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Yes I think greed is the simplest explanation for the explosion of interest in bitcoin and other similar schemes. They are constructed so that early adopters be
by grey-area 5y ago
Yes I think greed is the simplest explanation for the explosion of interest in bitcoin and other similar schemes. They are constructed so that early adopters benefit, and benefit most if they shill the coin to others, and so they do, using various narratives about worldchanging technology, a new paradigm etc, etc.
- simias 5y agoWeaponized FOMO in realtime at a worldwide scale. It's a tough societal problem to solve. With good old pyramid schemes it took a lot more work to it off the ground. Now you can just astroturf on Reddit, Discord and the big social networks with your fancy new "revolutionary" cryptothingy and you're making millions. I've been following the DogeCoin pump on reddit over the past couple of months, it's absolutely transparent that it's a pure pump with no fundamentals but people buy into it because they think they're early enough not to be left holding the bags. IMO the Gamestop thing is mostly exactly the same, but obviously the situation is more complex there.
- bob33212 5y agoCasinos have existed for a long time and are known to be a place where a lot of people loses money, but that doesn't stop others from showing up and losing more.