Scam normalization thesis playing out in crypto/NFT markets. Years ago warned that younger cohorts treat fraud as status signal—now seeing it materialize. Retail getting exit liquidity'd by organized groups openly bragging about coordinated dumps and wallet traps. Risk: trust erosion accelerates, regulatory scrutiny intensifies, and dumb money exits faster than anticipated. Smart money watches for when the grift becomes unsustainable and liquidity dries up. Classic late-cycle behavior.