Magical thinking on crypto

The collapse of crypto has given voice to many people who were saying that there was nothing to crypto and that sooner rather than later, there would be a widespread reckoning of the crypto hype. Many people view crypto as something unique in the history of financial manias - and in a technical sense, it is. However, in theme and the exposition of the psychology of the people involved, crypto is just a repetition of almost every asset-price mania we have seen. Viewing the crypto madness as something unique prevents us from understanding this. Think about it. The dot-com mania was unique because businesses based on a global network were new. The 2008-10 global financial crisis was unique because it started from those 'subprime' based financial asset