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It's obvious to nearly everyone that this is the world's biggest pump-and-dump scam. Sentiment on HN, Twitter and the financial press is nearly unanimously neg
by panarky 9y ago
It's obvious to nearly everyone that this is the world's biggest pump-and-dump scam.
Sentiment on HN, Twitter and the financial press is nearly unanimously negative. Co-workers and family members are convinced this will end in tears for the foolish speculators.
But one thing bugs me about all this.
Historically, bubbles burst after long-time critics finally capitulate. Pyramids and Ponzis collapse when most people have bought in and there's nobody left to sell to.
Are there any examples of bubbles bursting when 98% of the population knew it was a bubble in advance?
- xiphias 9y agoIsn't the thing that really bugs you that you didn't buy Bitcoin a few years ago? And maybe you're thinking that it's worth the risk-reward ratio (even if I agree, that it's a risky investment)
- zazpowered 9y agoIf 98% of the population think it's in a bubble then it's probably not in a bubble
- thisisit 9y agoPeople are also seeing their co-workers and families asking about how to "invest" in Bitcoins. So the old story about Joe Kennedy and the shoe shine boy applies too? The saying " You know it's time to sell when shoeshine boys give you stock tips. This bull market is over."
- koonsolo 9y agoStocks are for the elite, Bitcoin is for the masses.
- zzxxddere333 9y agoShould someone tell him?
- sergiotapia 9y agoI will archive this comment, and ping you back if you're still on hackernews in 2020. We'll see the value of bitcoin then, and how far along adoption has gone in marketplaces such as Amazon. :)
- IshKebab 9y agoI'm pretty sure everyone knows that most bubbles are bubbles in advance. People don't invest because they think it won't crash, they invest because it is definitely going up and they hope they can cash out before it does.