Drug dealers, gun sellers and pedo porn sites needed a way to take internet payments. Some guys designed a way that if you take legal money and spend it on computers and electricity then you can eventually process crypto currency into existence. Said currency can then be used to buy drugs or kiddy porn much easier than before.

Can someone explain?

Bunch of libertarians are laundering money for organized crime.

Can someone explain?

real money => computer magic => drugs

Can someone explain?

Basically it’s complex money laundering

Not really.

Bitcoin was the first, and it gained value almost purely through speculation and the belief that it would at some point mature into a legitimate alternative currency suitable for money laundering and tax evasion.

That never really happened though. Now, the thing with newer cryptos is to get some kind of additional work out of the hashing besides pure mining of the crypto, or as an alternative means of capital investment for companies who can't yet hurdle the bar for traditional markets.

What gets the average person into it is that cryptos are easy-mode speculative investing. It's one specialized "market" where indicators that a certain crypto is going to go up in value aren't exactly a secret.

Right now there is a whole generation of fresh young millionaires who were able to get there on a tenth of the knowledge and time it would have taken in traditional market investing.

I have no idea what this video is.

Maybe some extremely early minor bitcoin gains were from speculation, but that gap of time between startup and the bare minimum of mainstream interest was filled with money laundering in one form or another.

It didn’t go from basically being worthless to $500+ a coin just on speculation

And I’m pretty sure even today most crypto currency is kept afloat by illegal transactions. There aren’t enough libertarians on the planet using it legally to make a functioning economic model.

I STILL FUCKING RULE