The Austrian school of economics provide a pretty good interpretation what was happening in the Blockchain space in the last couple of years. The ICO and token sales hype for three years caused a lot of investment coming into the space totally uncoordinated. The reason for this money pump was not only a speculation in the technology but the fact that the token sales technology liberated and disrupted the whole funding a investment industry. Due to regulation issues the investment source was basically cut and a lot of company found itself in the situation of having the invested money but not capable to build up a system that can be sold to any customers. The last two years of market and technology free fall was among the others a cause that these companies not able to find real market for their products were slowly liquidated.