These two things are related though. The people with the hubris understand deep down that they are involved in a ponzi scheme, and the only way up and out is t

These two things are related though. The people with the hubris understand deep down that they are involved in a ponzi scheme, and the only way up and out is to herd the unsophisticated investor. Not that there's explicit malice here (though, sometimes it is), but there's the understanding that driving demand is what drives up the price. There's a reason that so many fad "investments" follow this exact same path, time and time again.