It's very profitable to create a token, pump up the price and run with the money, rather than building something actually useful. Combine that with the fact tha

It's very profitable to create a token, pump up the price and run with the money, rather than building something actually useful. Combine that with the fact that it's incredibly hard or impossible to build something useful on a blockchain. This means that the incentives simply aren't there for non-scam projects. All currently functioning products are directly or indirectly just fueling this broken incentive model. In 2017, people tried to innovate and imagine new applications for blockchain. There was AirBnB on blockchain, Uber on blockchain, dentists on blockchain, and thousands of other projects. All of these failed (their founders got rich), and now the whole space has devolved into just JPGs and blatant Ponzi-schemes with imaginary yields and elaborate "tokenomics". They aren't even trying to build anything useful anymore. Just to be clear, I'm talking about these "crypto", "blockchain", and "Web 3.0" products, which are nothing but false promises. Bitcoin, and some stablecoins are working as intended, and are certainly useful as money.