Crypto is just crypto. But it was hyped up to be the future, cure cancer, end poverty etc. And now none of that has materialised it is just being hyped "down"

Crypto is just crypto. But it was hyped up to be the future, cure cancer, end poverty etc. And now none of that has materialised it is just being hyped "down". People are understandably disappointed or disillusioned. But unbridled pessimism is no more realism that unbridled optimism. You see the same basic "roller coaster" with other "phenomenon". Elon Musk was a god, now he is the devil. Obama had the same Hope->Disappointment thing. Self driving cars, fusion (and fission) power, various climate accords, there are many examples. AI is the current biggest bubble. To speculate wildly: I think it is caused by a mix of the same bubble-forming forces you see in financial markets AND a sort of In-Group psychology of humans where they value "being on the right side" (where popular=right) very highly. Crypto is a strong example but not unique I think. It's concerning that people on HN are not introspective enough to see what their own psychology is doing to them, but the same applies to me some times. Minds are slippery...