I was talking about using products, not investing in some coin. So the bag holder argument doesn’t apply here, these are people directly getting services. But

I was talking about using products, not investing in some coin. So the bag holder argument doesn’t apply here, these are people directly getting services. But many coins have mechanisms to give dividends in the form of their coin, which have liquid trading markets. You can say they’re being propped up by the next buyer, but many of these are used by the product as “gas” for transactions, creating a real use based demand economy. I’ll readily admit that speculation has massively inflated these markets past their fundamental value, but that’s not unique to cryptocurrency.