Lots of average Joes saw a superbowl ad, put their money into a large, well-respected exchange that didn’t promise impossible returns, and lost everything! I had a nontechy relative call and ask me how she should go about selling her (literal traditional paint-on-canvas) paintings as NFTs! For a little bit there it seemed like there might be enough momentum for cryptocurrency to become too-big-to-fail before skeptics even had time to object.
It also underplays the extent to which the kind of cryptocurrency stuff techies react negatively to is still explicitly or implicitly boosting that vision. Cryptocurrency as the tor of money is reasonable but also not something that for-profit companies have much incentive to be involved with. But next time I see a project whose target market are those living in countries with completely nonfunctional financial systems, people trying to escape authoritarian governments, or sex workers, I’ll think twice before being negative.