I've dabbled with cryptos a little (mostly via steemit), after a while of watching the values shift I started seeing the connection of how tightly coupled large buys and sells were to the overall market. Extending out to BTC impacting Steem coins value, eventually it became undeniable that the overall value of the market was due more to how much money was put into the market (or removed from).

When you have an investment whose value depends on future investments you have, by definition, a ponzi scheme.

The crytpo people hate that being pointed out.