I have no particular knowledge of it (except the maths are quite clever) - my general impression is that it's mostly a scam where the early big investors (do they call them whales?) encourage a constant churn of new people to put bits of money in to keep the scam alive, but it's mostly those whales that really benefit (like an MLM/pyramid scheme with extra digital doodads). Plus apparently it's so volatile these days that it's a gamble when you want to actually use it - in the time it takes you to process a transaction the value might have crashed.

I'm probably badly repeating some stuff from this video I posted here before - about NFTs but bitcoin too: