> each additional speculator improves the informedness of the market overall I don't think that can be true. Leaving bitcoin aside for a moment, if a new specu

> each additional speculator improves the informedness of the market overall I don't think that can be true. Leaving bitcoin aside for a moment, if a new speculator comes into the stock market who truly believes (perhaps due to misleading marketing) that "stocks only go up". This is clearly not the case from an objective standpoint. How would the entrance of such a speculator improve the informedness of the market as a whole?