This is why crypto must first show real value and why we must faster get rid of the shit coins.

Agree. As much as it saddens me, a forest fire has to happen first. It will clear the dead leaves and the overall forest will be healthier.

A lot of people are going to lose money. Most people hold cryptos not because they see any real utility value in them. They hold them because they "hope" they will make x100 ~ x10,000.

Not a single person in this space (including myself 😉) doesn't look back and wish, "If only I held 100 bitcoins back in 2010."

But because a lot of people are driven solely by this; plus the fact that crypto operates mostly in an unregulated space; it has become a place ripe for scammers, pumps and dumps to take advantage of peoples emotions.

Case in point:

“New York-based Satis Group found that 81 percent of ICOs are scams.”

Source here.