Friends and allies are essential in Cryptoland. I met mine in March when I joined a WhatsApp thread of enthusiasts that is based in the London suburb of Chingford. Every day, about 200 people in The Crypto Crew, as it’s called, trade tips and offer advice. They serve as a help desk to anyone stymied by the baffling architecture and terminology of the crypto universe. They crow when coins go up and urge patience when they go down.
Before the current downturn, about once a week, someone in the Crew would pipe up with the name of the latest hype coin and a question in the vein of, “Hey, you guys have any thoughts on this one?”
In early May, it was Bonfire. It had recently gone up 700 percent. On the chat, a couple of members swooned. The skeptics were not far behind.
“Does Bonfire have a use case?” a member asked.
“Yeah it sets your money on fire,” quipped another.
Whenever a hype coin is mentioned on the thread, there is a related question:…