I think it's a mistake to compare crypto tokens to stocks. Stocks represent fractional ownership of an organization with assets and cash flow. Crypto tokens onl

I think it's a mistake to compare crypto tokens to stocks. Stocks represent fractional ownership of an organization with assets and cash flow. Crypto tokens only represent ownership of... themselves. The closest analog is the commodity market (gold, oil, etc.). And indeed, if someone discovered an easily mineable "new gold", hoarded a bunch of it, then hyped it up on the market so they could dump their reserves at inflated prices I would call that scammy. Edit: Actually we don't have to imagine this scenario. The diamond cartel[1] does something very similar already and yes, it's a scam. [1] https://are.berkeley.edu/~sberto/debers.pdf https://are.berkeley.edu/~sberto/debers.pdf