To conclude, the illusory truth effect, together with the tricks of fancy name and fake quantity data, created the illusion of the existence of a thing called Bitcoin. For that reason, people thought that the whole thing differs from classical Ponzi or pyramid schemes, where nothing exists to pay off the existing members, and thus, a constant influx of new members is required. But, as it turns out, exactly this is the case with Bitcoin scheme. Nobody can be paid off from blockchain membership because nothing exists behind the fancy name and quantity data. That is why a constant influx of new members is required to pay the existing ones off. All schemes where the existing members can be paid off only from the inputs of new members, eventually come to a turning point after which they collapse. Bitcoin scheme, and all crypto schemes for that matter, will come to this point as well. It is just a matter of time.
For someone who likes to write a lot it is amazing how you come to such a bizarre, illogical and detached conclusion. You seem to have conflated the price that people have associated with the item and your clear inability to see how the blockchain fundamentally operates. While the price of Bitcoin/cryptocurrency might be highly overvalued, that in itself does not make the mechanism "illusory" as you suggest. Money is nothing except an agreed form of value exchange and Bitcoin solves exactly the same problem. All the things that you have described can be applied to any fiat currency (since it was detached from the gold standard) yet people use it every day for the purpose intended.