Just one small point here: many of the “billions lost” never existed as actual money. As a similar example, I own a small amount of Apple stock. In the past year, I have “lost” $30,000 in value.

However, I have not lost anything, because even toda’s depressed price is more than double what I paid. Also, I haven’t sold any of it and until I do, I neither gained or lost anything.

As to crypto, anyone who buys into a Ponzi scheme either makes out very well or loses it all.