time horizon and generally rising prices, we can make the probability of any one person losing money as close as we want to zero. For a given unit of crypto only the last person in its chain of buyers loses money, left holding it when prices finally drop.