It's easy, they know someone that knows someone that made a few hundred grand in crypto a while back, and they want a piece. The thinking doesn't go much beyond this.
These people are already so far removed from the crypto infrastructure that it's a trivial case.
People who bring this up are almost always people who have never lived anywhere near real poverty or conflict. Barring individual cases, the vast majority of the world's less privileged have neither the means nor the knowledge to buy crypto in any shape
The more cynical view: many people had no technical need for a chain whatever, but wanted to “rub some crypto” on their project to get some hype-driven cash.
> appeal to those that have a vague idea of what their money is most-physically represented by?
It attracts people who want to make money easily. A crazy amount of people who have no idea about the tech aspect of crypto are "investing" and active in crypto social groups. Just go on the major subreddits and read a few threads, it won't take long to see that a very large portion of them are kids/teenagers who invested a few hundreds or less in the hope of a 1000x pump, these are the people who get scammed.
Everyone says they're here for "the project", "the future of currencies", &c. most of them are here to make a quick buck
Crypto is like snake oil. The seller makes all kinds of claims about what it can do, and the layman has no idea whether it's true or not, they just want it because it has the promise of solving their problems.
Lots of people could choose to add a little crypto to their portfolios without knowing the ins and outs of how to do things, so I wouldn't say that they shouldn't play with it just because they aren't experts.
That's seems a little abstract to me. All I can say is, a hard-learned fact for anyone who's followed the crypto scene from the early days is: strangers will take your money if it is at all possible. You do not have the protections you're used to having from society. Trust is a weakness that will be exploited.
People keep bringing up crypto and I really have no idea why. Is there someone who believes they can write a crypto algo in an afternoon? If someone is that deluded, they aren't going to benefit from advice one way or the other.
Great, yeah, a lot of people aren't inspired enough to consider doing that, and others don't know it happens. The more examples the better. People really aren't as helpless in the crypto space as they act, or prompt onlookers to think.
It's a lot easier for people to invest in Crypto that it is to invest in pretty much anything else. This causes a lot more people without any knowledge of markets to get in. Also, the markets are not regulated and many cryptos already have proven to be shady at best.
I recently opened a stock trading account. Before being allowed to make a single trade, I had to complete a survey about my knowledge of the markets I'd be trading in. To start trading Crypto, you just need an account (often in shady markets, because it's easier to create an account) and money. And you only need like $100 in stead of 200k to speculate on the price of an apartment.
I think it's people who already made a bunch of money on crypto that can't easily liquidate and are looking to hedge their risk no matter how stupid the coin.
I would wager most of the people dealing in crypto currencies are actually precisely the kind of people that would fall for pretty much anything. I don't think it's a stretch to say that the fact that they deal in crypto currencies is actually a pretty good indication that they would.
I have been to a few crypto meetups and seen people just talk about buying and selling tokens/cryptocurrencies without knowing more than the name of the currencies.
They are betting on software in alpha phase without knowing anything about it, or any detail about the cryptography, concensus mechanism or coding practices they use.
There are valid concerns with any asset where people want to store their wealth (which is at the same time a basic human need), but it's hard to reason with peope who are not interested in discussing those concerns.
reply