Aren’t we overdue for the bubble burst already?

Earlier this year it was estimated that there were over 20,000 cryptocurrencies. This just seems like an enormous number especially when not even to long ago just 2k seemed like a lot.

In 2000, the dot com bubble burst, and many dot com startups went out of business. The main reason most of these failed is because they burned through their venture capital and failed to become profitable.

Now the difference is that when it comes to crypto, pretty much anyone can go create a coin just like you can go create a website but when it comes to money you don’t have to spend much or any to make it a profitable business. All you need is to offer some dreams, a cool name or even a coin representing a meme or an animal.

This does not only open the door to an invasion of scams and rinse and repeat but also it makes it seem like it’s an infinite bubble that cannot burst.

What do you think about this, isn’t this a real issue and how do you see it or what can be done about it?