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knows that there is a chance that they could collapse completely - Nobody is being deceived I think this is your bias based on the people bought in within your

• jondubois 9y ago
  Maybe, but the word 'bubble' comes up quite regularly in the media when discussing Bitcoin. Surely it's somewhere at the back of people's minds.
  • RyanZAG 9y ago
    There's an interesting psychological effect there. Maybe before people buy it, the idea of it being a bubble is first and foremost in their mind. After they buy some, and they see it make them money, it's probably not a big concern for them anymore. Once they've convinced themselves that it's a valuable investment and have purchased multiple times, the very idea that it could be a bubble is something they will be purposefully be blocking out to keep their view of themselves as rational actors intact. So you'd probably be surprised how many people will very quickly refuse or mock the idea that Bitcoin could be a bubble. This is especially so if people do the usual thing and actually merge the idea of being a 'Bitcoin investor' into their own personal self image. At that point, all bets are off, and a Bitcoin crash can quickly become a suicide event. It's why we have laws around investments and gambling to try and protect people.