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The clearest similarity, I'd say, is that so many people don't understand what they're buying, so they go by a vague story and a price trend and guessing the ma
by abecedarius 9y ago
The clearest similarity, I'd say, is that so many people don't understand what they're buying, so they go by a vague story and a price trend and guessing the mass psychology of other investors. That can't end well.
I think in both cases there was tremendous real potential, but it's hard to pick out in the moment, even with a technical background -- there's more to winning than technology.
- eeho 9y agoI know a few people who signed up for coinbase and bought Litecoin because it was the cheapest per arbitrary unit, without doing any reading on what differentiates it from Bitcoin or Ethereum. I've also seen similar attitudes towards more fringe coins. I'm not old enough to remember the dotcom bubble but I wonder if things like pets.com benefitted from people conflating its potential to that of ebay or amazon.